Offshore installations are exposed to several natural hazards. The greatest is severe weather caused by hurricanes and cyclones. Such storms can be devastating, causing wide-spread damage and financial loss. Insurance companies offer a range of products that insure against potential losses, including physical damage, control of well, sue and labour, removal of wreck, business interruption and liability. This paper describes the development of the first stochastic natural catastrophe model for the north-west Australian coastal region. Its development is designed to allow the sustainable and reasonably priced supply of insurance, which is essential to the further extension of exploration and production activities and investment in Australia.
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Posted on 20th June 2017.