Risk Matters: How Risk Data Can Reduce Your Soaring Facility Insurance

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Working with insurance companies to manage risk in high-hazard operating facilities has changed dramatically over the years. The impact of losses is significant and the costs of any loss is carried by industry sector in the form of higher premiums. It takes a whole industry, operating safely, to reduce the rates of the group.

As of January, 2020, the global liability – cost of incidents – for refiners and petrochemical companies over the past 3 years has ballooned to $12.5 billion USD; that’s more than double the gross premiums paid to insurers (Sanicola, 2020). This means premiums are going up across the board. So, what can you do to demonstrate to your carrier that your site is best in class on safety and is a good risk to take on at a lower rate?

Insurance companies staff well-trained risk engineers who are capable of seeing the gaps in a client’s risk management program from both process and cultural aspects very quickly.

They use a systematic approach…

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The intelligence You Need to Make the Right Choice

Using analytics and industry data to ensure critical threats are addressed gives you and all stakeholders peace of mind knowing that all critical threats are being managed. Risk Alive® holds the world’s largest collection of PHA and risk data and has the advanced tools and technology to analyze it effectively and efficiently.

You can now access huge collections of data for facilities of all types, from refineries to gas plants, and fertilizer production to French fry factories to identify common threats, mitigations and the best strategies to protect your investments.