Sustainable Compensation Strategies for Ship Owners Liability for Occupational Injury and Death Costs Affecting Seafarers in Nigeria

The study developed strategies for reserving funds for adequate and sustainable compensation of injury and death costs affecting seafarers in Nigeria. This study aims at quantifying the output losses resulting from occupational injury and death suffered by seafarers, as well as calculating the coefficients of the average rate of change of injury and death costs between 2006 and 2019 in Nigeria. The study utilized time series data from secondary sources. The Gross Output Method was used to assess the costs of occupational injury and death affecting seafarers for which ship owners are liable to provide compensation. The rate of change analysis was employed to estimate the coefficients of the average rate of change of injury and death costs. The results provided the basis for developing empirical relationships to ensure the reservation of sufficient funds by underwriters to sustainably compensate injury and death costs affecting seafarers in the Nigerian maritime industry.