Modeling offshore energy risk presents a special set of design challenges. Actuarial techniques cannot be applied due to the relative infrequency of events and scarcity of historical loss data. Each hurricane is unique, and the response of platforms, pipelines, and rigs in the path of each storm is alos unique. To model the low frequency-high severity risk associated with catastrophic events, it is necessary to develop physical models of the event and the manner in which the event creates vulnerability and interacts with infrastructure. The purpose of this two-part article is to review the goals of catastrophic event modeling and its application to the offshore energy industry and to quantify the expected losses to property damage in the Gulf of Mexico based on historical storms events. Probabilistic scenarios for storm simulations are applied to quantify exceedance probability curves, average annual losses, and expected losses. In Part 1, the evolution of offshore energy insurance markets and the conceptual stages of model development are reviewed. In Part 2, the losses to property damage for historic wether events are quantified.


    Zugriff

    Zugriff über TIB

    Verfügbarkeit in meiner Bibliothek prüfen

    Bestellung bei Subito €


    Exportieren, teilen und zitieren



    Titel :

    Catastrophic event modeling - 1. How coverage has evolved for offshore storm risks


    Beteiligte:
    Kaiser, Mark J. (Autor:in) / Pulsipher, Allan G. (Autor:in) / Singhal, Ajay (Autor:in) / Foster, Thomas (Autor:in) / Vojjala, Rajkiran (Autor:in)

    Erschienen in:

    Oil and Gas Journal ; 105 , 45 ; 36-44


    Erscheinungsdatum :

    2007


    Format / Umfang :

    6 Seiten, 5 Bilder, 1 Tabelle, 10 Quellen



    Medientyp :

    Aufsatz (Zeitschrift)


    Format :

    Print


    Sprache :

    Englisch




    Catastrophic event modeling

    Frank, H. A. | NTRS | 1981


    Sourcing decisions under risks of catastrophic event disruptions

    Meena, P.L. / Sarmah, S.P. / Sarkar, A. | Elsevier | 2011



    EVCS power switching following a catastrophic seismic event

    GONZALEZ KARLA MORENA GUAJARDO / RODRIGUEZ MARCELA VERÓNICA ARIZPE / MARRUFO PABLO ALEJANDRO DEL ANGEL et al. | Europäisches Patentamt | 2015

    Freier Zugriff

    Catastrophic event modeling in the Gulf of Mexico - I. insurance markets and risk techniques

    Kaiser, M.J. / Pulsipher, A.G. / Darr, J. et al. | Tema Archiv | 2010