Within the Speciality Engineering Insurance Field the use of engineering opinion is the main component in risk analysis for underwriting decision making. The use of risk analysis tools to quantify the risk associated with perils such as mechanical breakdown is limited. A reliability model for the risk analysis of mechanical breakdown risk for the power generation sector, PowerRAT, has been developed and its performance evaluated against historic claim data. It has proven to closely forecast actual losses over a portfolio of power plants, and differentiate between power plant type; conventional steam, simple and combined cycle gas turbine plants. Differentiation based on the factors of equipment type and policy terms has been demonstrated. A review of existing survey report methodology has shown highly variable quality of reports with significant missing information on which to make underwriting decisions. A best practice survey report contents has been proposed in order to provide a consistent level of information for comparison with other risks. The development cycle of PowerRAT has led to a proposed framework for the development of future risk assessment tools for insurance. This is built on four main areas: risk identification, data analysis, calculation methodology and insurance factors.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:571984 |
| Date | January 2012 |
| Creators | Trayhorn, Benjamin |
| Contributors | Wainwright, Charles |
| Publisher | Cranfield University |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Source | http://dspace.lib.cranfield.ac.uk/handle/1826/7906 |
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