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EXPAS launches explosion risk intelligence platform for insurers and reinsurers
The platform translates explosion safety engineering evidence and critical control performance into measurable indicators such as loss probability and exposure ratings.
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. The firm says the method creates a new category of operational risk intelligence by converting engineering evidence and the performance of critical controls into measurable indicators, including loss probability, exposure and emerging weaknesses before they develop into major losses. EXPAS also frames the platform as a way to capture how explosion risk changes between traditional assessment windows. According to the company, traditional risk assessments and engineering studies can miss the fact that equipment deteriorates, processes change and maintenance can be deferred, allowing critical safeguards to gradually lose effectiveness. EXPAS aims to bridge that gap by structuring engineering evidence and operational risk information to produce metrics such as maturity bands, deterministic exposure ratings and critical risk flags. Operating out of both the UK and US, EXPAS said the platform is designed to give insurers, reinsurers, brokers and risk engineering teams a consistent and transparent framework for understanding explosion risks across individual locations and entire portfolios, including use cases tied to risk selection, underwriting, portfolio visibility and loss prevention.