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CARLOS H. YTURZAETACARLOS H. YTURZAETA Director, E&RM Phils., Inc.Director, E&RM Phils., Inc.
INSURANCEINSURANCE: : AN EFFECTIVE AN EFFECTIVE RISK TRANSFER VEHICLERISK TRANSFER VEHICLE
PROJECT RISK MANAGEMENT & ALLIANCE
FOUR POINTS BY SHERATON HOTEL
SHANGHAI, CHINA
OCTOBER 22-23, 2009
PRESENTATION OVERVIEWPRESENTATION OVERVIEW Presentor’s PerspectivePresentor’s Perspective EPC Projects/Types of EPC ProjectsEPC Projects/Types of EPC Projects EWRM: Foundation of INSURANCEEWRM: Foundation of INSURANCE Project Players ConcernsProject Players Concerns
CREDITORSCREDITORS CONTRACTORSCONTRACTORS PROJECT OWNERSPROJECT OWNERS INSURERSINSURERS
EPC Project Activity/Project ParticipantsEPC Project Activity/Project Participants Some Common Loss Exposures in EPC ProjectsSome Common Loss Exposures in EPC Projects INSURANCE Solutions/Benefits/Claims INSURANCE Solutions/Benefits/Claims
AdministrationAdministration Post Loss ObjectivesPost Loss Objectives No substitute for a Comprehensive EWRM.No substitute for a Comprehensive EWRM.
PROJECT RISK MANAGEMENT & ALLIANCE
PRESENTOR’S PERSPECTIVEPRESENTOR’S PERSPECTIVE
As an Insurance Officer – Project OwnerAs an Insurance Officer – Project Owner As a Risk Manager – Project OwnerAs a Risk Manager – Project Owner As an Insurer/Reinsurer/Reinsurance As an Insurer/Reinsurer/Reinsurance
BrokerBroker As a Claims ManagerAs a Claims Manager As an Auditor/Accountant/Compliance As an Auditor/Accountant/Compliance
OfficerOfficer
PROJECT RISK MANAGEMENT & ALLIANCE
Major infrastructure that costs over US$1 Major infrastructure that costs over US$1 Billion. Billion.
Projects attracting high level public attention.*Projects attracting high level public attention.* Projects inviting high level political interest.*Projects inviting high level political interest.* Substantial direct and indirect impacts on the Substantial direct and indirect impacts on the
community and environment.*community and environment.* Projects with large magnitude of tasks involved Projects with large magnitude of tasks involved
in planning, developing and management.*in planning, developing and management.* Design and Construct; Turn-key Basis; Design Design and Construct; Turn-key Basis; Design
and Build; Lump-sumand Build; Lump-sum
EPC PROJECTS:MEGA PROJECTS
*Maybe below US$1 billion but the impact is great.
PROJECT RISK MANAGEMENT & ALLIANCE
EPC PROJECTSAccording to Ownership
GOVERNMENT – OWNED (Petronas, Pertamina, PNOC, PTT, PROC, etc)
Wholly-financed by government
Partly government and partly private
PRIVATELY -OWNED/PRIVATELY- FINANCED May have different ownership structure - JVs, SPVs,
JOINT VENTURE – PRIVATE AND GOVERNMENT Wholly - private but with government
investment/financing
Partly private and partly government but managed by privately
NOTE: SOME PROJECTS ARE SELF-MANAGED
PROJECT RISK MANAGEMENT & ALLIANCE
EPC PROJECTSEPC PROJECTSAccording to PurposeAccording to Purpose
ENERGYENERGY POWER PLANTSPOWER PLANTS TRANSMISSION LINESTRANSMISSION LINES OIL AND GAS OIL AND GAS
(UPSTREAM, (UPSTREAM, DOWNSTREAM)DOWNSTREAM)
PETROCHEMICALSPETROCHEMICALS MINING & EXPLORATIONMINING & EXPLORATION GEOTHERMAL & COALGEOTHERMAL & COAL WINDPOWERWINDPOWER HYRDRO & WINDPOWER HYRDRO & WINDPOWER
PLANTSPLANTS
UTILITIESUTILITIES WATER SUPPLYWATER SUPPLY
WATER DISTRIBUTIONWATER DISTRIBUTION
ELECTRIC DISTRIBUTIONELECTRIC DISTRIBUTION HUGE SUBSTATIONSHUGE SUBSTATIONS
DESALINATION PLANTSDESALINATION PLANTS
MASSIVE IRRIGATION MASSIVE IRRIGATION SYSTEMSSYSTEMS
PROJECT RISK MANAGEMENT & ALLIANCE
EPC PROJECTSEPC PROJECTSAccording to PurposeAccording to Purpose
TRANSPORTTRANSPORT ROADS & BRIDGESROADS & BRIDGES MASS RAIL MASS RAIL
TRANSPORTTRANSPORT AIRPORTSAIRPORTS TUNNELS & TUNNELS &
WATERWAYSWATERWAYS HARBORS & PIERSHARBORS & PIERS VESSELSVESSELS
TELECOMSTELECOMS TELEPHONE LINESTELEPHONE LINES TELECOMS TOWERTELECOMS TOWER INTERCONTINENTAL INTERCONTINENTAL
CABLES AND LINESCABLES AND LINES SATELLITESSATELLITES
PROJECT RISK MANAGEMENT & ALLIANCE
EWRM: THE FOUNDATION OF INSURANCE
RISK MANAGEMENT 101
PROJECT RISK MANAGEMENT & ALLIANCE
ENTERPRISE-WIDE RISK MANAGEMENT
The Total Approach to the protection of assets, earnings, liabilities, reputation, and personnel against predictable and unpredictable losses in order to achieve the maximum efficiency at minimum cost.
Modern definition of Risk Management or Enterprise-wide Risk Management. The old definition simple dealt with insurable assets that were insurable.
THE RISK MANAGEMENT PROCESS
RISK IDENTIFICATION METHODS(Risk Profiling)
Survey or questionnaire Going through the Company’s financial records Review of contracts, audit reports and surveys Flowcharting of operations Consulting/Engaging 3rd party experts Ocular and physical inspection Table top discussion/interview with key personnel
RISK MEASUREMENT/ANALYSIS
Frequency - probability or chance/likelihood
Workshop/Brainstorming Loss History Forecasting
Severity - impact of losses/adverse effects
Workshop/Brainstorming PML, EML, mathematical models Impact on 3rd parties Simulation models
RISK MEASUREMENT/ANALYSIS
Improbable Regular
Negligible
Catastrophic
RETENTIONLOSS CONTROL
andPREVENTION
INSURANCEBus. Continuity Plan Disaster Mgnt PlanEmergency Mgnt Plan
CRISIS MGMNTGood GovernanceBus Continuity PlanDisaster Recovery Plan
Severity
F r e q u e n c y
RISK MANAGEMENT TECHNIQUES
• RISK CONTROL – Stop losses from happening or if it happens, reduce the effects and impact of the loss.
AND/ OR
• RISK FINANCE - Provides fund if and when losses occur.
1. Risk Avoidance2. Loss Prevention
3. Loss Reduction4. Segregation of
Risks 5. Combination6. Diversification
7. Outsourcing
1. Retention through - Deductibles - Reserve/Funds - Current Expensing - Borrowing - Self-Insurance - Captive Insurance
2. Transfer through
- INSURANCE - Hold Harmless/Outsource
RISK CONTROL
RISK FINANCING
RISK MANAGEMENT TECHNIQUES
RISK MANAGEMENT TECHNIQUERISK MANAGEMENT TECHNIQUE
TRANSFERTRANSFER
INSURANCEINSURANCE EAR, CAREAR, CAR Guarantees and BondsGuarantees and Bonds ALOP following EAR, CAR, MarineALOP following EAR, CAR, Marine Cost OverrunCost Overrun Repayment GuaranteesRepayment Guarantees Errors and Ommissions, Professional IndemnityErrors and Ommissions, Professional Indemnity
ReinsuranceReinsurance Non-insurance transfersNon-insurance transfers
contractual transferscontractual transfers hold harmlesshold harmless outsourcingoutsourcing or subcontracting-use of 3 or subcontracting-use of 3rdrd party party
expertsexperts..
RETAINED/FUNDED RETAINED/FUNDED RISK RISK (Deductibles, Funded Self (Deductibles, Funded Self
Insurance, etc)Insurance, etc)
TRANSFERRED RISKS (Insurance and Hold Harmless)
QUESTION: RETAIN OR INSURE?
IDEAL: PERFECT BALANCE
CONTROL OR FINANCECONTROL OR FINANCERETAIN OR TRANSFER?RETAIN OR TRANSFER?
CORPORATE CULTURECORPORATE CULTURE FINANCIAL STRENGTHFINANCIAL STRENGTH LOSS HISTORYLOSS HISTORY MARKET CONDITIONMARKET CONDITION MANAGEMENT STYLEMANAGEMENT STYLE
Note: Note: Management may set a policy on risk retention Management may set a policy on risk retention and transfer once the EWRM is set in placeand transfer once the EWRM is set in place..
PROJECT RISK MANAGEMENT & ALLIANCEPROJECT RISK MANAGEMENT & ALLIANCE
MAXIMIZING THE USE OF MAXIMIZING THE USE OF INSURANCEINSURANCE
EPC CONTRACTORSUB-CONTR
OPERATOR
POWER PURCHASERSDISTRIBUTORS
HOST GOVERNMENT
SUPPLIERSEQUIPMENTMANUFCTRSFEEDSTOCKS
ADVISORSLEGAL/EWRM
CREDIT/FINANCEENGRS/CONSULT
INVESTORSCREDITORS
LENDERS
INSURERSREINSURERSGUARANTORS
PROJECT OWNER*
EPC PROJECT PARTICIPANTS
*COULD TAKE MANY DIFFERENT FORMS: JV, MULTIPLE OWNERS, SPVS, INVESTORS ONLY DURING CONSTRUCTION, ETC.
EPC PROJECTSEPC PROJECTS: : PHASES OF PHASES OF ACTIVITIESACTIVITIES
PLANNING/DESIGNING/COST BENEFIT/FEASIBILITY/SELECTION OF FINANCIAL ADVISORS/LENDERS/INVESTERSESTABLISHING PROJECT OWNER/COMPANY/EITHER EXISTING OR NEW ENTITY
FINANCIAL CLOSING/BIDDING OF PROJECT/CONCLUSION OF CONTRACTS
SHIPMENT OF MACHNERIES & EQUIPMENT/CONSTRUCTION
COMMISSIONING AND TESTING
EPC PROJECTSEPC PROJECTS: : PHASES OF ACTIVITIES PHASES OF ACTIVITIES (Con’t)(Con’t)
TURN OVER TO OPERATOR AND/OR MANAGEMENT COMPANY
COMMERCIAL OPERATIONS/ACCOMPLISHMENT OF OBJECTIVES OF THE PROJECT
FULL PAYMENT AND CONTINUOUS OPERATIONS
TURNOVER/ACCEPTANCE BY PROJECT OWNER/COMPANY
GENERATING INCOME/PAYMENT TO LENDERS/INVESTORS
EPC PROJECTS RISK MANAGEMENT
SOME OF THE RISK/LOSS EXPOSURES SUBSTANTIAL COST OVERRUNS >50% OF ORIGINAL
COST.
SUBSTANTIAL BENEFIT SHORTFALLS
BANKRUPTCY OF PROJECT OWNER/CONTRACTOR/OPERATOR
WITHDRAWAL OF LENDERS
CANCELLATION OF HOST GOVERNMENT PERMITS
POLITICAL RISKS LIKE WAR AND TERRORISM.
WITHDRAWAL/BANKRUPTCY OF INSURERS AND REINSURERS
DELAY START UP AND DELIVERY.
DELAY IN EQUIPMENT PROCUREMENT AND DELIVERY.
LOSSES DURING CONSTRUCTION
LOSSES DURING COMMISSIONING AND TESTING.
WITHDRAWAL OF POWER PURCHASER OR DISTRIBUTOR
CURRENCY FLUCTUATIONS
UNSTABLE LAWS, LEGAL &, REGULATORY FRAMEWORK, PRICING
ERRORS IN DESIGN AND RESULTANT SPECIFICATIONS
EPC PROJECT RISK MANAGEMENT:EPC PROJECT RISK MANAGEMENT: CREDITORS’/LENDERS’ CREDITORS’/LENDERS’ CONCERNSCONCERNS (Bankability/Acceptability of (Bankability/Acceptability of Project)Project) Project completion as scheduled: normally tied
up with off –take agreements or income generation.
Stable contract price; Cost overruns provided Provision for Extension of Project Costs and
Project Completion date Output/Off-take Guarantees (ALOP/DLD) Limited liability of Project Owner to
Contractor Performance & Surety Bonds – 20%
performance and 10% surety for design & latent defects & Retention.
Security from Contractor (Consortium and its Head Offices): Back to Back Guarantees
EPC PROJECT RISK MANAGEMENT:EPC PROJECT RISK MANAGEMENT: CREDITORS’/LENDERS’ CREDITORS’/LENDERS’ CONCERNSCONCERNS (continued) (continued)
Viability of project maintained until operation. All changes/milestones communicated to Lenders. Lenders named as additional co-insured. Limited design and techno risks Lowest Country, political and credit risks. Comprehensive Insurance Cover (seamless cover) Guaranteed Payment of Loan. Smooth Certifications Process (acceptance, commissioning & testing, governments, environmental, international standards)
EPC PROJECT RISK MANAGEMENT:EPC PROJECT RISK MANAGEMENT: CONTRACTOR’S CONCERNSCONTRACTOR’S CONCERNS
COMPREHENSIVE INSURANCE PROGRAMCOMPREHENSIVE INSURANCE PROGRAM SEAMLESS INSURANCE PROGRAMSEAMLESS INSURANCE PROGRAM OWNER CONTROLLED INSURANCE PROGRAMOWNER CONTROLLED INSURANCE PROGRAM
HOST COUNTRY LAWS, REQUIREMENTS.HOST COUNTRY LAWS, REQUIREMENTS. LOCAL EXPERTISE –SUPERVISORY & LOCAL EXPERTISE –SUPERVISORY &
LABORLABOR LOCAL MATERIALS & EQUIPMENTLOCAL MATERIALS & EQUIPMENT LOCAL SUB-CONTRACTORS—LOCAL SUB-CONTRACTORS—
ENGINEERING & SUPPORT SERVICESENGINEERING & SUPPORT SERVICES REASONABLE PROJECT OWNERREASONABLE PROJECT OWNER
EPC PROJECT RISK MANAGEMENT :EPC PROJECT RISK MANAGEMENT :
PROJECT OWNER’S PROJECT OWNER’S CONCERNSCONCERNS THE MOST APPROPRIATE PROJECT THAT WILL THE MOST APPROPRIATE PROJECT THAT WILL
GIVE THE DESIRED BENEFITS/OBJECTIVESGIVE THE DESIRED BENEFITS/OBJECTIVES AN IDEAL CONTRACTOR/MANAGER/SUPPLIER AN IDEAL CONTRACTOR/MANAGER/SUPPLIER ATTRACTIVE FINANCING SCHEME & LIBERAL ATTRACTIVE FINANCING SCHEME & LIBERAL
CREDIT TERMS AND CONDITIONS.CREDIT TERMS AND CONDITIONS. SEAMLESS INSURANCE PROGRAMSEAMLESS INSURANCE PROGRAM
LEASE COSTLEASE COST EFFICIENT CLAIMS ADMINISTRATIONEFFICIENT CLAIMS ADMINISTRATION TECHNICAL SUPPORT SERVICESTECHNICAL SUPPORT SERVICES CLASS ‘A’ REINSURERS CLASS ‘A’ REINSURERS
Munich Re, Allianz, Hanover Re, General-Cologne ReMunich Re, Allianz, Hanover Re, General-Cologne Re Swiss Re, Zurich Financial ServicesSwiss Re, Zurich Financial Services SCOR, AXASCOR, AXA GARD; Scandinavian RIGARD; Scandinavian RI Lloyds Syndicates/Bermuda RILloyds Syndicates/Bermuda RI AIG/HartfordAIG/Hartford
EAR/CAR
OPERATIONIAR/FIRE
MACHINERY BREAKDOWNBus. Interrupt.
LOSS OF PROFITS(Fire, Extended Cover,Machinery Breakdwn)
SPECIAL INSURANCEBonds, Credit, Cost Overrun,
Liquidated Damages, Consequential Loss
Political Risks
LIABILITY INSURANCEProfessional Indem,
Workers Comp/EmployersTPL During Const.TPL during Oprns
GUARANTEESBONDS
ALOP(Marine/EAR/CAR)
MARINETransit Insurance
OCIP
EPC PROJECTS RISK MANAGEMENT
INSURANCE COVERAGES
EPC PROJECTS RISK MANAGEMENT
OWNER-CONTROLLED INSURANCE PROGRAM
Over-all Control of the EPC reinsurance program. Seamless transition from construction to Operational phase. Coverage as least cost due economies of scale. Delay in Start Up (DSU) or ALOP can be easily effected Owner has choice of insurer security – Class A & Industry Claims paid directly to Owner or JV Owners. Interface with Owners existing insurance program. Where handover is on phase-by-phase basis. Elimination of redundant insurance services & expenses. All Project parties covered for same risks – single point responsibility- back-to-back guarantees. Control of Claims/Coordinated Claims Admin. Safety/Loss Control services from Insurance providers.
BENEFITS OF A COMPREHENSIVE INSURANCE PROGRAM
PROTECTION IS ASSURED IF COVERAGE IS SEAMLESS
FUNDS DELAYS IN PROJECT COMPLETION. ENHANCES PROJECT CREDIT. INSURANCE IN A PROJECT BECOMES A FORM OF
CollateralEnhanced form of security
ENHANCED CONFIDENCE OF LENDERS REDUCTION OF PROJECT FINANCE COSTS REDUCTION IN PROJECT OVERHEADS. STAKEHOLDERS CONFIDENCE PEACE OF MIND OF ALL PLAYERS. DELIVERY OF DESIRED PROFITABILITY FOR ALL.
EPC PROJECT RISK MANAGEMENT
EPC PROJECTS RISK MANAGEMENTEPC PROJECTS RISK MANAGEMENT
RESPONSIVE CLAIMS RESPONSIVE CLAIMS MANAGEMENTMANAGEMENT PRIOR TO THE LOSSPRIOR TO THE LOSS
--Proper Property Valuation/Appraisal--Proper Property Valuation/Appraisal --Adequate Bonding Requirement--Adequate Bonding Requirement --Specific Job Description/Deliverables--Specific Job Description/Deliverables --Loss simulation; Drills and exercises; Training & Education; Emergency --Loss simulation; Drills and exercises; Training & Education; Emergency
Preparedness, Preparedness, --Loss History; Loss Forecasting--Loss History; Loss Forecasting
DURING THE LOSSDURING THE LOSS -- Reliable and capable adjusters with integrity-- Reliable and capable adjusters with integrity -- Disaster Management/Disaster Recovery-- Disaster Management/Disaster Recovery -- Salvage and subrogation values and rights.-- Salvage and subrogation values and rights. -- Preservation of evidence and securing of witnesses-- Preservation of evidence and securing of witnesses
POST LOSSPOST LOSS -- Submission of documents and evidences.-- Submission of documents and evidences. -- Close coordination among claimants, adjusters, insurance companies, -- Close coordination among claimants, adjusters, insurance companies,
brokers and other third parties if any.brokers and other third parties if any. -- Policy interpretation; Questions on clauses-- Policy interpretation; Questions on clauses -- Payment on Account; Settlement in 30 days -- Payment on Account; Settlement in 30 days -- Negotiation skills; compromise and ex-gratia settlement. -- Negotiation skills; compromise and ex-gratia settlement. -- Subrogation/Recoveries.-- Subrogation/Recoveries. -- Business Continuity-- Business Continuity
PROJECT RISK MANAGEMENT & ALLIANCE
INSURERS EXPECTATIONS COMPREHENSIVE PROJECT SURVEY REPORT
Nature of Project: Turn-key, Lump Sum, Design & Build Exposures: Natural and Man-Made/Terrorism & Sabotage Risk Management Program Project Owner’s Management Culture especially OHSSE
SELECTION OF RISKS Class A, Above Average Risks of the Project Long-term relationships Integrity of Project Owner and other parties to the EPC Project Integrity/Track record of all other players: contractors, operators, lenders, operators Host government’s exposure to political risks/current legislations
PROJECT STANDARDS Local government, international Industry standard Fire Codes; Materials Standards
PROJECT RISK MANAGEMENT & ALLIANCEPROJECT RISK MANAGEMENT & ALLIANCE
SOME STATISTICS ON SOME STATISTICS ON LOSSESLOSSES
IN THE AIRLINE INDUSTRYIN THE AIRLINE INDUSTRY 70% OF THE ACCIDENTS WERE CAUSED BY70% OF THE ACCIDENTS WERE CAUSED BY
HUMAN ERRORS.HUMAN ERRORS.
IN THE SHIPPING INDUSTRYIN THE SHIPPING INDUSTRY
65% OF THE ACCIDENTS WERE CAUSED BY65% OF THE ACCIDENTS WERE CAUSED BY
HUMAN ERRORSHUMAN ERRORS 50% OF THE ACCIDENTS TOOK PLACE ON A 50% OF THE ACCIDENTS TOOK PLACE ON A
CLEAR DAY.CLEAR DAY.
IN THE OIL & GAS BUSINESSIN THE OIL & GAS BUSINESS 50% WERE DUE TO NEGLIGENCE 50% WERE DUE TO NEGLIGENCE WORK PERMITS, POOR HOUSEKEEPING, CHANGE WORK PERMITS, POOR HOUSEKEEPING, CHANGE
MGNT.MGNT.
LOSS EXPERIENCE CYCLELOSS EXPERIENCE CYCLE
RECOVERYREHABILITATIONRESTORATION*
MITIGATIONPREVENTIONREDUCTION
CONTAINMENT
EMERGENCYPREPAREDNESS
DISASTER MANAGEMENT
BUSINESS AS USUALLEARNINGS
LOSS/ACCIDENTDETECTION
OCCURRENCE
ABNORMAL BUSINES
CYLE
PROJECT RISK MANAGEMENT & ALLIANCE
*ONLY possible if there is a comprehensive insurance program that is in place.
PROJECT RISK MANAGEMENT & ALLIANCEPROJECT RISK MANAGEMENT & ALLIANCE
POST-LOSS POST-LOSS OBJECTIVESOBJECTIVES SURVIVALSURVIVAL CONTINUITY OF OPERATIONS (normal CONTINUITY OF OPERATIONS (normal
capacity?)capacity?) STABILITY OF EARNINGSSTABILITY OF EARNINGS GROWTH POTENTIALSGROWTH POTENTIALS HUMANITARIAN CONDUCT/CSRHUMANITARIAN CONDUCT/CSR ENVIRONMENTAL IMPACTENVIRONMENTAL IMPACT INVESTMENT RETURNS TO ALL PARTIESINVESTMENT RETURNS TO ALL PARTIES ATTAINMENT OF THE PROJECT ATTAINMENT OF THE PROJECT
OBJECTIVES/BENEFITSOBJECTIVES/BENEFITS
PROJECT RISK MANAGEMENT & ALLIANCEPROJECT RISK MANAGEMENT & ALLIANCE
NO SUBSTITUTE FOR A NO SUBSTITUTE FOR A SOUND RISK SOUND RISK MANAGEMENT PROGRAMMANAGEMENT PROGRAM PLANNING, DESIGN, CONTRACT PLANNING, DESIGN, CONTRACT
SIGNINGSIGNING RESPONSIBILITIES OF ALL PARTIESRESPONSIBILITIES OF ALL PARTIES TRACK RECORD/EXPERIENCE OF ALL PARTIESTRACK RECORD/EXPERIENCE OF ALL PARTIES INVOLVEMENT OF REINSURERS from beginningINVOLVEMENT OF REINSURERS from beginning CONTRACT REVIEW-Mismatched related contracts (b2b CONTRACT REVIEW-Mismatched related contracts (b2b
clause)clause)
LOSS CONTROL MEASURES-LOSS CONTROL MEASURES-CONSTRUCTIONCONSTRUCTION PREVENTION/REDUCTIONPREVENTION/REDUCTION BUSINESS CONTINUITY PLAN/EMERGENCY RESPONSEBUSINESS CONTINUITY PLAN/EMERGENCY RESPONSE DISASTER MANAGEMENT & RECOVERYDISASTER MANAGEMENT & RECOVERY DEVELOP CULTURE OF RISK MANAGEMENT
CONTROL OF INSURANCE (OCIP)CONTROL OF INSURANCE (OCIP) INSURANCE/REINSURANCE/RETENTIONINSURANCE/REINSURANCE/RETENTION SEAMLESS INSURANCE COVERSEAMLESS INSURANCE COVER CLAIMS ADMINISTRATIONCLAIMS ADMINISTRATION
ALLIANCES OF RESOURCESALLIANCES OF RESOURCES
PROCESSPolicies & Procedures
SystemsFramework & Standards
PEOPLESkilled/ProfessionalsTraining/EducationGood Governance
TECHNOLOGYHardware/Software
Equipment/Machinery
IN SUMMARY: PROJECT RISK MANAGEMENT ENTAILS:
CONTINUOUS
ENTERPRISE-WIDE
RISK MANAGEMENT
PROGRAM/ADMNIN
ACKNOWLEDGEMENTS/REFERENCE MATERIALS USED
Risk and Insurance Management Association of the Phils (RIMAP)– various annual conferences from 1991-1993.
Risk and Insurance Management Society of North America (RIMS)-various annual conferences in Winnipeg, Florida and San Francisco from 1992-1995.
International Federation of Risk and Insurance Management Association of Asia and Pacific (IFRIMA) discussion meetings in Florida, Cologne, San Francisco from 1994 - 1995
Federation of Asia Pacific Association of Risk Management Organizations (PAFARMO) annual conferences – Malaysia, Singapore, Sydney, Philippines from 1993-1997.
Presentation of Wolfgang Zimmermann of Allianz AG, Industrial Division-Engineering/Marine, 2004.
Books written by George Head of Insurance Institute of USA and Prakash A. Shimpi of Swiss Re New Markets.
CARLOS H. YTURZAETACARLOS H. YTURZAETA Certified Public Accountant Certified Public Accountant ((CPACPA)) Ex-Licensed Ex-Licensed UnderwriterUnderwriter & Reinsurance & Reinsurance Broker, Insurance Officer, Risk Broker, Insurance Officer, Risk
ManagerManager LecturerLecturer, Insurance Institute of Asia & the Pacific (IIAP)/Marine , Insurance Institute of Asia & the Pacific (IIAP)/Marine
Underwriters Asso of the Phils.(MUAP)/Philippine Institute of CPAs (PICPA)Underwriters Asso of the Phils.(MUAP)/Philippine Institute of CPAs (PICPA)
Consultant/Speaker TrainorConsultant/Speaker Trainor on Enterprise Wide Risk on Enterprise Wide Risk Management/Captive Insurance/ Accounting, Audit and Tax/Property Management/Captive Insurance/ Accounting, Audit and Tax/Property Management/Estate Planning, DMP, Crisis Mgnt, Claims Admin. Systems Management/Estate Planning, DMP, Crisis Mgnt, Claims Admin. Systems and Procedures, Emergency Management, Business Continuity.and Procedures, Emergency Management, Business Continuity.
Established the Established the first Philippine Captivefirst Philippine Captive in Bermuda (Overseas Ventures in Bermuda (Overseas Ventures Insurance Corp.or OVINCOR)Insurance Corp.or OVINCOR)
Established/Gen. Manager of-the Established/Gen. Manager of-the first “controlled” Phil. Insurerfirst “controlled” Phil. Insurer (Petrogen (Petrogen Insurance Corporation), a fronting company for OVINCOR.Insurance Corporation), a fronting company for OVINCOR.
25 years in the 25 years in the largest energy conglomerate in the Philippineslargest energy conglomerate in the Philippines consisting of consisting of Petron,Petron, PNOC, PNOC, PNOC-Energy Development Corp, PNOC-Shipping & Transport Corp., PNOC-Energy Development Corp, PNOC-Shipping & Transport Corp., PNOC-Coal Corp, PNOC-Exploration Corp, PNOC-Tankers Corp—in various capacities.PNOC-Coal Corp, PNOC-Exploration Corp, PNOC-Tankers Corp—in various capacities.
Social work, cooperatives, and community development thru Rotary Club Social work, cooperatives, and community development thru Rotary Club Makati Edsa (District 3830) & Jose Carlo P. Yturzaeta Memorial Makati Edsa (District 3830) & Jose Carlo P. Yturzaeta Memorial Foundation, Inc.Foundation, Inc.
THANK YOU. ENJOY THE REST OF THE WEEK.
CARLOS H. YTURZAETADIRECTOR, E&RM PHILS., INC. CHAIRMAN, MUAP
LECTURER/TRAINOR, Enterprise Wide Risk Management, Insurance and Reinsurance, Captive Insurance, BCP, DMP
Email Address: [email protected] & <[email protected]>
MARCUS EVANS CONFERENCES