Aon Global Risk Consulting is to develop a new modelling tool for the oil, gas and petrochemical sectors, in partnership with TNO.
The Aon Loss Estimating Risk Tool (ALERT), will be designed to evaluate loss potentials for a full range of scenarios including vapour cloud explosion (VCEs), jet fires, spill fires and vessel ruptures. ALERT will be calibrated to model a full range of known historical losses from across the industry and is designed help clients determine their risk profiles, captive retentions, asset protection strategies and insurance limits.
Neil Harrison, group managing director, Aon Global Risk Consulting said, “Introducing ALERT is important for our clients in the oil, gas and petrochemical industries. It is more than an estimated maximum loss tool as it addresses facility siting studies, new plant layout considerations and modelling requirements. This is the first up to date modelling tool for our clients in this sector and will enable them to assess liability exposures and the robustness of their third party liability insurance programmes. We have already attracted a high level of interest and support for ALERT from insurers and are confident that this will help us to serve clients even more effectively.”
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