Findings on Conservation Research Discussed by Investigators at Qingdao University of Science and Technology (System Dynamics Simulation for Park-wide Environmental Pollution Liability Insurance)

2021 JUL 29 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Research findings on Conservation Research are discussed in a new report. According to news reporting originating from Qingdao, People’s Republic of China, by NewsRx correspondents, research stated, “Chemical industrial parks have led to the concentration of major hazards which can potentially result in a domino effect of accident losses. Environmental risks need to be managed in a cost-effective way for chemical industrial parks.”

Our news editors obtained a quote from the research from the Qingdao University of Science and Technology, “This paper focuses on the applicability of the environmental pollution liability insurance (EPLI) in park-wide risk management. The interactions among stakeholders (i.e., chemical companies, insurance companies, and the local government) are investigated using system dynamics (SD). The SD model for EPLI considers the interactions between output value, risk level, related government policies, and insurance products. Three different insurance scenarios are developed, i.e., single company, multiple coalitions, and grand coalition. SD is used to comprehensively map the causality relationships among stakeholders and simulate trends over time. A practical case study is used to illustrate the model. Results show that the implementation of coalition EPLI helps reduce management difficulties and result in lower premiums in the long run when implemented.”

According to the news editors, the research concluded: “Furthermore, the most beneficial strategy is insuring the entire coalition of industries.”

This research has been peer-reviewed.

For more information on this research see: System Dynamics Simulation for Park-wide Environmental Pollution Liability Insurance. Resources, Conservation and Recycling, 2021;170:105578. Resources, Conservation and Recycling can be contacted at: Elsevier, Radarweg 29, 1043 Nx Amsterdam, Netherlands. (Elsevier - www.elsevier.com; Resources, Conservation and Recycling - http://www.journals.elsevier.com/resources-conservation-and-recycling/)

The news editors report that additional information may be obtained by contacting Xiaoping Jia, Qingdao University of Science and Technology, School of Environmental and Safety Engineering, Qingdao 266042, People’s Republic of China. Additional authors for this research include Jingjing Wang, Fang Wang, Quan Guo, Kathleen B. Aviso and Raymond R. Tan.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.resconrec.2021.105578. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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