Offshore Platform

Modeling Hurricane Risk for the Offshore Platform

The Gulf of Mexico sits in an active hurricane corridor, exposing more than 4,000 offshore oil and gas platforms to potential catastrophe losses. Insurers, reinsurers, oil and gas companies, and brokers have utilized the RMS® Offshore Platform Model to evaluate the hurricane risk associated with over $100 billion worth of structures in the region. RMS has applied unique and comprehensive techniques for modeling offshore platforms by using state-of-the-art wind hazard data and extensive loss data from storms of varying intensities, including Hurricane Andrew.

Model Highlights

	Offers comprehensive coverage of building and contents values for over 4,000 fixed and floating platforms
	Considers unique damage functions for shallow water structures, fixed platforms, and deepwater structures
	Covers vulnerability modeling for property damage and combined operators extra expense and business interruption
	Validated using extensive loss data from storms of varying intensities and engineering studies of component damage to specific platforms in historical events
	Features full life cycle hurricane track modeling capturing storm behavior within the Gulf of Mexico, correlated with onshore risk
	Model employs both historical and stochastic storm events to generate a robust estimate of the risk
	Allows simultaneous loss calculation of onshore and offshore exposures from a single storm set

Geographic Scope

The Offshore Platform model covers the Gulf of Mexico.

Exposure Data Resolution

The RMS® Offshore Platform Model supports analyses at each of the following levels of geographic resolution: Latitude/Longitude and Area/County.