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EXPAS, a provider of explosion risk intelligence for industrial operators and the insurance and reinsurance industries, has introduced a new approach to identifying and measuring operational explosion risk across high-hazard sites and assets.
According to the firm, this approach creates a new category of operational risk intelligence, translating engineering evidence and the performance of critical controls into measurable indicators of risk, including loss probability, exposure and emerging weaknesses before they develop into major losses.
Operating out of both the UK and US, EXPAS combines explosion safety engineering, evidence, data and technology to create a view of how explosion risk is identified, controlled and managed.
Traditional risk assessments and engineering studies offer valuable insights, but they only capture a single point in time, the firm explains. But equipment deteriorates, processes change, maintenance is deferred and critical controls resulting in critical safeguards gradually losing effectiveness.
EXPAS was designed to bridge this gap, offering clear visibility into how risk evolves in the periods between traditional assessment windows.
The platform structures engineering evidence and operational risk information to produce measurable intelligence, including loss probability, maturity bands, deterministic exposure ratings and critical risk flags.
For insurers, reinsurers, brokers, and risk engineering teams, EXPAS aims to provide a consistent and transparent framework to understand underlying explosion risks across single locations and entire portfolios.
This intelligence is engineered to enhance risk selection, underwriting, risk engineering, portfolio visibility, and loss prevention, while distinguishing between seemingly identical risks by assessing how effectively critical controls are managed.
Michael Brimble, Founder and CEO of EXPAS, commented: “A site can have the right assessments and documentation in place, but that does not necessarily tell an operator or insurer what is happening to the risk today. Equipment deteriorates, processes change and controls weaken. We designed an approach to make what happens between those snapshots visible.
“We combine engineering, evidence and data together to create a common risk language between the people managing the hazard and the people carrying the financial risk. If better managed risk can be identified, measured and demonstrated, we can help make sites safer, give insurers better information and ultimately contribute to preventing losses before they happen.”
EXPAS’ approach intends to complement, rather than replace established engineering and compliance processes. The methodology considers the underlying hazard, potential ignition, engineering and operational controls, management systems, evidence quality and factors that may influence escalation.
Brendan Foxen joins Brimble – who has more than 20 years of experience in fire and explosion safety across industrial, energy and critical infrastructure environments – as Chief Technology Officer.
Foxen’s background spans data, technology and transformation within highly regulated global organisations. EXPAS’ United States operations are led by David Roberts as Director of EXPAS US, bringing over 25 years of experience in high consequence and safety critical environments.
EXPAS launch, the firm stated, comes as the industrial risks continue to evolve through new technologies and increasingly complex assets.
The company believes that these risks heighten the need for risk carriers and operators to understand not just the existence of hazard, but the efficacy of its controls and how that status fluctuates over time.
The post Reinsurance market to benefit from newly launched EXPAS explosion risk intelligence platform appeared first on ReinsuranceNe.ws.
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📰 This article is sourced from a trusted insurance industry publication. Farmer Stockman Insurance shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.
