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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

Environmental

H2O’s Owens CrapZapper Offers More

H2O’s Owens CrapZapper marine sanitation device has dual certification to the latest IMO and USCG standards for operation anywhere in the world.   Features include low maintenance,

HEADHUNTER Marine Sewage Treatment Systems

Headhunter’s team of engineers, fabricators, and wastewater specialists work together to provide innovative and efficient sewage treatment solutions.   Offering systems in three categories; STP,

U.S. Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.1365 sec (7 req/sec)