The data, published in Marsh's The 100 Largest Losses 1974-2013: Large property damage losses in the Hydrocarbon Industry 23 edition holds almost 10,000 records spanning more than 40 years.
The losses are dominated by the upstream (34%), and refining sectors (29%). The petrochemical sector accounts for almost a quarter of losses (23%) and gas processing and distribution centres accounted for 9% and 5% respectively.
Marsh reported that eight losses had entered the 100 largest losses list since 2011. These included the Sendai refinery in Japan; the Geismar petrochemical facility in Louisiana, US; and La Plata refinery, Ensenada in Argentina.
The Piper Alpha Disaster in the UK' North Sea tops the list, with estimated losses of $US1.8 billion, followed by the Pasadena petrochemical plant explosion, Texas, US, which incurred losses of $US1.4 billion.
