18 January 2017Insurance

Aon launches new risk model for energy sector

Aon Global Risk Consulting has launched a new risk modelling tool in collaboration with research agency TNO for the oil, gas and petrochemical sector.

The Aon Loss Estimating Risk Tool (ALERT) will be managed globally from London with key support from Aon centers of excellence in Houston, Calgary, Dubai and Singapore.

ALERT is calibrated to model a full range of known historical losses from across the industry and includes discharge and dispersion models. It can model the potential financial impact from a wide range of fire and explosion scenarios in the hydrocarbon processing industry.

Robert Robinson, managing director, energy risk engineering, said: “ALERT is a significant enhancement in the modelling tools available for our clients within these sectors. It will support clients and insurers in calculating estimated maximum losses from property damage and in assessing 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 to serve clients even more effectively.”

Paul van Ruiten, director of environment and sustainability at TNO, added: “The development of ALERT with Aon has enabled our well established consequence models to be deployed in another area of risk management to the benefit of the industry and the insurance market.”

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