Greg Tobias, CPCU

#Energyinsurance101 The Pryor Trust gas well fire refers to a tragic incident that occurred on January 22, 2018, at a natural gas drilling rig operated by Patterson-UTI Drilling Co., under contract with Red Mountain Energy, in Quinton, Oklahoma. The well was part of the Pryor Trust project, and the fire led to the deaths of five workers. It was considered one of the deadliest oil and gas incidents in recent U.S. history. Key Points of the Incident: Blowout and Explosion: A blowout occurred, releasing natural gas and other hydrocarbons, which ignited and caused a massive fire. The blowout preventer, a critical safety mechanism, failed to control the well.    Loss of Life: Five workers tragically lost their lives as a result of the fire. These included employees from Patterson-UTI Drilling and other contractors. Causes: Investigations, particularly by the U.S. Chemical Safety and Hazard Investigation Board (CSB), pointed to several factors contributing to the incident:  - Human error in well operations.  - Failure of critical equipment, including the blowout preventer.  - Inadequate training and safety protocols.  - Poor communication during the drilling operation. Aftermath: The incident led to legal action from the families of the victims and renewed focus on safety practices in the oil and gas industry, particularly with regard to well control and blowout preventer functionality. The Pryor Trust gas well fire highlighted the significant risks involved in natural gas drilling operations and underscored the need for robust safety measures to prevent similar tragedies in the future.

7

#HurricaneDebby has caused significant disruption, with nearly $90M in #insurance claims and many still unresolved. At itel, we leverage the industry’s *most extensive* data to bring accuracy and fairness to #propertyclaims to help ensure claims are settled with as little friction as possible so everyone can get back to their everyday life again. Learn more about this critical issue in The Capitolist. #Data #ClaimsManagement #TheSourceForCertainty

1

Something that we hear pretty consistently from bigger organizations is that there's a diseconomy of scale in specialty insurance for writing big complicated risk, like an oil rig. One of the big problems in insurance is that the big organizations focus only on the big risks — they're looking for the biggest most obvious upside. We see it a bit differently, which is why we're building Accelerant so differently.

186

Many North American utilities were faced with a simple question at their last excess liability renewal…do you a) file a notice of circumstance on the expiring policy and accept an exclusion for Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS) going forward, or b) accept a material sublimit and give up the ability to file a notice of circumstance on the expiring policy as a result? Um…how about c) mitigate the exposure and leverage alternative capacity. Our environmental specialists have long been industry specialists working hand-in-glove with our casualty team to craft sustainable risk mitigation and insurance solutions that compliment what industry mutuals are able provide. Their commitment to the Energy & Power sector pre-dates my own, and they’ve built the largest and most successful team of advisors in the space. Check out this timely case study and other relevant materials using the links in the comments below. #risk #riskmanagement #insurance #utilities #publicpower #energy #powergeneration #pfas #marsh Kimberly Mann Matthew Kern Matthew Doyle Mike Gaudet Julie Reinhardt Emilie Pinkham

51

2 Comments

Important discussion. "Chubb's Evan Greenberg and Aon's Eric Andersen discussed climate change, noting the urgency in California, a state that grapples with extreme heat, wildfires and floods. They underscored the pivotal role of climate change in shaping insurance markets. They emphasised the imperative integration of environmental, social and governance considerations into decision-making processes. Further, Mr Greenberg said that actions are ultimately what drive insurance rates. He said the cost of climate change is leading to much more volatility, adding: “I think certain jurisdictions are not adopting policies that are sustainable. This is not a short-term thing that will go away.” #insurance #reinsurance #climatechange #climaterisk #adaptation #mitigation https://lnkd.in/e4fXJJvg

27

1 Comment

The National Hurricane Center is not tracking areas of development in the next 48 hours. However, there are a few tropical waves in the Atlantic Ocean, and the basin is showing signs of life ahead of the official start of the hurricane season, which starts June 1st. This BMS Group Insight looks beyond the reasons and overall numbers of possible named storms, hurricanes, and major hurricane formations that the insurance industry is so infatuated with. The insurance industry should be keener on understanding the possible areas of development that can play a big role in possible landfalls. As the tropical basin comes to life in mid-June, the insurance industry will also start to gain a better grasp of when activity might occur over the season. With the aid of climate models and analog years that best match today's atmosphere and oceanic variables, ideas of possible tracks for the 2024 hurricane season start to take shape. While there are still many uncertainties, rest assure that BMS Re and the Pathlight Analytics’ staff are here, armed with their unparalleled expertise, to provide the insurance industry with unique insights into whatever mother nature may bring. As we navigate this expected busy hurricane season, it is crucial to prepare and remain vigilant, ready to adapt to the cards we are dealt. Click the link below for amazing content beyond how many storms might form in the North Atlantic Basin, but where they will form might track and impact the insurance industry. ⬇ https://lnkd.in/gNBj2752 #Insurance #Reinsurance #HurricaneSeason #RiskManagment

37

1 Comment