Demystifying Business Interruption in Mining:
|
|
- Aubrie Daniel
- 6 years ago
- Views:
Transcription
1 Demystifying Business Interruption in Mining: An Overview of Bottlenecks, Claims & Coverage Products & Global Markets Willis Mining Seminar LATAM, June 2015
2 Agenda Operational Interdependencies Global Claims Benchmarking Business Interruption Simplified Underwriting the Operational Interdependencies 2
3 Layered Industry View Basic Value Chain Excavation Processing & Extraction Transportation Complex Value Chain Ownership & Jurisdiction Road Conveyor Pipeline Railroad Operational Interdependency BCP, Contingency Planning Risk Transfer Considerations Business Risk 3
4 Agenda Operational Interdependencies Global Claims Benchmarking Business Interruption Simplified Underwriting the Operational Interdependencies 4
5 Global Claims Benchmarking: Source Statistically relevant data, based on notifications, not Quantum Losses represented by site location not head office of insured 5
6 Global Claims Benchmarking: Industry Overview Bottlenecks include Remoteness, Access, Altitude Mitigation efforts include Critical Sparing, Utilities, Contingencies Spotlight: Latam 6
7 Audience Voting Global Benchmark between RoW and LATAM for Industry Claims Excavation Extraction & Processing Transportation Services Incl. Line Risk 7
8 Global Claims Benchmarking: Excavation Bottlenecks include Life of Mine, Site Development Planning, Dewatering Capacity Mitigation efforts include Operational Diversification (Method, Ore), Geotechnical Engineering, Hydrology/ Drainage 8
9 Global Claims Benchmarking: Extraction & Processing Bottlenecks include Prototypical/ Antiquated ME, Molten Material Breakout/ Solidification, Power Gen & back up capacity Mitigation efforts include Spare Sharing Agreements, Fire protection, in house redundancies 9
10 Global Claims Benchmarking: Transportation Services Bottlenecks include Aging Infrastructure, Single suppliers, Remoteness/ Altitude/ Access/ Distance Mitigation efforts include Infrastructure investment, multiple conveyances/ Line Risk contingencies/ Stress tested BCP 10
11 Global Claims Benchmarking: Peril Split Bottlenecks include UG Ventilation, Unskilled Labour, Methane/ gaseous risk management Mitigation efforts include Stockpiling offsite, Fire protection (water/deluge), Hot works permits, Preventative maintenance & housekeeping 11
12 Global Claims Benchmarking: Loss Propensity Snapshot Physical or Material Damage relative to Business Interruption proportion of claims Claims Lessons Learned: Relatively Small PD results in a large BI with rare outliers 12
13 Agenda Operational Interdependencies Global Claims Benchmarking Business Interruption Simplified Underwriting the Operational Interdependencies 13
14 Business Interruption 101: Intent & Definition Purpose Indemnity: Actual Loss Sustained Basis Production Loss is not equal to a BI Loss: Inventory, secondary facilities, product purchased from wholesaler Operating Costs or fixed continuing costs/ expenses Basics Loss of Income Continuing v Non-Continuing Expenses What is the financial position had a loss not occurred? Non-Continuing Expenses: Expenses to Reduce Loss/ ICOW; Extra Expense AICOW; Relative starting points: Financial Purpose (Revenue Expenses = Net Income) v. Insurance Purpose (Net Income + Continuing Expenses = BI) 14
15 Business Interruption 101: Coverage Standing Charges Indemnity for Operating Costs or Fixed Continuing Expenses Expenses/ Costs must be Incurred & Earned Relatively stable underlying operating costs avoiding volatility No Coverage for Profit or Loss. (uplift/ shortfall): Proportionality Gross Profits/ Turnover/ Earnings Indemnity up to the BI Limit declared/ reported Actual Loss Sustained Traditional BI Coverage for Standing Charges + Profits/ Earnings, Volatile but tracks real market Commodity Spot Price Fluctuations Operational Interdependencies & Bottlenecks 15
16 Business Interruption 101: Retention Schemes Attachment Point Waiting Period Is not a deductible but rather a coverage trigger detailing an exclusionary period in # days Traditional Deductible Smoothed: ADV Average daily value $ = annual BI/ #working days per year Volatile: ADV Actual daily value $ = number of days of the interruption Commodity Spot Price Fluctuations 16
17 Agenda Operational Interdependencies Global Claims Benchmarking Business Interruption Simplified Underwriting the Operational Interdependencies 17
18 Underwriting Operational Interdependencies Financial Considerations Life of Mine & annual ore grade including capacities Breakdown per site of turnover/ profits & operating/ fixed costs Production Cost for Commodities Extracted Basic Quick Ratios (ie. Cash Flow v. Debt dependency) Commodity Spot Price & Financial cycles Anticipated turnover, vs. Actual turnover Volatility & yearly re-validation Audited Balance Sheet & Annual Reports/ Statements Additional Features Proven and probable reserves (brownfield, greenfield) Extraction & Processing capacities % turnover dependent on each stage (ie. Impact of interruption at each stage of the value chain) Contingency Agreements Tested v Unproven Site Ownership (Mergers, Acquisitions, Divestitures) AISC for Gold Miners (All In Sustaining Costs, plus GAAP measures Tax, Interest, Debt, Cash Flow; Definition of Sustaining Costs Ie. What is Sustaining v Production Growth Spending) 18
19 Underwriting Operational Interdependencies Peak Exposure (MPL) Multiple unrelated losses along the value chain (EQ Damage at the Port plus Critical Equipment Failure in Processing) Man Made (FLEXA) Boiler & Machinery Breakdown Natural Catastrophes Volatility (Conglomerate v Midsize v Small relative to Market cap) Accumulations Operational exposures (ie. high flow of GDP dependent product) & Geographical concentrations Bottlenecks & Mitigation affecting more than one client Commodity Spot Price Fluctuations 19
20 Closing A Good Underwriter will consider claims lessons learned, bottlenecks, mitigations, coverage, financials, accumulations & uniqueness of each company's exposure to operational interdependencies. A Great Underwriter will truly understand your industry and underwrite your company using all of the above considerations, but with the Risk Manager's hat! 20
21 21
22 Legal notice 2015 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation. 22
Business Interruption Underwriting Managing the impact
Business Interruption Underwriting Managing the impact Willis Latin American Energy Conference Cartagena, Colombia, 22 October 2014 Agenda The Basics Underlying Complexities Observation Downstream Largest
More informationGlobal Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
More informationSupply Chain Risk Management. Willis Latin America Energy Conference October 10, 2012
Supply Chain Risk Management Willis Latin America Energy Conference October 10, 2012 Session Overview Traditional view of Business Interruption (BI), Contingent Business Interruption (CBI) & Extra Expense
More informationUsing Reinsurance to Optimise the Solvency Position in an Insurance Company
Using Reinsurance to Optimise the Solvency Position in an Insurance Company Philippe Maeder, Head of Pricing Life & Health for Latin America Table of Contents / Agenda Solvency Framework Impact of Reinsurance
More informationSME BUSINESS INTERRUPTION WEBINAR SERIES
SME BUSINESS INTERRUPTION WEBINAR SERIES Webinar 2 How we approach Business Interruption cover in SMEs! Chris Graves National Underwriting Manager - SME April 2016 WEBINAR 1 RECAP What does Business Interruption
More informationNon-physical BI a new business opportunity???
Non-physical BI a new business opportunity??? Tourism Industry in Croatia A fast growing factor 20.000.000 Total tourist arrivals 15.000.000 10.000.000 5.000.000 0 2013 2014 2015 2016 2017 2.500.000 2.000.000
More informationMeeting the Challenges of Change
Natural Catastrophes - Lessons for the Indian Market from 2011 Global Experience Jyoti Majumdar Vice President, Head Cat Perils Asia Hub Swiss Reinsurance Company, Bangalore Meeting the Challenges of Change
More informationBusiness Interruption! Best Practice:! A Forensic Accounting Perspective!
Business Interruption Best Practice: A Forensic Accounting Perspective Daniel Thorpe, Director MDD Dubai 5 March 2014 Agenda Firm Overview and Area of Expertise Business Interruption Best Practice Scenario
More informationICRM Seminar 2014General
Closing the Nat Cat protection gap: Jakarta General Agenda What is Nat Cat protection gap? Nat Cat risk to Jakarta Estimation of insured and insurable portfolio Assumptions for Nat Cat modeling Nat Cat
More informationLessons learned: structuring and pricing index-based insurance in developing countries
Lessons learned: structuring and pricing index-based insurance in developing countries I4 Technical Meeting, 13-14 June 2012, Rome Marcel Küttel, Weather Underwriter, Swiss Re Corporate Solutions Swiss
More informationThe Navigators Group, Inc.
The Navigators Group, Inc. Willis 2012 Latin American Energy Conference The Underwriting of Construction Project Risks in the Latin American Energy/Power Generation Sector Stephen Coward President Navigators
More informationGuide to DRF simulation tool
Guide to DRF simulation tool Guide to DRF simulation tool Manila, 12 th May 2017 The views expressed in the presentations found in the ASEAN Disaster Risk Financing and Insurance (DRFI) Programme website
More informationDelay In Start-Up Insurance. A Primer Based on Lessons Learned Houston Marine Insurance Seminar September 21, 2015
Delay In Start-Up Insurance A Primer Based on Lessons Learned Houston Marine Insurance Seminar September 21, 2015 What is DSU? DSU on the Rise Number of policies involving DSU cover DOUBLED over the last
More information14 th Americas School of Mines. Basics of Mining Accounting Marcus Cardoso Vânia Pereira
Basics of Mining Accounting Marcus Cardoso Vânia Pereira Agenda Key accounting principles and issues for a mining company GAAP differences Non-GAAP measures 1. Exploration and Evaluation Accounting policy
More informationSociety of Mining, Metallurgy & Exploration (SME) Presentation 4 th Annual Current Trends in Mining Finance Conference Grant A.
Society of Mining, Metallurgy & Exploration (SME) Presentation 4 th Annual Current Trends in Mining Finance Conference Grant A. Malensek, MEng, PEng/PGeo Principal Consultant Mineral Project Evaluation
More informationAfrica Projects February 2016
Africa Projects Cautionary statement Cautionary statement regarding forward looking statements: This presentation contains forward-looking statements within the meaning of Section 27A of the Securities
More informationRisks. Insurance. Credit Inflation Liquidity Operational Strategic. Market. Risk Controlling Achieving Mastery over Unwanted Surprises
CONTROLLING INSURER TOP RISKS Risk Controlling Achieving Mastery over Unwanted Surprises Risks Insurance Underwriting - Nat Cat Underwriting Property Underwriting - Casualty Reserve Market Equity Interest
More informationCyber insurance: Growing pains. 9 February 2017 Transforming healthcare Michael Schmitt
Cyber insurance: Growing pains 9 February 2017 Transforming healthcare Michael Schmitt Cyber Incidents Headlines Target Corporation (2013) 110 Million records compromised $240 million cost of reissuing
More informationInsurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions
Insurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions Natural Catastrophe Losses in Asia (1970 present) 2011:Thai Floods, Tohoku EQ, Christchurch
More informationPaul May LLB, MBA, FCII, FCILA, ADipC, DipAIS, ELAE, MAE, MCIArb FIFAA. Chairman Concordia Consultancy Ltd
Scope of B.I. Coverage 19 th April 2006 Scope of B.I. Coverage Paul May LLB, MBA, FCII, FCILA, ADipC, DipAIS, ELAE, MAE, MCIArb FIFAA Chairman Concordia Consultancy Ltd www.concordiaconsultancy.com Scope
More informationUnderwriting Guidelines Corporate Finance
Underwriting Guidelines Corporate Finance Introduction The IFMR Capital Underwriting Guidelines for Corporate Finance lay down the framework for evaluating companies that do not operate in the financial
More informationZurich Canada Builders Risk. New Forms and Enhancements
Zurich Canada Builders Risk New Forms and Enhancements A clearer, stronger Builders Risk offering What s changing? We are introducing two new base coverage forms to meet changing market demands and the
More informationQ CONFERENCE CALL
Q3 2015 CONFERENCE CALL November 6, 2015 SSRI:NDAQ SSO: TSX 1 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking information within the meaning
More informationNon-physical Damage Business Interruption (NDBI) Innovative Earnings Protection
Non-physical Damage Business Interruption (NDBI) Innovative Earnings Protection Agenda Introductions It s a Dangerous World A Framework for Evaluating Corporate Risks Limitations of Traditional Insurance
More informationReinsurance Symposium 2016
Reinsurance Symposium 2016 MAY 10 12, 2016 GEN RE HOME OFFICE, STAMFORD, CT A Berkshire Hathaway Company Reinsurance Symposium 2016 MAY 10 12, 2016 GEN RE HOME OFFICE, STAMFORD, CT Developing a Treaty
More informationSupply Chain. An Insurer Perspective. Willis Energy Summit 21 January 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific
Supply Chain An Insurer Perspective Willis Energy Summit 21 January 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific The Supply Chain: Current approach to risk transfer Contingent Business Interruption:
More informationBlockchain and smart contracts an introduction
Law Institute Blockchain and smart contracts an introduction Prof. Dr. Rolf H. Weber University of Zurich 40 th Forum Financial Market Regulation Zurich, 28. February 2018 Law Institute Blockchain Distributed
More informationYEAR END 2015 CONFERENCE CALL
YEAR END 2015 CONFERENCE CALL February 26, 2015 SSRI:NDAQ SSO: TSX 1 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking information within
More informationIVERNIA REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS. All Dollar Amounts are in U.S. Dollars ( US$ ) Unless Otherwise Indicated
IVERNIA REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS All Dollar Amounts are in U.S. Dollars ( US$ ) Unless Otherwise Indicated TORONTO, ONTARIO April 29, 2015 Ivernia Inc. (collectively with its subsidiaries
More informationEUROPEAN GOLD FORUM 2018
EUROPEAN GOLD FORUM 2018 18 April 2018 JSE (HAR); NYSE (HMY) 2 PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOUR STATEMENT FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements
More informationWhile this is my first visit to Kyoto I feel quite at home, surrounded as I am by so many of our customers and colleagues.
TRENDS AND ISSUES IN THE RESOURCES SECTOR CHRIS LYNCH CFO BHP BILLITON 6 October 2003 Introduction Good afternoon my name is Chris Lynch and I am CFO of BHP Billiton. I would like to start by thanking
More informationCyber a risk on the rise. Digitalization Conference Beirut, 4 May 2017 Fabian Willi, Cyber Risk Reinsurance Specialist
Cyber a risk on the rise Digitalization Conference Beirut, 4 May 2017 Fabian Willi, Cyber Risk Reinsurance Specialist Cyber data breaches reaching a new level 1 000 000 000 Source: http://money.cnn.com/2016/09/22/technology/yahoo-data-breach/
More informationCORPORATE BUTTERFLY EFFECT: how to manage interdependencies and con?ngent business interrup?on
CORPORATE BUTTERFLY EFFECT: how to manage interdependencies and con?ngent business interrup?on RIC004 Speakers: Cristiane Alves, Risk Manager, CSN Maurizio Castelli, Country Manager Italy, XL Group Coordinator:
More informationQ P R E S T E A P E A R E S U L T S
Q 4 2 0 1 4 P R E S T E A P E A R E S U L T S 1 1. 1 4 DISCLAIMER AND OTHER MATTERS SAFE HARBOR: Some statements contained in this presentation are forwardlooking statements within the meaning of the Private
More informationRating Methodology for Mining Industry
December 2017 Rating Methodology for Mining Industry Summary This rating methodology adopted by China Chengxin (Asia Pacific) Credit Ratings Company Limited ( CCXAP ) is applicable to mining companies
More informationReinsurance Structures and Pricing Pro-Rata Treaties. Care Reinsurance Boot Camp Josh Fishman, FCAS, MAAA August 12, 2013
Reinsurance Structures and Pricing Pro-Rata Treaties Care Reinsurance Boot Camp Josh Fishman, FCAS, MAAA August 12, 2013 Motivations for Purchasing Reinsurance 1) Limiting Liability [on specific risks]
More informationBusiness Interruption Coverage and Extra Expenses
Business Interruption Coverage and Extra Expenses Wanda Grau Auxiliary Vice President of Sales Cooperativa de Seguros Múltiples de Puerto Rico Ojel Rodriguez Advisory Partner Kevane Grant Thornton LLP
More informationInsurability of Supply Chain Risk: Developing a Research. The point of view of an Underwriter
Insurability of Supply Chain Risk: Developing a Research The point of view of an Underwriter The underwriter s experience The insurance industry has not been active in developing a risk transfer mechanism
More informationCyber Risks A Reinsurer s Perspective on Exposure & Claims. EMEA Claims Conference 2018, Rüschlikon, 6th 7th March, Anthony Cordonnier
Cyber Risks A Reinsurer s Perspective on Exposure & Claims EMEA Claims Conference 2018, Rüschlikon, 6th 7th March, Anthony Cordonnier Cyber: a claims sprint through the last year (and a bit ) Source: wikipedia.org
More informationMining & Metals Industry Session Key Issues Facing the Mining Industry. Speakers Moderator: Ryan Brown, Client Advocate, Lockton Mining Prac:ce
Mining & Metals Industry Session Key Issues Facing the Mining Industry Speakers Moderator: Ryan Brown, Client Advocate, Lockton Mining Prac:ce Panelists Tim Mullarkey Director, Risk Management & Insurance,
More informationALOP Advance Loss of Profits. SwissRe ALOP
ALOP Advance Loss of Profits Z1 Object of Insurance The object of ALOP Insurance is to indemnify the principal or owner of a project for the actual loss sustained due to a delay in completion of the insured
More informationAsian Investor Meetings AUGUST 15-18, The future of Oyu Tolgoi is underground Developing the third-largest copper mine
Asian Investor Meetings AUGUST 15-18, 2016 The future of Oyu Tolgoi is underground Developing the third-largest copper mine Forward-looking statements This presentation includes certain forward-looking
More informationRBC Global Mining and Materials Conference JUNE 14-15, The future of Oyu Tolgoi is underground Developing the third-largest copper mine
RBC Global Mining and Materials Conference JUNE 14-15, 2016 The future of Oyu Tolgoi is underground Developing the third-largest copper mine Forward-looking statements This presentation includes certain
More informationReinsurance (Passing grade for this exam is 74)
Supplemental Background Material NAIC Examiner Project Course CFE 3 (Passing grade for this exam is 74) Please note that this study guide is a tool for learning the materials you need to effectively study
More informationThe future of Nat Cat on twitter
The future of Nat Cat insurance @ReinsurerHuerta on twitter What is the nat cat protection gap? Pavel Huerta 8th Hydra meeting September 206 The difference between economic and insured losses. Pavel Huerta
More informationNEWS RELEASE New York - AG Toronto FR November 16, 2015 Frankfurt FMV Mexico - AG. First Majestic Reports Third Quarter Financial Results
FIRST MAJESTIC SILVER CORP. Suite 1805 925 West Georgia Street Vancouver, B.C., Canada V6C 3L2 Telephone: (604) 688-3033 Fax: (604) 639-8873 Toll Free: 1-866-529-2807 Web site: www.firstmajestic.com; E-mail:
More informationAIG Global Property Construction Risk Engineering
AIG Global Property Construction Risk Engineering AIG is a leading provider of risk management and loss prevention services for Commercial Property, Energy and Construction risks worldwide. Through the
More informationRisk Mitigation and the role of (re)insurance
Risk Mitigation and the role of (re)insurance Michael Eberhardt, CFA < copyright name, company or Institute> This presentation has been prepared for the Actuaries Institute 2016 Managing Extreme Events
More informationCERBA Russia & Eurasia Mining Conference March John Pearson Vice President, Investor Relations
CERBA Russia & Eurasia Mining Conference March 2014 John Pearson Vice President, Investor Relations Caution Regarding Forward-Looking Information Information contained in this presentation and the documents
More informationCaptive Solutions. - Ken Gumbiner Head Accident & Health Sales North America
Captive Solutions Captives provide the best of both worlds. The potential savings associated with self-funding and the ability to mitigate risk through captive pooling with other like minded employers.
More informationAntitrust Notice 31/05/2016. Evaluating a Commercial Umbrella Rating Plan Using ISO. Table of Contents / Agenda
Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the antitrust laws. Seminars conducted under the auspices of the CAS are designed solely to
More informationRISK FACTORS RISKS RELATING TO OUR GROUP
Potential investors should consider carefully all the information set out in this prospectus and, in particular, should consider and evaluate the following risks and uncertainties associated with an investment
More informationThe future of Oyu Tolgoi is underground Developing the third-largest copper mine
Bank of America Merrill Lynch Global Metals, Mining & Steel Conference MAY 10 12, 2016 The future of Oyu Tolgoi is underground Developing the third-largest copper mine Forward-looking statements This presentation
More informationInvestor Update July 27, 2004
July 27, 2004 FORWARD LOOKING STATEMENT Certain statements included herein, including those regarding production, costs, development schedules and other statements that express management s expectations
More informationEDUCATION AND ADVANCED EDUCATION (PUBLIC SCHOOL DISTRICTS AND PUBLIC POST SECONDARY INSTITUTIONS) OWNER INSURED CONSTRUCTION PROJECTS
EDUCATION AND ADVANCED EDUCATION (PUBLIC SCHOOL DISTRICTS AND PUBLIC POST SECONDARY INSTITUTIONS) OWNER INSURED CONSTRUCTION PROJECTS Indemnification and Insurance Clauses (to be included in Supplementary
More informationInsurance Deductible Optimization Study Item 7 May 3, 2018 Governance, Communications, Human Resources and Compensation Committee
Page 1 of 7 Insurance Deductible Optimization Study Item 7 May 3, 2018 Governance, Communications, Human Resources and Compensation Committee Report: To: From: GCHRCC:2018-12 Governance, Communications,
More informationWHAT MAKES NEWCREST DIFFERENT
WHAT MAKES NEWCREST DIFFERENT Sandeep Biswas Managing Director and Chief Executive Officer Disclaimer Forward Looking Statements This presentation includes forward looking statements. Forward looking statements
More informationBUSINESS INTERRUPTION
Robert M. Swift cpcu cipa cbcp ccm Business Interruption Consultants, inc. www.bisimplified.com Michael Gardner, CPA The Claro Group, LLP www.thelcarogroup.com Forrest Artz Director of Finance Memphis
More informationSPECIAL PURPOSE INSURERS - GUIDANCE NOTE
SPECIAL PURPOSE INSURERS - GUIDANCE NOTE Issued December 2016 1 INTRODUCTION The class of Special Purpose Insurer was created by the provisions of the Insurance Business (Special Purpose Insurer) Rules
More informationPRODUCT KEY FACTS. BlackRock Global Funds World Mining Fund. April Quick facts
PRODUCT KEY FACTS BlackRock Global Funds World Mining Fund April 2018 BlackRock Asset Management North Asia Limited Quick facts Fund Manager: Investment Adviser: Depositary: Ongoing charges over a year:
More informationChallenges and Opportunities in the Financial Sector
Challenges and Opportunities in the Financial Sector John R. Dacey, Group Chief Strategy Officer, Swiss Re 5th Conference on Global Insurance Supervision, 6 Sep 2017 Key topics The macroeconomic and policy
More informationFinancial Solutions for Risk Management. Sovereign Debt Management Forum Washington DC October 20, 2016
Financial Solutions for Risk Management Sovereign Debt Management Forum Washington DC October 20, 2016 Uninsured losses from natural catastrophes are a growing burden for governments Natural catastrophe
More informationOverview and Strategy. April 4, 2018 Don Lindsay, President and Chief Executive Officer
Overview and Strategy April 4, 2018 Don Lindsay, President and Chief Executive Officer Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking
More informationDriving Long-Term Value from Solid Foundations. Denver Gold Forum. Octavio Alvídrez. 19 September 2016
Driving Long-Term Value from Solid Foundations Denver Gold Forum Octavio Alvídrez 19 September 2016 Disclaimer This document includes statements that are, or may be deemed to be, forward-looking statements.
More informationBERNSTEIN STRATEGIC DECISIONS CONFERENCE
BERNSTEIN STRATEGIC DECISIONS CONFERENCE 26 September 2018 Copper Quellaveco CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Anglo American plc ( Anglo American ) and comprises
More information2018 SECOND QUARTER RESULTS WEBCAST. July 26, 2018
2018 SECOND QUARTER RESULTS WEBCAST July 26, 2018 1 Speakers Ray Threlkeld President and CEO Cory Atiyeh EVP Operations Paula Myson EVP and CFO 2 Cautionary statements ALL AMOUNTS IN U.S. DOLLARS UNLESS
More informationPROPOSAL FORM. Bajaj Allianz General Insurance Company Limited MACHINERY LOSS OF PROFIT PUT A MARK WHEREVER APPLICABLE P
Bajaj Allianz General Insurance Company Limited P - 0421 - MACHINERY LOSS OF PROFIT PROPOSAL FORM (The liability of the Company does not commence until this proposal has been accepted by the Company and
More information1. Basis of preparation 4. Foreign currencies 2. Consolidation 3. Investments in associates 5. Commodity hedging transactions
1. Basis of preparation The financial statements are prepared on the historical cost basis. The following are the principal accounting policies used by the group which are in accordance with International
More informationParker s Acquisition of CLARCOR to Enhance Filtration Platform
Parker s Acquisition of CLARCOR to Enhance Filtration Platform December 1, 2016 Forward-Looking Statements Forward-looking statements contained in this and other written and oral reports are made based
More informationNegotiating and Drafting Patent Indemnification Provisions. October 6, 2011 Ira Schreger Vinson & Elkins LLP
Negotiating and Drafting Patent Indemnification Provisions October 6, 2011 Ira Schreger Vinson & Elkins LLP Agenda General Considerations Implied Warranty for Sales of Goods and Services General Drafting
More informationSupply Chain Brain - Avoiding Pitfalls in an Integrated World
Supply Chain Brain - Avoiding Pitfalls in an Integrated World Webinar for Arthur J. Gallagher & Co. April 20, 2017 Presented by: Nigel Henley and Michael Speer EY Insurance & Federal Claims Services Welcome
More informationManaging your profits using temperature and commodity price protection
Managing your profits using temperature and commodity price protection What affects my business? Your earnings volatility Temperature Commodity Prices Dec13 Feb14-1981-2010 anomaly European Climate Assessment
More informationSwiss Re. Company Presentation Universidad Complutense de Madrid- 9 diciembre 2013
Swiss Re Company Presentation Universidad Complutense de Madrid- 9 diciembre 2013 What is Reinsurance? 2 What is Reinsurance? Insured risks Motor Primary Insurance Reinsurance Retrocession & Capital Market
More informationThe Gold Industry Leader. TD Newcrest Mining Conference January 26, 2011
The Gold Industry Leader TD Newcrest Mining Conference January 26, 2011 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this presentation, including any information
More informationM A R C H 1 5, T S X K D X N Y S E A m e r i c a n : K L D X
T S X K D X N Y S E A M E R I C A N K L D X 2017 FOURTH QUARTER & FULL-YEAR RESULTS M A R C H 1 5, 2 0 1 8 T S X K D X N Y S E A m e r i c a n : K L D X CAUTIONARY NOTES Cautionary Note Regarding Forward-Looking
More informationOUTLOOK 2016 / 20 LONDON / 24th February. Financial Management. José Sáinz Chief Financial & Resources Officer
OUTLOOK 2016 / 20 LONDON / 24th February Financial Management José Sáinz Chief Financial & Resources Officer Agenda 1. Financial strategy for 2016-2020 period 2. Risk & sensitivity analysis 3. Conclusion
More informationAcacia Mining plc (formerly African Barrick Gold plc) LSE: ACA. ( Acacia or the Company ) Approval of Gokona Underground project at North Mara
27 November 2014 Acacia Mining plc (formerly African Barrick Gold plc) LSE:ACA ( Acacia or the Company ) Approval of Gokona Underground project at North Mara Total production of 450,000 ounces over a 5
More informationIncreased production volatility and impact across the entire Agribusiness Supply Chain
Corporate Solutions Increased production volatility and impact across the entire Agribusiness Supply Chain Bernard Belk, Global Head Food & Agriculture Global Grain, Geneva, 12-14 November 2013 Agenda
More informationGUYANA GOLDFIELDS INC. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
GUYANA GOLDFIELDS INC. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS SECOND QUARTER 2018 Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in thousands
More informationForward-Looking Statements
June 2018 Forward-Looking Statements Some of the statements contained in this presentation may be forward-looking statements, such as, but not limited to, those relating to worldwide demand for gold and
More informationENGINEERING & CONSTRUCTION RISK INSTITUTE
ECRI-RI-002 1 of 6 Purpose: The purpose of this document is to provide a standard definition, within the ECRI, of the six project phases, and to identify those phases as they apply to each of the ECRI
More informationBank of America Merrill Lynch 2017 Global Metals, Mining & Steel Conference. 16 th May 2017 Alfredo Atucha CFO
Bank of America Merrill Lynch 2017 Global Metals, Mining & Steel Conference 16 th May 2017 Alfredo Atucha CFO Cautionary statement This presentation has been prepared by Antofagasta plc. By reviewing and/or
More informationAgriculture Index Insurance in Bangladesh. IWMI-IWM IBFI Inception Workshop, Dhaka 4 th November, 2015
Agriculture Index Insurance in Bangladesh IWMI-IWM IBFI Inception Workshop, Dhaka 4 th November, 2015 Agenda 1. An Introduction to Swiss Re 2. Overview of Index based Agriculture Insurance 3. Case Study:
More informationFidelity Corporate Bond Fund
Fidelity Corporate Bond Fund Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to,
More informationManagement s Discussion and Analysis. For the three and nine months ended September 30, 2018
Management s Discussion and Analysis For the three and nine months ended September 30, 2018 As of November 8, 2018 CONTENTS 1.0 THIRD QUARTER 2018 FINANCIAL AND OPERATING SUMMARY... 3 1.1 SELECTED QUARTERLY
More informationSCOTIABANK MINING CONFERENCE
T S X K D X N Y S E A M E R I C A N K L D X SCOTIABANK MINING CONFERENCE D E C E M B E R 2 0 1 7 CAUTIONARY NOTES Cautionary Note Regarding Forward-Looking Information This presentation contains certain
More informationSilver and Gold (and Base Metals Too!)
January 2018 Silver and Gold (and Base Metals Too!) Creating Short and Long Term Value Cautionary Statements Cautionary Statement Regarding Forward Looking Statements, This presentation contains forward-looking
More informationTrue Value Proposition. Corporate Summary. May 2015 TSX: YRI NYSE: AUY
True Value Proposition Corporate Summary May 215 TSX: YRI NYSE: AUY Cautionary Note Regarding Forward-looking Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains
More informationTHE IMPACT OF LARGE LOSSES IN THE GLOBAL POWER INDUSTRY
Marsh Risk Management Research CLAIMS PERSPECTIVE THE IMPACT OF LARGE LOSSES IN THE GLOBAL POWER INDUSTRY OCTOBER 202 CONTENTS Introduction Insurance Claims in the Power Industry 2 Efficiency Push Raises
More informationGUIDANCE NOTE FOR LICENSED INSURERS ON REINSURANCE AND OTHER FORMS OF RISK TRANSFER
GUIDANCE NOTE FOR LICENSED INSURERS ON REINSURANCE AND OTHER FORMS OF RISK TRANSFER 1. Introduction The Finance Sector Code of Corporate Governance requires the board of a licensed insurer to set and oversee
More informationInvestor Presentation FEBRUARY Oyu Tolgoi: Creating long-term value at world s best developing copper project
Investor Presentation FEBRUARY 2017 Oyu Tolgoi: Creating long-term value at world s best developing copper project Turquoise Hill s investment thesis Oyu Tolgoi is world s best developing copper project;
More informationRegulatory Pull Reporting for Insurance
Regulatory Pull Reporting for Insurance using a shared data model Leverage momentum and technologies to collaboratively shape the future regulatory financial reporting together Sebastian Müller Warsaw,
More informationRisk engineering solutions for today s energy industries
Risk engineering solutions for today s energy industries Why Risk Engineering? Risk Engineering in North America completes over 1,000 risk assessment and consulting projects annually by energy specialists
More informationSwiss Re Institute Symposium Insurance at the crossroad of technology development and growth opportunities. 31 October 2017
Swiss Re Institute Symposium Insurance at the crossroad of technology development and growth opportunities 31 October 2017 This event may be photographed, videotaped, filmed and/or recorded. A summary
More informationDenver Gold Forum 2014 September 14 17, 2014 Denver, CO
Denver Gold Forum 2014 September 14 17, 2014 Denver, CO FORWARD LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements or forward-looking information within the
More informationAllied Nevada Announces Hycroft Mill Expansion Feasibility Results Highlighted by Improved Projected Returns
Allied Nevada Gold Corp. 9790 Gateway Drive Suite 200 Reno, NV 89521 USA NEWS RELEASE Allied Nevada Announces Hycroft Mill Expansion Feasibility Results Highlighted by Improved Projected Returns October
More informationAusIMM Professional Employment Survey October 2015
AusIMM Professional Employment Survey 2015 October 2015 1 Table of contents Section Page Introduction 3 Respondent demographics 4 The unemployed 12 The employed 23 Future outlook 27 Students 33 2 Introduction
More informationWAFI-GOLPU PROJECT. A Greenfield copper-gold Project with a multigenerational
WAFI-GOLPU PROJECT A Greenfield copper-gold Project with a multigenerational value proposition 1 BRYAN BAILIE EXECUTIVE PROJECT DIRECTOR PNG Mining Conference 30 November 2017 Private Securities Litigation
More informationManagement s Discussion & Analysis
Management s Discussion & Analysis 2002 Consolidated Financial Statements CONTENTS 1. Introduction.........................................................................1 2. Overview of 2002.....................................................................1
More informationNEWS RELEASE. Fort Knox Gilmore project feasibility study highlights 1
25 York Street, 17th Floor Toronto, ON Canada M5J 2V5 NEWS RELEASE Kinross to proceed with initial Fort Knox Gilmore expansion Project expected to extend mine life to 2030 and generate 17% IRR at a low
More information