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Aon launches loss estimating tool for oil and gas sector
Written by staff reporter
Aon Global Risk Consulting has launched a new modelling tool for oil, gas and petrochemical clients. The Aon Loss Estimating Risk Tool (ALERT), developed in collaboration with research agency, TNO the new tool has been designed to model the potential financial impact of a wide range of fire and explosion scenarios in the hydrocarbon processing industry.
Commenting on the release, managing director of Aon’s Energy Risk Engineering team, Robert Robinson, said: “ALERT is a significant enhancement in the modelling tools available for clients within these sectors. It will support clients and insurers in calculating estimated maximum losses from property damage and in assess third party liability exposures. ALERT has attracted a high level of support from the insurance market, and we are confident that it will help us serve clients even more effectively.”
ALERT is calibrated to model a full range of known historical losses from across the industry and includes discharge and dispersion models, which are used to evaluate cloud dimensions for vapour cloud explosion events.