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Agenda v Review of topics v Class structure INTERACT v Take-aways v Industry facts Agenda v Review of topics v Class structure INTERACT v Take-aways v Industry facts v Little fun

Our Valuable Teachers v v v v v Steve England – AIG, Resident Vice Our Valuable Teachers v v v v v Steve England – AIG, Resident Vice President Mitch Harless – AIG, Vice President Global Energy Claims Donna Pettersen Mc. Ginnis – Consultant for D&O at Dynegy Cindy Chapman – Apache, Corporate Risk Manager Robert D. Stauffer – President , OIL O. J. Sanchez – Principal, Decision Strategies James Hughes – Director of Corporate Risk Management Conoco. Phillips James Ferguson – Assoc. Gen Council and Director of Risk Management, Halliburton Ted Gobillot – Assoc. General Council, Rowan Bob Hixon – Managing Director, John L. Wortham & Son

Class Structure How did we learn from this class? v Real-life experience of lecturers Class Structure How did we learn from this class? v Real-life experience of lecturers v Interaction through Q&A v Constant commitment through written assignments v Reinforcement of knowledge through presentations v Practice of team working

How else could we have learned? v No way! This was the best way! How else could we have learned? v No way! This was the best way! v v No way! This was the best way! v No way! This was the best way! v. No way! This was the best way! v. Any other ideas?

Take-Aways v What did we learn from the class? v Concepts from the energy Take-Aways v What did we learn from the class? v Concepts from the energy industry v. Fundamentals in the oil and gas sector v. Cyclicality of commodity prices v. The magnitude of the operations v Notions of risk and how to insure and manage that risk v. Impact of natural catastrophic events v. Risk management is both an art and a science

Cyclicality Cyclicality

Gasoline Prices Source: U. S. Bureau of Labor Statistics Gasoline Prices Source: U. S. Bureau of Labor Statistics

Earth by Night Source: NASA (Nov 2000) Earth by Night Source: NASA (Nov 2000)

Earth by Night Earth by Night

Insured Loss & Claim Count for Major Storms of 2005* Hurricanes Katrina, Rita, Wilma Insured Loss & Claim Count for Major Storms of 2005* Hurricanes Katrina, Rita, Wilma & Dennis produced a record 3. 2 million claims *Property and business interruption losses only. Excludes offshore energy & marine losses. Source: ISO/PCS as of February 8, 2006; Insurance Information Institute.

Outlook for 2006 US Hurricane Season Average * Named Storms 9. 6 Named Storm Outlook for 2006 US Hurricane Season Average * Named Storms 9. 6 Named Storm Days 49. 1 Hurricanes 5. 9 Hurricane Days 24. 5 Intense Hurricanes 2. 3 Intense Hurricane Days 2. 3 Net Tropical Cyclone Activity 100% *Average over the period 1950 -2000. **As of December 4, 2005. Source: Dr. William Gray, Colorado State University, December 6, 2005* 2006 F * 26 17 115. 5 85 14 9 47. 5 45 7 5 263% 195%

Top 10 Most Costly Hurricanes in US History, (Insured Losses, $2005) Seven of the Top 10 Most Costly Hurricanes in US History, (Insured Losses, $2005) Seven of the 10 most expensive hurricanes in US history occurred in the 14 months from Aug. 2004 – Oct. 2005: Katrina, Rita, Wilma, Charley, Ivan, Frances & Jeanne Sources: ISO/PCS; Insurance Information Institute.

Global Insured CAT Losses, 1970– 2005 (Property and Business Interruption) Billion USD, at 2004 Global Insured CAT Losses, 1970– 2005 (Property and Business Interruption) Billion USD, at 2004 prices There has been a huge increase in the insured value of global CAT losses in recent years Source: Swiss Re, sigma No. 1/2005 & 2/2006. Record $78 billion in insured natural CAT losses in 2005, compared to $5 B in man-made disasters

Types of Risks v Financial risk v Credit risk v Interest rate risk v Types of Risks v Financial risk v Credit risk v Interest rate risk v Legal risk v Liquidity risk v Market risk v Reinvestment risk

Steps in Managing Risk v v Establishing the context Identifying Assessing Treating v v Steps in Managing Risk v v Establishing the context Identifying Assessing Treating v v Transfer Avoidance Reduction (Mitigation) Acceptance (Retention) Creating the plan v Implementing v Reviewing and evaluating v

Types of Insurance v Health insurance v Life insurance v Property insurance v Casualty Types of Insurance v Health insurance v Life insurance v Property insurance v Casualty insurance v Credit insurance v Reinsurance v Self insurance v Travel insurance

Property and Business Interruption Losses Property and Business Interruption Losses

Did You Know? History of transferring of risk v Smoking is bad! – risk Did You Know? History of transferring of risk v Smoking is bad! – risk and insurance v K&R insurance v Celebrities insured: v v v Bruce Springsteen Marlene Dietrich Fred Astaire Tina Turner Dolly Parton

Famous Quotes v You don’t need to pray to God any more when there Famous Quotes v You don’t need to pray to God any more when there are storms in the sky, but you do have to be insured. (Bertold Brecht – german poet) v For almost seventy years the life insurance industry has been a smug sacred cow feeding the public a steady line of sacred bull. (NYTimes – Ralph Nader – 1974)

Jokes The cowboy was trying to buy an insurance policy. The insurance agent was Jokes The cowboy was trying to buy an insurance policy. The insurance agent was going down the list of standard questions. v v v v "Ever have an accident? " "Nope, nary a one. “ "None? You've never had any accidents…" "Nope. Ain't never had one. Never. " "That's hard to believe. No accidents at all? “ "Well, rattler bit me one time. “ "Wouldn't you consider that an accident? “ "Hell no. Damned varmint bit me on purpose. "

Class Contest Class Contest

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