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LMA calls for improved risk engineering in onshore energy
Written by staff reporter
Industry body the Lloyd’s Market Association is calling for a renewed focus on improving risk engineering surveys to help reduce the risk of major losses across onshore oil, gas and petrochemical industries.
In a new report, the LMA recommends closer examination of a number of key areas relating to major losses when undertaking risk engineering surveys. These include efficacy of inspection programmes (including material verification); operating procedures (particularly during infrequent or abnormal operations); quality of process hazard analysis reviews; safe isolation of equipment; and the availability of safety-critical devices.
LMA’s Patrick Davison said the purpose of the analysis is to guide insurance risk engineers to shape and prioritise their risk surveys to focus on the common causes of losses. “This guidance builds upon current LMA documents for risk engineers, which will be updated accordingly. We encourage risk engineers to consider the full recommendations in the report to ensure the energy industry is better protected from future major losses.”