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THE WILLIS ENERGY LOSS DATABASE 2011

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THE WILLIS ENERGY LOSS DATABASE 2011. OVERVIEW. Background Property included Database information Purpose of database Types of reports available Information sources Confidentiality Subscriptions & Subscribers Disclaimer. BACKGROUND.

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Presentation Transcript
overview
OVERVIEW
  • Background
  • Property included
  • Database information
  • Purpose of database
  • Types of reports available
  • Information sources
  • Confidentiality
  • Subscriptions & Subscribers
  • Disclaimer
background
BACKGROUND
  • Idea conceived in 1994, commercially available from 1997
  • Created in recognition of general lack of industry information
  • Marine and Aviation losses are well reported but not Energy unless they are major and/or involve death or injury
  • This is a unique facility
property included
PROPERTY INCLUDED
  • Offshore/Onshore – E&P Upstream
  • - Rigs/FPSOs/FSOs/FPUs etc
  • - Platforms
  • - Pipelines
  • - Oil sands
  • - Storage & offloading systems
  • Onshore – Midstream/Downstream
  • - Refineries, petrochemical plants etc.
  • - Loading terminals, tank farms
  • - Power Stations, wind farms
  • - Gas plants, transmission stations
database information
DATABASE INFORMATION
  • Only for losses of US$1,000,000 or more at time of loss
  • Information captured is from 1972 to date
  • All amounts shown in US$ exchanged at date of loss rate of exchange
  • Property related losses – no liability in isolation
  • Amounts relate to PD, OEE (cost of control etc.) and BI
  • Contains 9,000 individual records with an aggregate time of loss value greater than US$148 billion (>US$198 billion indexed)
  • Except for BI this is a loss database not an insurance database therefore PD, OEE & S&P costs are for 100% interest FGU on the basis of no deductible and no limit – the incident does not have to have been insured but it does have to have been insurable
purpose of database
PURPOSE OF DATABASE
  • To assist in the evaluation and review of current and future insurance strategies – both buying and selling, direct and reinsurance
  • To help understand the dynamics between losses and pricing
  • To provide activity profiles and market share analyses for contributing Loss Adjusters
  • Subscribed to by oil companies, insurers/reinsurers and major brokers
  • Used by academic establishments – forms part of the “Energy Insurance and Risk Management” course run by the Bauer College of Business at the University of Houston
reports available
REPORTS AVAILABLE
  • Summary: No. of incidents, aggregate & average $
  • - by year
  • - by geographical area, country or location
  • - by cause
  • - by property type
  • - by month (seasonal trends)
  • - by cost bandwidths
  • - by well depth
  • - any combination of the above
  • Listings of individual losses by date or value
report example 1
REPORT EXAMPLE 1:

An independent oil company operating only onshore USA wishes to review their current OEE limits of $5M. What can the database tell them about the adequacy of their OEE limit in light of industry experience?

Database search criteria: Country = USA, Land/Offshore = Land, Loss Type = OEE

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To download into

Excel just click here

We will now look at 2 other reports with the same data set – firstly by location

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To download into

Excel just click here

And secondly by cost category (using indexed as we are looking at + 30 years of data)

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This tells us:

  • An OEE limit of $5M would have been adequate for 467/711 or 66% of known OEE losses excess of $1M
  • Increasing the OEE limit to $10M would account for 605/711 or 85% and so on…
report example 2
REPORT EXAMPLE 2:

Analysis of European refinery losses since 1990 based on frequency and severity excluding the causes of earthquake and subsidence

Database search criteria: Year of Loss = 1990 to 2010, Area = Europe, Subcategory = Refinery, Cause = all (excluding earthquake and subsidence/landslide)

report example 3
REPORT EXAMPLE 3:

A comparison of offshore pipeline losses in both the construction and operating phases in four different areas of the world.

As this coverage is usually purchased on a limit rather than value basis, what is the industry experience of loss severity?

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OFFSHORE PIPELINE LOSSES BY CLAIM AMOUNT

This shows where 90% of the losses reside

information sources
INFORMATION SOURCES:
  • Willis records
  • Willis dedicated research team located in Mumbai
  • Loss Adjusters
  • Insurers & Captives
  • Historical data (London Master Energy Line Slip)
  • The press (limited information available)
confidentiality
CONFIDENTIALITY:
  • Guarantees have been given to information providers that only restricted information will be produced which means that:
    • Names of Assureds are not revealed
    • Names of contributors are not revealed
    • Obvious information to aid identification such as name of facility or precise location are not revealed
  • Access to the database is strictly controlled
subscriptions
SUBSCRIPTIONS:
  • Price (on application) is for a multi-user annual licence for access via the internet. No additional software is required
  • Subscriptions go towards maintaining and developing the database
  • Without sufficient income the facility will be discontinued – it should be regarded as an energy insurance industry tool
  • Subscribed to by oil companies, direct and reinsurance underwriters and major brokers
just added
JUST ADDED:
  • Additional fields showing
    • Gulf of Mexico Area
    • US Location Code (OEE only)
    • Upstream, downstream or power
    • Subcategory 2 (lower level description of property)
  • The ability to generate and download custom reports based on up to 12 fields of your choice
disclaimer
DISCLAIMER:

The entries in the database have been obtained from a variety of sources.

Willis Limited does not accept any responsibility for the accuracy or completeness of the information contained therein.

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THE WILLIS ENERGY LOSS DATABASE 2011

http://online1.willis.com/sites/weld/W_ELViewer.aspx

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