CATASTROPHIC EVENT MODELING—2: Industry exposure and value at risk to storms in the Gulf of Mexico

12/10/2007
Offshore energy insurers have traditionally been defined by their willingness to take risk without relying on technical analysis to model or quantify their exposure.The 2005 hurricane season in the Gulf of Mexico changed this perspective, and underwriters are now attempting to control their exposure to contingent losses through policy sublimits, exclusionary wording, and other restrictions on coverage.In the second part of this two-part article, we quantify the losses to property damage in the gulf for historic weather events using the patented RMS Offshore Platform Model.1Value at Risk measures indicate that the financial exposure of platform and rig assets in the gulf is on the order of...
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