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Risk Management

Insurance Risk Engineering (IRE)

Our Insurance Risk Engineering professionals assist clients to evaluate the risks at their operating facilities and present those risks and associated risk reduction measures to the insurance underwriting community. These independent evaluations and quantified loss estimates, which are accepted by the worldwide energy insurance market (e.g. Swiss Re, Munich Re, Zurich, Allianz, ACE, XL, and AIG), help our clients obtain appropriate levels of insurance and avoid higher premiums associated with unknown or un-quantified risks.

BakerRisk’s Insurance Risk Engineering services include loss estimate studies (EML, MPL, PML, etc.), business interruption and interdependency studies, contingent business interruption exposure studies, third party liability evaluations, risk analysis surveys, loss investigations (root cause analyses), and design reviews.

MaxLossTM is a proprietary software developed and used by BakerRisk to carry out insurance risk assessment surveys.

Insurance Risk Engineering

  • Risk analysis (marketing) studies
  • Loss estimate (quantification) studies
  • Business interruption and interdependency studies
  • Third party liability evaluations
  • Property loss prevention surveys

Insurance Risk Engineering Loss Estimating

  • Worst case property damage and business interruption/interdependency impact
  • Studies accepted by major energy markets
  • MaxLoss loss estimate model

MaxLossTM allows the risk professional to eliminate the guesswork of defining a worst-case loss by utilizing the program’s “drift” feature. The drifted analysis is accomplished by quickly computing property damage and business interruption at thousands of analysis shift locations and reporting the worst-case scenario.

MaxLossTM is flexible, utilizing a powerful map-based Graphical User Interface (GUI) that allows easy import of complex CAD files and images, which facilitates rapid identification of assets and release sources.