Aon Global Risk Consulting in collaboration with TNO, a research agency, has launched a new modelling tool – the Aon Loss Estimating Risk Tool (ALERT), for oil, gas and petrochemical clients.
AGRC claims the new tool is able to model the potential financial impact of a wide range of fire and explosion scenarios in the hydrocarbon processing industry.
Developed in conjunction with several leading insurers, ALERT is calibrated to model a full range of known historical losses from across the industry and includes discharge and dispersion models, which are used to evaluate cloud dimensions for vapour cloud explosion events.
Aon’s Energy Risk Engineering specialists confirmed that ALERT will become a key tool for all of Aon’s Energy Risk Engineering professionals and will be managed globally from London with key support from centres of excellence in Houston, Calgary, Dubai and Singapore.
Robert Robinson, Managing Director, Energy Risk Engineering said: “ALERT is a significant enhancement in the modelling tools available for clients within these sectors. It will support clients and insurers in calculating estimated maximum losses from property damage and in assess 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 serve clients even more effectively.”
Ir. Paul van Ruiten, Director of Environment & Sustainability at TNO added: “The development of ALERT with Aon has enabled by our well established consequence models to be deployed in another area of risk management to the benefit of the industry and the insurance market.”
*Picture Credit – US Coastguard – link