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OAKLAND, Calif.--EQECAT Inc. has launched an offshore energy risk model for the Gulf of Mexico.
The new model will help insurers and energy producers quantify offshore risks, allowing them to set prices more effectively and make better use of capital, the Oakland, Calif.-based risk modeling firm said.
In developing the model, EQECAT, a subsidiary of ABSG Consulting Inc., combined its risk modeling expertise with the offshore experience and risk management expertise of its parent company, which works extensively with energy companies and the U.S. government.
According to EQECAT, quantifying risks for the offshore energy market is different and more complicated than modeling onshore property risks. While most damage to onshore exposures is caused by wind, losses experienced in the offshore energy market are typically the result of severe waves and currents generated by storms and undersea landslides, EQECAT said.
In addition, while offshore energy risks include the property exposures to platforms, wellheads and pipelines, continuity-of-production issues are also an important component of offshore energy exposures.
The EQECAT model, now part of EQECAT's WORLDCATenterprise platform, covers a range of risks in the Gulf of Mexico area for oil and gas platforms, pipelines and other offshore energy industry infrastructure.
It also considers the removal of debris caused by a specific event, business interruption and contingent business interruption exposures.