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 also 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 paper 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 storm events. In Part 1, we review the evolution of offshore energy insurance markets and the conceptual stages of model development.


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    Title :

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


    Contributors:
    Kaiser, M.J. (author) / Pulsipher, A.G. (author) / Darr, J. (author) / Singhal, A. (author) / Foster, T. (author) / Vojjala, R. (author)


    Publication date :

    2010


    Size :

    7 Seiten, 1 Tabelle, 15 Quellen




    Type of media :

    Article (Journal)


    Type of material :

    Print


    Language :

    English




    Catastrophic event modeling in the Gulf of Mexico - II. industry exposure and value at risk

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


    Catastrophic event modeling - 2. Industry exposure and value at risk to storms in the Gulf of Mexico

    Kaiser, Mark J. / Pulsipher, Allan G. / Singhal, Ajay et al. | Tema Archive | 2007


    Catastrophic event modeling

    Frank, H. A. | NTRS | 1981



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

    Kaiser, Mark J. / Pulsipher, Allan G. / Singhal, Ajay et al. | Tema Archive | 2007