Data analytics provider Verisk has enhanced its energy re/insurance platform, Energy & Power Intelligence Xchange (EPIX), with a new module that features records of events involving 10,000 energy assets around the world.
The module, called EPIX Experience, will enable re/insurers to see the frequency of events such as regulatory violations, man-made events, natural catastrophes, and terrorist acts for offshore oil platforms and refineries worldwide.
Companies can then benchmark that information against broader industry data and enhance their research, assessments and underwriting for complex energy risks, Verisk said.
“The addition of EPIX Experience takes our energy insurance platform to the next level,” said Elizabeth Casas, Managing Director of Energy and Insurance at Verisk.
“By collecting, synthesizing, and matching event data with more than 10,000 assets around the globe, we’ve developed a tool that can help insurers gain powerful new insights into their complex portfolios, assess their exposures, and develop strategies to grow without compromising bottom-line results,” she continued.
“EPIX Experience has the potential to significantly improve the underwriter’s confidence on a risk,” said Dan Owen, Senior Vice President of Builder’s Risk/Energy Property at Ironshore, which provided insights for Verisk during its development of the new module.
“With better data, we should be able to increase our participation and adjust terms and conditions with more confidence,” Owen added.
EPIX Experience is currently one of three modules in the EPIX platform, alongside EPIX Asset, which provides data on thousands of energy companies and their assets across the globe, and EPIX Portfolio, which helps insurers view and score their exposures to natural catastrophes and supply chain disruptions and evaluate how those factors affect overall portfolio composition and performance.