CARLOS H. YTURZAETA Director, E&RM Phils., Inc. INSURANCE : AN EFFECTIVE RISK TRANSFER VEHICLE PROJECT RISK MANAGEMENT & ALLIANCE FOUR POINTS BY SHERATON

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.


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


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.


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


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


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


EWRM: THE FOUNDATION OF INSURANCE

RISK MANAGEMENT 101


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


INSURANCE COVERAGES


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


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


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


*ONLY possible if there is a comprehensive insurance program that is in place.


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


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

Documents

CARLOS H. YTURZAETA Director, E&RM Phils., Inc. INSURANCE : AN EFFECTIVE RISK TRANSFER VEHICLE PROJECT RISK MANAGEMENT & ALLIANCE FOUR POINTS BY SHERATON