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Aon Global Risk Consulting is collaborating with Dutch research agency TNO to launch a loss estimating tool for oil, gas and petrochemical clients.
The Aon Loss Estimating Risk Tool, or ALERT, can model the potential financial impacts of a wide range of fire and explosion scenarios in the hydrocarbon processing industry, Aon said Tuesday in a statement.
The new modeling tool was developed in conjunction with several insurers and is calibrated to model a full range of known historical losses from across the industry, according to the statement. It includes discharge and dispersion models, which are used to evaluate cloud dimensions for vapor cloud explosion events.
ALERT will be managed globally from London with support from Aon centers in Houston, Calgary, Alberta, Dubai, United Arab Emirates, and Singapore, according to the statement.