Blowout risk - can technology reduce human factor causes?

Insurance Institute of London - Consilium
Monday, 15 July 2019
11:30 am – 1:00 pm
    • Colin Stuart, Managing Director, Stuart Wright (UK) Ltd
  • Marine & Energy lecture

In this IIL lecture on blowout prevention, Colin Stuart talked about human factor causes and how technology and better barrier validation are helping to reduce risks. Colin also covered blowout risks across the lifecycle, including already abandoned wells.

Colin explained that the Blowout insurance market was only triggered upon the rare event of a Blowout. Yet, the market would be even better if blowout risk was a reliable reducing factor over time. Human factors causes can be reduced but were stubbornly resistant to new technology solutions. While technology gets great industry support if it reduces time and cost but not necessarily if it only reduces risk, again a human factor issue. Industry arguably needs encouragement from Underwriters to value risk reduction cost. Loss of human capital in recent years will have a definite impact on blowout frequency in years to come so proper evaluation of risk and risk reduction methods were crucial to industry sustainability.

By the end of this lecture members will have gained an insight into:

  • Key human factor causes of blowouts
  • How technology can reduce blowout risk to some extent
  • How other factors will increase blowout risk over time
  • What impact underwriters can have on blowout frequency

Chair:
Richard Dare, Energy Underwriter, Munich Re

Venue
  • Insurance Institute of London - Consilium
  • 21 Lombard Street
  • London
  • EC3V 9AH
View map

Registration & Security

IIL lectures are open to CII and PFS members
CII and PFS members must register online by 2pm one working day before the lecture
For lectures held in The Old Library, Lloyd's pass holders may also attend and do not need to register
All attendees (at any venue) must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport

Conditions:

  • Email confirmations and photo ID must be produced to security staff at the lecture venue
  • Attendance confirmations are non-transferable to any other person or lecture
  • All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

Please let us know what we can do to make our events fully accessible to you.

Contact:
Please contact Allison Potts (020 7397 3914) or Edward Walker (020 7397 3915) with any queries regarding the CPD events programme.

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

1 1/2 hours' CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.