Insurance Risk & Capital EMEA 2021 (Virtual)

Welcome and introduction to the day

PANEL DISCUSSION: DIVERSITY AND INCLUSION - HOW CAN INSURERS DO BETTER?

• How effective are current D&I initiatives?
• Opportunities -How can diversity be used as a competitive advantage?
• What needs to happen at both industry and company level to achieve greater diversity?
• The role of the regulator
• The role of the Board
• Diversity and inclusion policies - What does good look like?
• What are the building blocks to creating and instilling a culture of diversity and inclusion?
• Aligning diversity and inclusion priorities with corporate strategy
• Measurement and performance indicator frameworks around D&I.
• How should insurers address potentially discriminatory pricing models?
• How can insurers tailor your investments to promote diversity?

Moderator:
Ronan McCaughey, Commercial Editor and Deputy Editor, InsuranceERM

Panellists:
Dr. Kathrin Anne Meier, Boardmember, Chapter Chair Non-Financial Risk, Swiss Risk Association
Giancarlo Fancel, Group Chief Risk Officer, Generali
Jim Ewing, Chief Risk Officer, Aegon UK

KEYNOTE ADDRESS: BIODIVERSITY – THE NEXT CLIMATE RISK?

• Biodiversity and climate risk are increasingly referred to as twin crises facing the global financial system, yet biodiversity is neglected as insurers focus instead on grappling with climate risk concerns. How can and should insurers start building nature risk into their thinking?
• How are insurance firms currently considering biodiversity and nature risk?
• Understanding the Interdependence between climate and biodiversity.
• Can climate change and biodiversity loss be tackled together?
• How do firms begin start assessing the financial risks associated with biodiversity loss?
• Examples of physical and transition risks related to biodiversity loss
• Nature positive investment opportunities
• Goals and work of the International Taskforce on Nature Related Financial Disclosures (TNFD) and what this might mean for insurers.

Speaker:
Celine Soubranne, Group Chief Corporate Responsibility Officer, Axa

MEETING CLIMATE RISK REGULATORY EXPECTATIONS – OPPPORTUNITY FOR THE INDUSTRY OR A CHALLENGE TOO FAR?

• How achievable, meaningful and useful are the current deliverables, timelines and expectations from regulators and other stakeholders?
• What regulatory deliverables will insurers be expected to provide in the short and medium- term regarding assessment, management and reporting of climate risk?
• What opportunities and risks will this pose for insurers?
• What is the right regulatory risk approach and framework around climate and ESG?
• Where are efforts best focused and how do we ensure actions now will have constructive and meaningful impact in the future?

Moderator:
Michael Sicsic, Managing Director, Sicsic Advisory

Panellists:
Bernhard Kaufmann, Group Chief Risk Officer, NN Group
Camille Mauguy, Group Head of Sustainability, Scor
Tobias Buecheler, Head of Regulatory Affairs, Allianz

PANEL DISCUSSION: HOW ARE FIRMS ENHANCING MODELLING APPROACHES TO BETTER ASSESS AND QUANTIFY CLIMATE RISK

• How is current regulation either encouraging or posing challenges to advancements in climate assessment and scenario modelling?
• Modeling impacts of climate change at an actionable level - what time horizons is it appropriate and sensible for insurers to model?
• How are modelling approaches evolving to adapt to longer-term climate impacts?
• How do you build the right governance around climate modelling and choices?
• Combining catastrophe and climate risk models
• What is the right approach to overlaying cat models with climate approaches?
• challenges
• How do we gain a better understanding of the extent to which climate risk is influencing nat cat events and frequency and severity? What does this mean for our current way of monitoring weather events and how do we need to adapt nat cat modeling approaches accordingly?
• Climate related stress testing and scenario analysis
• Choosing, designing and developing forward-looking scenarios
• Creating narrative around the scenarios and making assumptions under those scenarios
• Incorporating uncertainties associated with transition risk across future time horizons
• Using results from the stress tests and scenario analysis exercise to inform and drive business strategy.

Moderator:
Tom Philp, CEO, Maximum Information

Panellists:
Ben Carr, Analytics and Capital Modelling Director, Aviva
Matthew Lightwood, Director, Risk Solutions, Conning
Hjörtur Thráinsson, Modelling Expert, Munich Re
Giorgis Hadzilacos, Senior Technical Specialist - Catastrophe & Climate Risk at Bank of England

PANEL DISCUSSION: HOW ARE INSURERS BOLSTERING THEIR APPROACHES TO ESG DATA & ANALYTICS?

• What data sources are you using?
• How are you addressing data quality and availability issues?
• How are you managing and reconciling multiple data sources?
• What aspects are you choosing to outsource vs manage in-house?
• As a sector, how do we collectively need to approach data if we want to achieve net zero
• Overview of existing data initiatives and next steps

Moderator: 
David Walker, Senior Staff Writer and Head of Projects, InsuranceERM

Panellists:
Marisa Parmigiani, Head of Sustainability and Stakeholder Management, Unipol Group
Rachel Delhaise, Head of Sustainability, Convex Insurance
Sylvain Vanston, Executive Director – Climate Change Investment, MSCI

KEYNOTE INTERVIEW: IN CONVERSATION WITH PETRA HIELKEMA, CHAIRPERSON, EUROPEAN INSURANCE AND OCCUPATIONSL PENSIONS AUTHORITY (EIOPA)

Speaker:
Petra Hielkema, Chairperson, EIOPA

Interviewer:
Chris Cundy, Managing Editor, InsuranceERM

PANEL DISCUSSION: THE S IN ESG – HOW DO WE BRING THE 'S' TO THE FORE?

• What are the actions being taken by companies as social considerations?
• Is there an economic case for the social?
• How can firms quantify the 'S' components to make it more tangible for investors?
• How do we make the risks associated with social considerations more transparent? Is there a need for a TCFD equivalent for social considerations?
• Understanding the inter-relation between E & S -taking a more holistic view of E, S and G considerations -taking a more holistic view of E, S and G considerations.
• Do you as an investor, think the 'S' should only be tackled from an impact 'inside-out' perspective? Or are there social risks that have not yet properly been assessed and integrated?

Moderator:
Cintia Cheong, Senior writer, InsuranceERM

Panellists:
Lucia Silva, Group Head of Sustainability and Social Responsibility, Generali
Bente Sverdrup, Head of Sustainability, Gjensidige
Paul Barrett, Chief Risk Officer and Climate SMF, AIG UK
Mark Wade, Head of Sustainability Research and Stewardship, Allianz Global Investors

PANEL DISCUSSION: TOTAL BALANCE SHEET APPROACH TO NET ZERO COMMITMENTS -WHAT DOES THIS MEAN IN PRACTICE?

• Setting Net Zero targets –what is the role for risk management to play in facilitating the business in setting realistic and achievable targets?
• What does net zero actually mean in practical terms?
• For underwriting
• For investment portfolios?
• How is progress measured and tracked?
• What sector-wide innovation and technological transformation will be required to enable the transition to net zero?
• Update from a Net zero insurance alliance member
• What roadmap do you have in place to achieve net zero emissions through underwriting activities?
• What will in the science based intermediate targets look like? How will these targets be set and reported on?
• How will you tackle challenges surrounding lack of historical data?
• Client engagement process

Moderator:
Sandy Trust, Chair of the Sustainability Board, IFOA

Panellists:
Bronwyn Claire, Senior Programme Manager, Cambridge Institute for Sustainability Leadership (CISL)
Chris Bonnet, Head of ESG Business Services, Allianz
Deepak Jobanputra, Chief Sustainability Officer, Vitality
Renaud Guidée,Group Chief Risk Officer, Axa

PANEL DISCUSSION: BRAND AND REPUTATION RISK MANAGEMENT WITHIN THE ESG CONTEXT

• Positioning the future strategy - The CRO role in setting realistic target statements and living up to these statements
• Visibility and Managing the ESG message -being intentional with what you publish.
• Influencing ESG ratings
• Opportunities - ESG as a competitive differentiator
• Navigating through the pressure from activists, policy holders and investors - how to put in place a governance where you can balance the ESG criteria and the profitability of opportunities.
• Liability risk – managing the Risk of unintentional greenwashing and uncertainties linked with transition risk

Moderator:
Roger Dix, Former CRO , Wesleyan

Panellists:
Eugenie Molyneux, CRO of Commercial Insurance, Zurich Insurance
Giles Fairhead, Chief Risk Officer, Pension Insurance Corporation
Ruth Middleton, Chief Risk Officer, AIG Life UK & Risk Officer EMEA Life & Retirement
Victor Riega, Head of Sustainability, FIdelis Insurance

PRESENTATION: INSURANCE SCORECARD AND POST COP ASSESSMENT

Lindsay Keenan, Insure Our Future network European Coordinator will present the annual insurance climate policy scorecard plus a post COP assessment that will include assessment of the latest insurance industry climate policy announcements.

Speaker:
Lindsay Keenan, Senior Strategist, The Sunrise Project, European Co-ordinator, Insure Our Future

End of Day One

Welcome and introduction to the day

PANEL DISCUSSION: HOW DO CROS ENSURE THEY ARE FIT FOR THE FUTURE?

• Defining Risk – how has our definition of risk changed? Loss of capital vs a focus on shareholder value, brand value, reputation as a resilient or sustainable firm.
• How does the CRO mind set and skill set need to adapt and respond accordingly?
• How do risk managers continue to add value in increasingly regulated environments?
• How do we keep strategic and innovative aspects of risk management alive and ensure the profession remains appealing for future talent pools?
• Where to focus – culture and/or numbers?
• Will industries see an acceleration of risk management practices across industry sectors while transitioning to new digital, environmental and sustainable standards?
• Will the 3 LOD model still be relevant 5 years from now?
• Bolstering the CRO /Board relationship for optimum results
• How has the CRO/Board relationship changed with remote working?
• How do we measure success?
• Do the Board and CRO challenge each other sufficiently?
• How do we ensure board expectations and energy levels remain high with remote working?
• How should the 2 work together to bring about a forward-looking mentality?
• Is risk management a good entry point for young career starters?
• The CRO role as a stepping stone to other C-Suite roles

Moderator:
Ronan McCaughey, Commercial Editor and Deputy Editor, InsuranceERM

Panellists:
Kurt Svoboda, CFO/CRO, Uniqa
Nina Arquint, Chief Risk Officer, Swiss Re Corporate Solutions
Philippa Herz, Chief Risk Officer, OneFamily

KEYNOTE ADDRESS

Keynote speaker: Aylin Somersan Coqui, Chief Risk Officer, Allianz

PANEL DISCUSSION: LIVING WITH THE COVID LEGACY – WHAT ARE THE LONG-TERM LINGERING RISKS?

• What new emerging risks can we expect as a result of societal and behavioural changes?
• Remote working and its impact on cyber and security risks
• The Workforce culture – can remote working ever be as effective as face-to-face? What impact can we expect on collaboration, innovation and productivity?
• Potential long-term financial credit risk – can we expect a wave of defaults and downgrades as government support programmes are unwound?
• Post-Covid economics – has the unprecedented display of fiscal support from governments worldwide seen during the pandemic changed the economic rules in a crisis? Do we need to rethink expectations on market reactions in times of crisis?

Moderator:
David Walker, Senior Staff Writer and Head of Projects, InsuranceERM

Panellists:
Dan Ryan, Chief Research Officer, COIOS Health
Mark Chaplin, Chief Risk Officer, UK Life, Aviva
Huw Evans, Director General, ABI
Kirsty Leece, Group Chief Risk Officer, Vitality

PANEL DISCUSSION: HOW TO THINK THE UNTHINKABLE – REVIEWING THE EMERGING RISK PROCESS

• What did the experience from Covid and the German floods tell us about how we need to improve the emerging risk process to pre-empt unmodelled risks?
• How does the emerging risk process need to change to better identify and assess the impacts of grey swan risks?
• How do scenarios need to be adapted/amplified to be more multi- dimensional and to adequately address the complexity and correlation of the nature we experienced with the pandemic?
• What are the patterns in the unthinkable?
• Practically how useful/impactful are these scenarios going to be?
• What grey swans on your radar and what scenarios are you running in relation to these?
• How do we embed the learnings from these stress and scenario tests into how business strategy is shaped over the long term?
• Who's disrupting whom? On mastering the multiple facets of FinTech, transformation, digitalisation, regulation and reverse globalisation.

Moderator:
Chris Burt, Principal Halex Consulting and Co-Founder, Risk Coalition

Panellists:
Fabrice Brossart, Chief Risk Officer, International General Insurance, AIG
Bernd Wilke, Senior Emerging Risk Manager, Swiss Re 
Donald Macleod, Appointed Actuary, RL360
Jörg H. Biebel, Group CRO, ERGO Group AG

PANEL DISCUSSION: TECH INNOVATION AND WHAT THIS REALLY MEANS FOR THE INSURANCE SECTOR

• What implications do further advancements in tech capability hold for the insurance industry and how, as a sector, should we be preparing and future proofing for this?
• Ecosystems risks
• Risks arising from having separate cultures in one firm or in a product that is delivered by a JV
• Where are the opportunities for insurers to embrace tech advancements?
• How can advancements in data driven capabilities and analytics be successfully and meaningfully applied to risk and compliance?
• What insights can be generated using AI and data science?
• What have been the barriers to success so far?
• What changes do insurers need to instigate in order to be able to fully embrace and benefit from the opportunities that tech innovation can offer
• Is the use of AI fair and ethical?
• Managing the associated risks due to bias, discrimination and unfairness
• What are our frameworks for ensuring these technologies are used in a sound way?

Moderator:
Mike Zehetmayr, Partner, IT Consulting, EY

Panellists:
Dominic Rau, Member of the Board of Directors, Cantonal Bank of Glarus and Group Risk Management, Swiss Re
Isabelle Flückiger, Director, New Technologies & Data, Geneva Association
Lori Bailey, Chief Insurance Officer, Corvus Insurance

PANEL DISCUSSION: CYBER – HOW IS THE NATURE OF THE CYBER THREAT CHANGING AND HOW SHOULD INSURERS RESPOND TO THE SPIKE IN RANSOMWARE ATTACKS?

• How is the spike and increasing sophistication of the ransomware attacks changing the cyber insurance approach?
• What is the right way for insurers to manage this changing risk?
• How are other industries approaching the ransomware threat?
• How are approaches from different insurers varying? Rate rises? Ransomware exclusions?
• As insurers change their stance on paying demands, what has this done for the insurance proposition?
• Are we seeing a change in risk appetite among cyber insurers?
• What is the right insurance approach to minimizing cyber vulnerability?
• How can insurers better educate clients around risk mitigation and prevention
• How do cyber risk quantification approaches need to improve
• How do cyber risk accumulation management approaches need to be revised to compete in the new cyber threat landscape?

Moderator:
Paul Walsh, Senior Staff Writer, InsuranceERM

Panellists:
Dan Trueman, Global Head of Cyber and Technology, Axis Insurance
Neil Arklie, Head of Cyber Insurance, Aviva
Andrea Garcia Beltrán, UK and Intl Head of Cyber Underwriting, RSA Insurance Group Ltd

PRESENTATION: WHAT IS THE ROLE OF THE CRO IN THE IMPLEMENTATION OF SUSTAINABILITY STRATEGIES AND THE EMBEDDING OF ESG INTO GOVERNANCE FRAMEWORKS?

• Setting a strategy and aligning it to business purpose and values
• How does the CROs interaction with the sustainability agenda differ from organisation to organisation
• Overview of differing Target Operating Models
• Benefits and challenges
• What does the end game look like?
• Balancing the ESG criteria and the profitability of opportunities? – Implementing a governance framework that enables this/what framework needs to be in place to enable decisions against competing and conflicting choices
• Challenges for the CRO in meeting ESG commitments on the liability side
• Will CROs become heads of sustainability or will we see the Chief Sustainability Officer role evolve?
• What might the split of roles between a Chief Sustainability Officer and the CRO look like?

Co-Presenters:
Alex Hindson, Chief Risk and Sustainability Officer, Argo Group
Alex Duncan, Group Chief Risk Officer, Just Group

PANEL DISCUSSION: REPUTATIONAL RISK AND RESILIENCY

• Why does reputation matter? Can the value of reputation be quantified?
• Has the renewed awareness around reputational risks revised our perception of what vulnerability and true resiliency means, and where the risk focus needs to be?
• How has experience through the pandemic and business interruption scrutiny made insurance firms revisit resilience as a company and our ability to protect against reputational slur?
• With a forward-looking approach – where do we think the next reputational risks may come from and what steps are we taking to mitigate these risks? Are we sufficiently cognizant of the potential fall out of these risks?
• How are firms inserting their thinking about reputational risk into decision making?

Moderator:
Cintia Cheong, Senior Staff Writer, InsuranceERM

Panellists:
Socrates Coudounaris, Executive Director of Risk, Reinsurance Group of America
Tomás Canas da Costa, Head Regulatory Affairs and Risk Reporting, Hannover Re
Stefana Brown, Head of Operational Risk, Legal and General
Aurore Lecanon, Chief Risk Officer, Direct Line Group

PANEL DISCUSSION: SUPERVISORS IN CONVERSATION: KEY AREAS OF FOCUS IN 2022 AND BEYOND

• Solvency II reforms
• The sustainable agenda
• D&I
• Conduct and Consumer concentricity
• The future of actuarial regulation

Moderator:
Paul Walsh, Senior Staff Writer, InsuranceERM

Panellists:
Carlos Montalvo Rebuelta, Global Insurance Regulatory Leader, PWC
Domhnall Cullinan, Director of Insurance Supervision, Central Bank of Ireland
Patrick Connolly, Head of Division of Retail & Commercial General Insurers, Bank of England

THE SII REVIEW IN FOCUS: HOPES, EXPECTATIONS AND IMPLICATIONS

• Overview of key changes and what this means in practical terms for european insurers?
• To what extent do the proposals address the need to equip the European insurance sector with the necessary tools for the challenges ahead?
• Do the proposals go far enough?
• Treatment for smaller insurers under SII review proposals

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
Dr. Frank Schiller, Chief Actuary Life & Health Reinsurance Europe, Latin America, Middle East, Munich Re
Alberto Corinti, Member of the Board of Directors, Italian Insurance Supervisory Authority (IVASS)
Gianluca Sanmartino, Head of Group Enterprise Risk Management, Generali

PANEL DISCUSSION: CYBER RISK – WHAT IS RISK MANAGEMENT'S ROLE IN FACILITATING THE FIRM'S STANCE AND PREPAREDNESS TO ATTACK?

• Operationalizing an operational resilience framework
• emphasis on front line operations
• addressing challenges arising from differing risk cultures and abilities within JV operations
• Future proofing processes and systems and keeping a cyber risk framework up to speed
• Is there a forward-looking process in place?
• Have processes and systems been set up so that they are agile enough to adapt to changing threats?
• Managing outsourcing risk - how can we enhance risk management surrounding 3rd parties?
• What role does and should risk management play in preparing firms for a potential cyber attack?
• What steps are firms taking to prepare themselves for a cyber attack?
• What cyber wargaming and tabletop exercises have been carried out?
• Is the chain of command in place?
• Is there an agreed process and action plan in place?

Moderator:
Penny Shaw, Independent Non-Executive Director

Panellists:
Markus Hummel, Group Chief Risk Officer, Munich Re
Jérôme Isenbart, Chief Risk Officer and Chief Actuary, Groupe Caisse Centrale de Reassurance (CCR Groupe)
Michael Hosking, Chief Risk Officer, Gen Re International
Raphael Borrel, CRO at XL Catlin Services co. and Head of Information Risk at AXA XL

Closing remarks

End of Day Two