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

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

1 CARLOS H. YTURZAETA Director, E&RM Phils., Inc. INSURANCE : AN EFFECTIVE RISK TRANSFER VEHICLE PROJECT RISK MANAGEMENT & ALLIANCE FOUR POINTS BY SHERATON HOTEL SHANGHAI, CHINA OCTOBER 22-23, 2009

2 PRESENTATION OVERVIEW Presentors Perspective Presentors Perspective EPC Projects/Types of EPC Projects EPC Projects/Types of EPC Projects EWRM: Foundation of INSURANCE EWRM: Foundation of INSURANCE Project Players Concerns Project Players Concerns CREDITORS CREDITORS CONTRACTORS CONTRACTORS PROJECT OWNERS PROJECT OWNERS INSURERS INSURERS EPC Project Activity/Project Participants EPC Project Activity/Project Participants Some Common Loss Exposures in EPC Projects Some Common Loss Exposures in EPC Projects INSURANCE Solutions/Benefits/Claims Administration INSURANCE Solutions/Benefits/Claims Administration Post Loss Objectives Post Loss Objectives No substitute for a Comprehensive EWRM. No substitute for a Comprehensive EWRM. PROJECT RISK MANAGEMENT & ALLIANCE

3 PRESENTORS PERSPECTIVE As an Insurance Officer – Project Owner As an Insurance Officer – Project Owner As a Risk Manager – Project Owner As a Risk Manager – Project Owner As an Insurer/Reinsurer/Reinsurance Broker As an Insurer/Reinsurer/Reinsurance Broker As a Claims Manager As a Claims Manager As an Auditor/Accountant/Compliance Officer As an Auditor/Accountant/Compliance Officer PROJECT RISK MANAGEMENT & ALLIANCE

4 Major infrastructure that costs over US$1 Billion. Major infrastructure that costs over US$1 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 community and environment.* Substantial direct and indirect impacts on the community and environment.* Projects with large magnitude of tasks involved in planning, developing and management.* Projects with large magnitude of tasks involved in planning, developing and management.* Design and Construct; Turn-key Basis; Design and Build; Lump-sum Design and Construct; Turn-key Basis; Design and Build; Lump-sum EPC PROJECTS:MEGA PROJECTS *Maybe below US$1 billion but the impact is great. PROJECT RISK MANAGEMENT & ALLIANCE

5 EPC PROJECTS According 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

6 EPC PROJECTS According to Purpose ENERGY ENERGY POWER PLANTS POWER PLANTS TRANSMISSION LINES TRANSMISSION LINES OIL AND GAS (UPSTREAM, DOWNSTREAM) OIL AND GAS (UPSTREAM, DOWNSTREAM) PETROCHEMICALS PETROCHEMICALS MINING & EXPLORATION MINING & EXPLORATION GEOTHERMAL & COAL GEOTHERMAL & COAL WINDPOWER WINDPOWER HYRDRO & WINDPOWER PLANTS HYRDRO & WINDPOWER PLANTS UTILITIES WATER SUPPLY WATER DISTRIBUTION ELECTRIC DISTRIBUTION HUGE SUBSTATIONS DESALINATION PLANTS MASSIVE IRRIGATION SYSTEMS PROJECT RISK MANAGEMENT & ALLIANCE

7 EPC PROJECTS According to Purpose EPC PROJECTS According to Purpose TRANSPORT TRANSPORT ROADS & BRIDGES ROADS & BRIDGES MASS RAIL TRANSPORT MASS RAIL TRANSPORT AIRPORTS AIRPORTS TUNNELS & WATERWAYS TUNNELS & WATERWAYS HARBORS & PIERS HARBORS & PIERS VESSELS VESSELS TELECOMS TELEPHONE LINES TELECOMS TOWER INTERCONTINENTAL CABLES AND LINES SATELLITES PROJECT RISK MANAGEMENT & ALLIANCE

8 EWRM: THE FOUNDATION OF INSURANCE RISK MANAGEMENT 101 PROJECT RISK MANAGEMENT & ALLIANCE

9 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.

10 THE RISK MANAGEMENT PROCESS

11 RISK IDENTIFICATION METHODS (Risk Profiling) Survey or questionnaire Going through the Companys financial records Review of contracts, audit reports and surveys Flowcharting of operations Consulting/Engaging 3 rd party experts Ocular and physical inspection Table top discussion/interview with key personnel

12 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

13 RISK MEASUREMENT/ANALYSIS Improbable Regular Negligible Catastrophic RETENTION LOSS CONTROL and PREVENTION INSURANCE Bus. Continuity Plan Disaster Mgnt Plan Emergency Mgnt Plan CRISIS MGMNT Good Governance Bus Continuity Plan Disaster Recovery Plan SeveritySeverity F r e q u e n c y

14 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.

15 1. Risk Avoidance 2. Loss Prevention 3. Loss Reduction 4. Segregation of Risks 5. Combination 6.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

16 CONTROL (Avoid, Prevent, Reduce) FINANCE (Retain or Transfer) QUESTION: CONTROL OR FINANCE? IDEAL : PERFECT BALANCE

17 RISK MANAGEMENT TECHNIQUE TRANSFER INSURANCE INSURANCE EAR, CAR EAR, CAR Guarantees and Bonds Guarantees and Bonds ALOP following EAR, CAR, Marine ALOP following EAR, CAR, Marine Cost Overrun Cost Overrun Repayment Guarantees Repayment Guarantees Errors and Ommissions, Professional Indemnity Errors and Ommissions, Professional Indemnity Reinsurance Reinsurance Non-insurance transfers Non-insurance transfers contractual transfers contractual transfers hold harmless hold harmless outsourcing or subcontracting-use of 3 rd party experts. outsourcing or subcontracting-use of 3 rd party experts.

18 RETAINED/FUNDED RISK (Deductibles, Funded Self Insurance, etc) TRANSFERRED RISKS ( Insurance and Hold Harmless) QUESTION: RETAIN OR INSURE? IDEAL: PERFECT BALANCE

19 CONTROL OR FINANCE RETAIN OR TRANSFER? CORPORATE CULTURE CORPORATE CULTURE FINANCIAL STRENGTH FINANCIAL STRENGTH LOSS HISTORY LOSS HISTORY MARKET CONDITION MARKET CONDITION MANAGEMENT STYLE MANAGEMENT STYLE Note: Management may set a policy on risk retention and transfer once the EWRM is set in place.

20 PROJECT RISK MANAGEMENT & ALLIANCE PROJECT RISK MANAGEMENT & ALLIANCE MAXIMIZING THE USE OF INSURANCE

21 EPC CONTRACTOR SUB-CONTR OPERATOR POWER PURCHASERS DISTRIBUTORS HOST GOVERNMENT SUPPLIERS EQUIPMENT MANUFCTRS FEEDSTOCKS ADVISORS LEGAL/EWRM CREDIT/FINANCE ENGRS/CONSULT INVESTORS CREDITORS LENDERS INSURERS REINSURERS GUARANTORS PROJECT OWNER* EPC PROJECT PARTICIPANTS *COULD TAKE MANY DIFFERENT FORMS: JV, MULTIPLE OWNERS, SPVS, INVESTORS ONLY DURING CONSTRUCTION, ETC.

22 EPC PROJECTS : PHASES OF ACTIVITIES PLANNING/DESIGNING/COST BENEFIT/FEASIBILITY/SELECTION OF FINANCIAL ADVISORS/LENDERS/INVESTERS ESTABLISHING PROJECT OWNER/COMPANY/EITHER EXISTING OR NEW ENTITY FINANCIAL CLOSING/BIDDING OF PROJECT/CONCLUSION OF CONTRACTS SHIPMENT OF MACHNERIES & EQUIPMENT/CONSTRUCTION COMMISSIONING AND TESTING

23 EPC PROJECTS : PHASES OF ACTIVITIES (Cont) 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

24 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

25 EPC PROJECT RISK MANAGEMENT: CREDITORS/LENDERS CONCERNS (Bankability/Acceptability of 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

26 EPC PROJECT RISK MANAGEMENT: CREDITORS/LENDERS CONCERNS (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)

27 EPC PROJECT RISK MANAGEMENT: CONTRACTORS CONCERNS EPC PROJECT RISK MANAGEMENT: CONTRACTORS CONCERNS COMPREHENSIVE INSURANCE PROGRAM COMPREHENSIVE INSURANCE PROGRAM SEAMLESS INSURANCE PROGRAM SEAMLESS INSURANCE PROGRAM OWNER CONTROLLED INSURANCE PROGRAM OWNER CONTROLLED INSURANCE PROGRAM HOST COUNTRY LAWS, REQUIREMENTS. HOST COUNTRY LAWS, REQUIREMENTS. LOCAL EXPERTISE –SUPERVISORY & LABOR LOCAL EXPERTISE –SUPERVISORY & LABOR LOCAL MATERIALS & EQUIPMENT LOCAL MATERIALS & EQUIPMENT LOCAL SUB-CONTRACTORSENGINEERING & SUPPORT SERVICES LOCAL SUB-CONTRACTORSENGINEERING & SUPPORT SERVICES REASONABLE PROJECT OWNER REASONABLE PROJECT OWNER

28 EPC PROJECT RISK MANAGEMENT : PROJECT OWNERS CONCERNS THE MOST APPROPRIATE PROJECT THAT WILL GIVE THE DESIRED BENEFITS/OBJECTIVES THE MOST APPROPRIATE PROJECT THAT WILL GIVE THE DESIRED BENEFITS/OBJECTIVES AN IDEAL CONTRACTOR/MANAGER/SUPPLIER AN IDEAL CONTRACTOR/MANAGER/SUPPLIER ATTRACTIVE FINANCING SCHEME & LIBERAL CREDIT TERMS AND CONDITIONS. ATTRACTIVE FINANCING SCHEME & LIBERAL CREDIT TERMS AND CONDITIONS. SEAMLESS INSURANCE PROGRAM SEAMLESS INSURANCE PROGRAM LEASE COST LEASE COST EFFICIENT CLAIMS ADMINISTRATION EFFICIENT CLAIMS ADMINISTRATION TECHNICAL SUPPORT SERVICES TECHNICAL SUPPORT SERVICES CLASS A REINSURERS CLASS A REINSURERS Munich Re, Allianz, Hanover Re, General-Cologne Re Munich Re, Allianz, Hanover Re, General-Cologne Re Swiss Re, Zurich Financial Services Swiss Re, Zurich Financial Services SCOR, AXA SCOR, AXA GARD; Scandinavian RI GARD; Scandinavian RI Lloyds Syndicates/Bermuda RI Lloyds Syndicates/Bermuda RI AIG/Hartford AIG/Hartford

29 OCIP MARINE Transit Insurance ALOP (Marine/EAR/CAR) GUARANTEES BONDS LIABILITY INSURANCE Professional Indem, Workers Comp/Employers TPL During Const. TPL during Oprns SPECIAL INSURANCE Bonds, Credit, Cost Overrun, Liquidated Damages, Consequential Loss Political Risks LOSS OF PROFITS (Fire, Extended Cover, Machinery Breakdwn) OPERATION IAR/FIRE MACHINERY BREAKDOWN Bus. Interrupt. EAR/CAR EPC PROJECTS RISK MANAGEMENT INSURANCE COVERAGES

30 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.

31 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 Collateral Enhanced 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

32 EPC PROJECTS RISK MANAGEMENT RESPONSIVE CLAIMS MANAGEMENT EPC PROJECTS RISK MANAGEMENT RESPONSIVE CLAIMS MANAGEMENT PRIOR TO THE LOSS PRIOR 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 Preparedness, --Loss simulation; Drills and exercises; Training & Education; Emergency Preparedness, --Loss History; Loss Forecasting --Loss History; Loss Forecasting DURING THE LOSS DURING 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 LOSS POST 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

33 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 Owners 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 governments exposure to political risks/current legislations PROJECT STANDARDS Local government, international Industry standard Fire Codes; Materials Standards

34 PROJECT RISK MANAGEMENT & ALLIANCE SOME STATISTICS ON LOSSES IN THE AIRLINE INDUSTRY IN THE AIRLINE INDUSTRY 70% OF THE ACCIDENTS WERE CAUSED BY 70% OF THE ACCIDENTS WERE CAUSED BY HUMAN ERRORS. IN THE SHIPPING INDUSTRY IN THE SHIPPING INDUSTRY 65% OF THE ACCIDENTS WERE CAUSED BY 65% OF THE ACCIDENTS WERE CAUSED BY HUMAN ERRORS 50% OF THE ACCIDENTS TOOK PLACE ON A 50% OF THE ACCIDENTS TOOK PLACE ON A CLEAR DAY. IN THE OIL & GAS BUSINESS IN THE OIL & GAS BUSINESS 50% WERE DUE TO NEGLIGENCE 50% WERE DUE TO NEGLIGENCE WORK PERMITS, POOR HOUSEKEEPING, CHANGE MGNT. WORK PERMITS, POOR HOUSEKEEPING, CHANGE MGNT.

35 LOSS EXPERIENCE CYCLE RECOVERY REHABILITATION RESTORATION* BUSINESS AS USUAL LEARNINGS LOSS/ACCIDENT DETECTION OCCURRENCE EMERGENCY PREPAREDNESS DISASTER MANAGEMENT MITIGATION PREVENTION REDUCTION CONTAINMENT ABNORMAL BUSINES CYLE PROJECT RISK MANAGEMENT & ALLIANCE * ONLY possible if there is a comprehensive insurance program that is in place.

36 PROJECT RISK MANAGEMENT & ALLIANCE POST-LOSS OBJECTIVES SURVIVAL SURVIVAL CONTINUITY OF OPERATIONS (normal capacity?) CONTINUITY OF OPERATIONS (normal capacity?) STABILITY OF EARNINGS STABILITY OF EARNINGS GROWTH POTENTIALS GROWTH POTENTIALS HUMANITARIAN CONDUCT/CSR HUMANITARIAN CONDUCT/CSR ENVIRONMENTAL IMPACT ENVIRONMENTAL IMPACT INVESTMENT RETURNS TO ALL PARTIES INVESTMENT RETURNS TO ALL PARTIES ATTAINMENT OF THE PROJECT OBJECTIVES/BENEFITS ATTAINMENT OF THE PROJECT OBJECTIVES/BENEFITS

37 PROJECT RISK MANAGEMENT & ALLIANCE NO SUBSTITUTE FOR A SOUND RISK MANAGEMENT PROGRAM PLANNING, DESIGN, CONTRACT SIGNING PLANNING, DESIGN, CONTRACT SIGNING RESPONSIBILITIES OF ALL PARTIES RESPONSIBILITIES OF ALL PARTIES TRACK RECORD/EXPERIENCE OF ALL PARTIES TRACK RECORD/EXPERIENCE OF ALL PARTIES INVOLVEMENT OF REINSURERS from beginning INVOLVEMENT OF REINSURERS from beginning CONTRACT REVIEW-Mismatched related contracts (b2b clause) CONTRACT REVIEW-Mismatched related contracts (b2b clause) LOSS CONTROL MEASURES- CONSTRUCTION LOSS CONTROL MEASURES- CONSTRUCTION PREVENTION/REDUCTION PREVENTION/REDUCTION BUSINESS CONTINUITY PLAN/EMERGENCY RESPONSE BUSINESS CONTINUITY PLAN/EMERGENCY RESPONSE DISASTER MANAGEMENT & RECOVERY DISASTER MANAGEMENT & RECOVERY DEVELOP CULTURE OF RISK MANAGEMENT CONTROL OF INSURANCE (OCIP) CONTROL OF INSURANCE (OCIP) INSURANCE/REINSURANCE/RETENTION INSURANCE/REINSURANCE/RETENTION SEAMLESS INSURANCE COVER SEAMLESS INSURANCE COVER CLAIMS ADMINISTRATION CLAIMS ADMINISTRATION

38 ALLIANCES OF RESOURCES PEOPLE Skilled/Professionals Training/Education Good Governance PROCESS Policies & Procedures Systems Framework & Standards TECHNOLOGY Hardware/Software Equipment/Machinery IN SUMMARY : PROJECT RISK MANAGEMENT ENTAILS: CONTINUOUS ENTERPRISE-WIDE RISK MANAGEMENT PROGRAM/ADMNIN

39 ACKNOWLEDGEMENTS/REFERENCE MATERIALS USED Risk and Insurance Management Association of the Phils (RIMAP)– various annual conferences from Risk and Insurance Management Society of North America (RIMS)-various annual conferences in Winnipeg, Florida and San Francisco from International Federation of Risk and Insurance Management Association of Asia and Pacific (IFRIMA) discussion meetings in Florida, Cologne, San Francisco from Federation of Asia Pacific Association of Risk Management Organizations (PAFARMO) annual conferences – Malaysia, Singapore, Sydney, Philippines from Presentation of Wolfgang Zimmermann of Allianz AG, Industrial Division- Engineering/Marine, Books written by George Head of Insurance Institute of USA and Prakash A. Shimpi of Swiss Re New Markets.

40 CARLOS H. YTURZAETA Certified Public Accountant (CPA) Certified Public Accountant (CPA) Ex-Licensed Underwriter & Reinsurance Broker, Insurance Officer, Risk Manager Ex-Licensed Underwriter & Reinsurance Broker, Insurance Officer, Risk Manager Lecturer, Insurance Institute of Asia & the Pacific (IIAP)/Marine Underwriters Asso of the Phils.(MUAP)/Philippine Institute of CPAs (PICPA) Lecturer, Insurance Institute of Asia & the Pacific (IIAP)/Marine Underwriters Asso of the Phils.(MUAP)/Philippine Institute of CPAs (PICPA) Consultant/Speaker Trainor on Enterprise Wide Risk Management/Captive Insurance/ Accounting, Audit and Tax/Property Management/Estate Planning, DMP, Crisis Mgnt, Claims Admin. Systems and Procedures, Emergency Management, Business Continuity. Consultant/Speaker Trainor on Enterprise Wide Risk Management/Captive Insurance/ Accounting, Audit and Tax/Property Management/Estate Planning, DMP, Crisis Mgnt, Claims Admin. Systems and Procedures, Emergency Management, Business Continuity. Established the first Philippine Captive in Bermuda (Overseas Ventures Insurance Corp.or OVINCOR) Established the first Philippine Captive in Bermuda (Overseas Ventures Insurance Corp.or OVINCOR) Established/Gen. Manager of-the first controlled Phil. Insurer (Petrogen Insurance Corporation), a fronting company for OVINCOR. Established/Gen. Manager of-the first controlled Phil. Insurer (Petrogen Insurance Corporation), a fronting company for OVINCOR. 25 years in the largest energy conglomerate in the Philippines consisting of Petron, PNOC, PNOC-Energy Development Corp, PNOC-Shipping & Transport Corp., PNOC-Coal Corp, PNOC-Exploration Corp, PNOC-Tankers Corpin various capacities. 25 years in the largest energy conglomerate in the Philippines consisting of Petron, PNOC, PNOC-Energy Development Corp, PNOC-Shipping & Transport Corp., PNOC-Coal Corp, PNOC-Exploration Corp, PNOC-Tankers Corpin various capacities. Social work, cooperatives, and community development thru Rotary Club Makati Edsa (District 3830) & Jose Carlo P. Yturzaeta Memorial Foundation, Inc. Social work, cooperatives, and community development thru Rotary Club Makati Edsa (District 3830) & Jose Carlo P. Yturzaeta Memorial Foundation, Inc.

41 THANK YOU. ENJOY THE REST OF THE WEEK. CARLOS H. YTURZAETA DIRECTOR, E&RM PHILS., INC. CHAIRMAN, MUAP LECTURER/TRAINOR, Enterprise Wide Risk Management, Insurance and Reinsurance, Captive Insurance, BCP, DMP Address: & MARCUS EVANS CONFERENCES


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