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How DFA Can Help the Property/Casualty Industry, Part 4
Hurricanes Katrina, Rita, Wilma...
Catastrophes: Models and Reserving
Risk Measures
Reinsurer Results:
Catastrophe and Strengthening
Hurricanes: 2003 and 2004 Results, Clustering and TransitioninG
Brushfire and Fire Following Exposures
Tsunami Exposure Worldwide and U.S.
Wind and Hail: Relative Hazard Levels
Cat Modeling Class
Introduction to Reinsurance
Holborn Technical Seminar
Catastrophe, Injury, and Insurance
Chapter 1: Summary
Chapter 2: Background
Chapter 3: Study Methology
Chapter 4: Population at Risk
Chapter 5: Earthquake
Chapter 6: Terrorism
Chapter 7: Industrial Accident
Chapter 8: Infectious Disease
Chapter 9: Impact of Data Quality
Chapter 10: Managing the Risk
Chapter 11: The Future
Review of Myers & Read ARIA Paper
A Perfectly Ordinary Tuesday Morning
This is Not Your Father’s Cat Model
Global Warming and Increased Catastrophes?
Reinsurer Risk Loads from Marginal Surplus Requirements, PCAS LXXVII
Reinsurance Markets
Risk Transfer Assessment
Introduction to Asset Returns and Risks
CAS Call Paper Panel
Ceded Reinsurance Issues in DFA
Catastrophe Reinsurance Simulation Game
Reinsurance by any other name
Clash Pricing
ALLOCATION OF SURPLUS FOR A MULTI-LINE INSURER
Optimization to Improve Business Performance

 

 
2004
Andrew Coburn and Alexandra Cohen
Risk Management Solutions, Inc.
 
Page: 1 2 3 4 5 6 7

7. Industrial Accident

An average of 5,000-6,000 work-related fatalities occur each year in the U.S. While the occupational mortality rate for ages 25-64 has declined by 57% since 1912, this remains a far lower reduction than in other areas of public safety, such as hurricane casualties or aircraft accidents. Mining and oil/gas extraction are the most dangerous industries, with the highest fatality rates per worker. It is in these same industries where the greatest potential for major incidents exists.

Explosions, transportation accidents, and chemical releases all pose a threat to people living, working, or traveling in the vicinity of the accident.

7.1 Accidental Explosions

When accidental explosions occur, either in an industrial setting or in the detonation of transported goods, the explosive yields can devastate very large areas, and have the potential to injure many people. A catastrophic industrial explosion occurs somewhere in the world every few years, as in 2001 at the Toulouse AZF fertilizer plant in France and 2003 at the LNG compression plant in Skikda, Algeria. Both of these explosions caused devastation to houses, schools, and other industries at more than a mile around the accident site, and blew out windows as far as 3 miles (5 km) away.

In the U.S. some of the largest historical accidents have been explosions of material and munitions in transit. On April 16, 1947 the S.S. Grandcamp, carrying ammonium nitrate fertilizer, exploded in the Texas City harbor.The explosion destroyed parts of the port, created a 15-foot (5-meter) tidal wave and was felt 75 miles (121 km) away in Port Arthur. A 1-ton turbine caught in the blast was thrown three quarters of a mile (1.2 km). The explosion brought down two small aircraft circling overhead and set fire to a second ship berthed nearby, which also exploded. The disaster killed 576 and injured several thousand people. The S.S. Grandcamp incident still counts as the most lethal industrial accident in the U.S.

 

 

 

 

 

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