An Approach for Specifying Trimming and Winsorization Cutoffs

Cheng, Kedai; Young, Derek S.

doi:10.1007/s13253-023-00527-4

Cited by 1 publication

(1 citation statement)

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“…As a result, the data have undergone a winsorisation procedure to eliminate the impact of significant outliers. Winsorisation is a general approach to constructing robust statistics (Cheng & Young 2023). This procedure involves altering statistics by restricting extreme variation in the data to minimize the influence of outliers, as is detailed in the procedure below.…”

Section: Analysis and Resultsmentioning

confidence: 99%

Trends in weather-related marine cargo insurance claims: A South African perspective

du Plessis,

Goedhals-Gerber,

van Eeden

2023

Journal of Transport and Supply Chain Management

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This gap can be widened by unforeseen or unprecedented events that increase the risk and uncertainty for insurers. One such event is extreme weather, which has become more frequent and severe because of climate change. Weather-related claims are common in the marine insurance industry; however, extreme weather as a result of climate change in South Africa has been identified as a new threat, potentially costing the industry millions (Orlek 2015). The province of KwaZulu-Natal (KZN) in South Africa has experienced several devastating storms in recent Background: Marine cargo insurance covers the loss or damage to goods while in transit. It is an important supply chain risk management tool for organisations involved in international trade, especially in regions where cargo insurance penetration is low, and protection gaps are high. However, marine cargo insurance faces new challenges because of increasing frequency and severity of extreme weather events. This study focuses on the case of South Africa: a developing country with a strategic role in connecting Africa with the global market.Objectives: The research analyses the trends, differences, and seasonality of weather-related marine cargo insurance claims in South Africa from 2013 to 2022.Method: Statistical and general claims analysis was performed on a master dataset of 17 727 claims to answer the three research questions related to the research objectives. Results:The results show that weather-related marine cargo insurance claims have been increasing over the past decade, creating challenges and disruptions to the supply chain network in South Africa. Furthermore, this research shows that weather-related claims have higher average values and follow a seasonal pattern compared with non-weatherrelated events on supply chains in South Africa. Conclusion:This research reveals the growing impact of weather-related events in South Africa.Contribution: It provides practical and theoretical implications for supply chain managers and insurers to manage weather-related risks more effectively and proactively contributes to the literature by offering empirical insights from a developing country perspective, and provides considerations for future work.

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Section: Analysis and Resultsmentioning

confidence: 99%