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This report is the result of a project which was initiated by a wide-ranging literature study. Eventually the study was focused on scientific articles, recognized handbooks and reports from ongoing risk-based ship design processes and FRP composite tests. Thereafter a broad background was produced for the report, covering maritime regulations, tire safety, risk management and the FRP composite. Taking in previous and current research as well as advice from supervisors, an approach was developed to cover the significant differences in fire safety function, structure and property between steel and FRP composite designs. It also had to fit current maritime regulations and for this reason MSC/Circ. 1002 (IMO, 2001) was thoroughly studied. The qualitative analysis model was described, exemplified and adjusted to what is required by the comparative analysis. Its correlation with the general approach of a risk analysis lead to farther ideas of how the analysis of novel designs should be arranged. Great novelty was naturally connected with the need for more sophisticated analysis models, due to the greater uncertainty. A model was developed based on the effects on fire safety when steel in general is replaced by FRP composite with a certain amount of insulation. It suggests how different degrees of novelty should be analyzed through risk management processes on different levels. The level of the risk management process to a large degree depends on the sophistication of the risk analysis. After classifying risk analyses in different levels these were connected with suggestions of possible scopes of FRP composite structures to analyze on each level. All levels of risk analysis were also managed to fit the required approach outlined in MSC/Circ. 1002 (IMO, 2001). Finally the analysis process, which was developed to take in the novelty in FRP composites and comparing it with prescriptive designs, was exemplified in a fictitious application case...