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Risk Assessment – It’s necessity 7 th August, 2014

Risk Assessment – It’s necessity 7 th August, 2014. Parag Gupta Executive Vice President Head – Commercial Line IFFCO Tokio General Insurance. Risk Management.

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Risk Assessment – It’s necessity 7 th August, 2014

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  1. Risk Assessment – It’s necessity7th August, 2014 Parag Gupta Executive Vice President Head – Commercial Line IFFCO Tokio General Insurance

  2. Risk Management The Identification , Evaluation and Economic control of those risks which can threaten the assets, human being or earning capacity of an enterprise.

  3. Risk Assessment !!!Identification and Evaluation of Risks around us…

  4. Risk Assessment

  5. Fire & Explosion!!!! China Automobile part manufacturing unit explosion/ fire Recent one??? Any guesses

  6. Fire

  7. Boil-over Milford Haven August 1983 Loss: $30 Mn

  8. Vapourcloud explosion UVCE Sarawak December 1997 PD　282 M$ US

  9. Vapour cloud explosion UVCE Norco, Louisiana May. 1988 FCC Unit PD 314 M$ US

  10. Explosion (BLEVE) BLEVE Feyzin, France Jan. 1966 LPG Sphere Tanks Operation

  11. Explosion (BLEVE) BLEVE Mexico City Nov. 1984 LPG Tanks 500-600 died

  12. Explosion force of detonation was equivalent to 40 tones of TNT. Loss amount is roughly Euro 1.8 bn. 30 people were killed and 500 injured.

  13. Fire Office building fire

  14. Fire French bank building May, 1996

  15. Marine Oil Rig sank in Brazil 15th March, 2001 Property loss - $496m

  16. Marine The tanker broke into two because of heavy seas and sank at a dept of 3600m about 137 sea miles from Spanish coast. loss was about US$36m.

  17. Marine Collision occurred between a car transporter Tricolor and a container ship kariba. The tricolor sank soon containing 2862 BMWs, Saabs and Volvos and 77 containers. Overall loss amount was euro 55 million.

  18. Risk Assessment There is a lot we can do to control these sources…

  19. Let me Kill it Oh. It’s a Snake Oh. It was tail of a tiger

  20. Risk Assessment • Following are the basic elements we may consider for Risk Assessment: • Management • Construction • Occupancy • Protection • Exposure MCOPE

  21. Risk Assessment

  22. Good Risk Management Toyota Motors • Associate supplier – Aisin’s auto parts plant was razed to ground on 01.02.1997, Saturday • Used to supply all but 1% of brake-fluid proportioning valves (P-valves) • 20 Toyota plants were shut down • Each day Toyota is down, Japan’s industrial output is cut by 0.1% point • Within five days plants were started

  23. Good Risk Management How had Toyota managed to do that? • Mutual aid • Specific responsibilities • Top level commitment • Crises management plan

  24. Bad Risk Management Bhopal disaster • Leak of Methyl Isocyanate (MIC) from Union Carbide Bhopal plant • Storage in 3 steel tanks, 171 M3 • Three safeguards - refrigeration - scrubber - flare stack

  25. Bad Risk Management • Genesis of the disaster lies not in the failure of the safeguards but in the original design concept. • Question is, was such a large inventory essential? • Process of making Sevin (pesticide) without using MIC or • Adopting a process which used up MIC as fast as it was made.

  26. “The real objective of Risk Management is to reduce fear of the unknown and unexpected events and to create confidence in future.” - Felix Kloman

  27. We Know not what tomorrow holds Nor what the future will entail Yet we know, those who fail to prepare Must be prepared to fail !!

  28. Thanks For Your Kind Attention !!!

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