Offshore Platform Model Introduced at London Seminar

Tuesday, March 11, 2003
Risk Management Solutions (RMS) hosted a seminar in London introducing the new RMS(TM) U.S. Offshore Platform model. Over 90 members of the insurance, reinsurance, and weather brokering industry attended at the London Underwriting Center. The new Offshore Platform model employs stochastic storm events to generate a robust estimate of the risk posed to an individual platform or a portfolio of platforms, including the probability of exceeding various levels of loss. It uses the same underlying wind hazard model and storm set as the RMS(TM) U.S. Hurricane model, allowing for simultaneous loss calculation for onshore and offshore exposures. Comprehensive exposure data for over 4,000 fixed and floating platforms are included to aid in accurate high-resolution analysis. "There are currently over 4,000 offshore oil and gas platforms in the Gulf of Mexico, which supply about 25 percent of U.S. energy needs," said Phil LeGrone, lead engineer for the model. "These platforms are worth over $100 billion and sit in open waters, exposed to severe wind and wave forces from hurricanes in the Gulf of Mexico. This exposes their owners, insurers, reinsurers, and investors to potential catastrophe losses." The RMS Offshore Platform model gives underwriters a complete view of exposure, key events driving losses, and a full range of probabilistic loss estimates, enabling them to better quantify both the frequency and severity of potential hurricane losses. The model also provides the capability to undertake deterministic analysis for historical storms. RMS estimates that Hurricane Andrew (1992) would cause structure and contents damage to offshore platforms in excess of $1.7 billion if it were to occur today; Hurricane Camille (1969) would cause approximately $2.2 billion in damage.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Environmental

Ban Welcomes Leonardo DiCaprio as UN Messenger of Peace

As the eyes of the world turn to New York City, where thousands of people are expected to gather today for a massive march in advance of a United Nations climate summit,

University of California Not to Divest from Fossil Fuels

The University of California voted on Friday to maintain its investments in fossil fuels, frustrating a student-led effort to divest its portfolio in oil, natural gas and coal.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1170 sec (9 req/sec)