Verisk EPIX platform now features event records on more than 10,000 global energy assetsBy Elizabeth Casas Leano | October 29, 2018
Verisk has enhanced its energy insurance platform—the Energy & Power Intelligence Xchange™ (EPIX™)—with a new module that features critical records of events involving 10,000 energy assets around the world, including regulatory violations, man-made events, natural catastrophes, and terrorist acts.
EPIX is a benchmarking and risk-scoring platform that can significantly enhance how insurers research, assess, and underwrite complex energy risks.
The new module, EPIX Experience, enables insurers to see the frequency of these events for offshore oil platforms and refineries worldwide and benchmark that information against broader industry data. The tool, which collects, synthesizes, and matches event data, can help insurers gain powerful new insights into their complex portfolios, assess their exposures, and develop strategies to grow without compromising bottom-line results.
While developing the new module, Verisk obtained insights from several leaders in the industry, including Ironshore, a global specialty insurer.
EPIX Experience is one of three modules in the EPIX platform.
EPIX Asset, the platform’s core module, contains more than 18,000 assets and provides critical and regularly updated data on thousands of energy companies and their assets across the globe, including oil fields, refineries, and power plants. The assets are identified with the Verisk Asset ID, a code designed to allow insurers to identify assets consistently in an industry where individuals often refer to oil rigs and refineries by different names.
EPIX Portfolio, the platform’s second module, can help insurers view and score their exposures to natural catastrophes and supply chain disruptions and evaluate how those factors affect overall portfolio composition and performance. This module has recently been enhanced to allow insurers to upload their portfolios; match them with EPIX assets; and enhance, analyze, and benchmark their portfolios against broader industry data.