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- W2080263295 abstract "Abstract Modeling offshore energy risk presents a special set of design challenges. Actuarial techniques cannot be applied due to the relative infrequency of events and scarcity of historical loss data. Each hurricane is unique, and the response of platforms, pipelines, and rigs in the path of each storm is also unique. To model the low frequency/high severity risk associated with catastrophic events, it is necessary to develop physical models of the event and the manner in which the event creates vulnerability and interacts with infrastructure. The purpose of this two-part paper is to review the goals of catastrophic event modeling and its application to the offshore energy industry, and to quantify the expected losses to property damage in the Gulf of Mexico based on historical storm events. In Part 1, we review the evolution of offshore energy insurance markets and the conceptual stages of model development. Keywords: hurricanesinsuranceprobabilistic modelsrisk managementvaluation Notes 1The total estimated gross losses from Katrina and Rita, onshore and offshore, including the New Orleans flooding, has been estimated to range between $40–$60 billion (RMS, 2005b). 2A wave is a traveling disturbance of the sea surface. Waves are primarily caused by the action of wind on water. Waves that have been transmitted beyond the wind-affected zone are called “swells.”" @default.
- W2080263295 created "2016-06-24" @default.
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- W2080263295 date "2009-12-28" @default.
- W2080263295 modified "2023-10-01" @default.
- W2080263295 title "Catastrophic Event Modeling in the Gulf of Mexico—I. Insurance Markets and Risk Techniques" @default.
- W2080263295 cites W4241375555 @default.
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- W2080263295 doi "https://doi.org/10.1080/15567240802053723" @default.
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