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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Environmental

France's Oldest Nuclear Plant Shut Down After Incident

France's oldest nuclear power plant, Fessenheim, was shut down on Saturday following an incident at the facility away from the reactor which did not pose any danger, operator EDF said.

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.1557 sec (6 req/sec)