Evaluating EML Modeling Tools for Insurance Purposes : A Case Study
Joint Authors
Shahriari, Mohammad
Gustavsson, Mikael
Lindgren, Mats
Source
International Journal of Chemical Engineering
Issue
Vol. 2010, Issue 2010 (31 Dec. 2010), pp.1-13, 13 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2011-02-22
Country of Publication
Egypt
No. of Pages
13
Main Subjects
Engineering Sciences and Information Technology
Abstract EN
As with any situation that involves economical risk refineries may share their risk with insurers.
The decision process generally includes modelling to determine to which extent the process area can be damaged.
On the extreme end of modelling the so-called Estimated Maximum Loss (EML) scenarios are found.
These scenarios predict the maximum loss a particular installation can sustain.
Unfortunately no standard model for this exists.
Thus the insurers reach different results due to applying different models and different assumptions.
Therefore, a study has been conducted on a case in a Swedish refinery where several scenarios previously had been modelled by two different insurance brokers using two different softwares, ExTool and SLAM.
This study reviews the concept of EML and analyses the used models to see which parameters are most uncertain.
Also a third model, EFFECTS, was employed in an attempt to reach a conclusion with higher reliability.
American Psychological Association (APA)
Gustavsson, Mikael& Shahriari, Mohammad& Lindgren, Mats. 2011. Evaluating EML Modeling Tools for Insurance Purposes : A Case Study. International Journal of Chemical Engineering،Vol. 2010, no. 2010, pp.1-13.
https://search.emarefa.net/detail/BIM-446676
Modern Language Association (MLA)
Gustavsson, Mikael…[et al.]. Evaluating EML Modeling Tools for Insurance Purposes : A Case Study. International Journal of Chemical Engineering No. 2010 (2010), pp.1-13.
https://search.emarefa.net/detail/BIM-446676
American Medical Association (AMA)
Gustavsson, Mikael& Shahriari, Mohammad& Lindgren, Mats. Evaluating EML Modeling Tools for Insurance Purposes : A Case Study. International Journal of Chemical Engineering. 2011. Vol. 2010, no. 2010, pp.1-13.
https://search.emarefa.net/detail/BIM-446676
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-446676