Agenda

08:00

Registration and morning coffee

08:55

Welcome address

09:00

KEYNOTE ADDRESS: How the state of New York is approaching climate risk and resilience

Linda Lacewell, Superintendent, New York State Department of Financial Services

09:20

KEYNOTE ADDRESS: An insurance commissioner’s perspective on climate risk

Ricardo Lara, Insurance Commissioner, California Department of Insurance

09:40

KEYNOTE PANEL: Engaging with climate risk with both sides of the balance sheet

  • How can insurers embed environmental, social and governance (ESG) risks into their underwriting functions?
  • How can different lines of business be viewed though this framework? How will this feed through to pricing and products?
  • What has been the reaction to moves by global insurers to move away from fossil fuel coverage?
  • How are insurers assessing climate-related risks in the risk management and actuarial function?
  • Which parts of investor portfolios are most exposed to transition and climate risk?
  • How immediate is the threat of transition risk on asset values?
  • How can scenario analysis be conducted in such a way to include both sides of the balance sheet?
  • Where are the opportunities for insurers?

Panelists:

Barry Franklin, Chief Risk Officer, Zurich North America
Rob Wesseling, Chief Executive Officer, The Co-operators Group (subject to final confirmation)
Philip Witherington, Chief Financial Officer, Manulife
Nikhil da Victoria Lobo, Managing Director, Americas Public Sector Solutions Group, Swiss Re

10:40

COFFEE

11:10

PANEL: Ensuring sustainability and insuring resilience

  • What can insurers do to meet directive-led climate goals and build resilience?
  • What is the long-term outlook for resilience building? What else could the industry be thinking about?
  • How are municipalities, states and corporates working with the insurance industry to mitigate climate risk and build resilience?

Panelists:

Mike Byrnes, Senior Vice President Veolia Solutions, Veolia North America
Michael Cohen
, Senior Vice President of Government Affairs, RenaissanceRe
George Bradner, Property and Casualty Director, Connecticut Insurance Department                       
David Levy, Core Faculty Member, Sustainable Solutions Lab, University of Massachusetts, Boston
Eric Wilson, Deputy Director, Land Use and Buildings, NYC Mayor's Office of Resiliency

12:00

PRESENTATION: Climate change and the law – growing litigation risks

• What's the legal landscape when it comes to litigation and growing climate risk?
• Will the current corporate approach to climate risk increase litigation risk?
• What should insurers be thinking about? Will attribution science be a game-changer?
• Litigation in the power and utilities industry: is this becoming a riskier line of business to insure? What can be learned from the PG&E example?
• Can governments be sued for failing to adequately mitigate against climate risk?

Speaker: Alice Hill, Research Fellow, Hoover Institution

12:20

PRESENTATION: The US insurance industry, fossil fuels and climate change

Insurance companies particularly in Europe have started to divest from and cease underwriting coal and tar sands companies. How are US insurers responding to this trend?

Speaker: Ross Hammond, Senior Strategist, Insure Our Future, The Sunrise Project

12:40

LUNCH

13:40

PANEL: Emerging markets and the critical role they play in climate resilience

  • How are insurance regulators in emerging markets approaching the issue of climate risk and disclosure legislation?
  • Is climate risk in the list of top risks for insurers in emerging markets? If not, why not?
  • Where are insurers attempting to close the protection gap?
  • What are the ESG and climate investment options in places where investment is heavily geared towards federal funds and sovereign bonds?

Panelists:

Craig Churchill, Chief, Social Finance, International Labour Organization                                      Leonardo Martinez-Diaz, Global Director, Sustainable Finance Center, World Resources Institute

14:20

PRESENTATION: Wildfire and flood risk

• How has the risk landscape for both perils changed as a result of changes in population density and climate?
• How has this fed through to the today's risk ratings and the different metrics used to assess risk?
• Wildfire: is there a risk of it becoming uninsurable? What are the financial impacts of this scenario?
• Why is wildfire so hard to model? How are regulators and insurers attempt to address this?
• Flood risk: how has the flood risk landscape evolved in the US?
• Why has FEMA'S NFIP not lived up to the challenges? What reforms are ahead?
• How are US regulators and insurers working together to launch the private flood insurance market? What are the opportunities here?

Panelist: Karsten Berlage, Managing Director, Regional Head, Americas, Allianz Risk Transfer

14:40

PRESENTATION: Ocean risks associated with changing oceans and the impacts on the insurance industry

  • What is ocean risk?
  • Why is the ocean so important to the planet?
  • What can insurers do to help manage/ mitigate the risks associated with a changing ocean?
  • The impact and importance of natural assets in terms of ocean risk.

Speaker: Andrew MacFarlane, Chief Actuary Reinsurance Bermuda, XL Reinsurance, a division of AXA XL

15:00

COFFEE

15:30

PANEL: Assessing physical climate risk – key developments in catastrophe risk modelling

  • How are insurers adapting their cat risk models?
  • How do you best incorporate climate risk in risk models? Which perils do you start with?
  • Can nat cat models adequately estimate a changing climate or are they underestimating eventual losses?
  • How is flood risk modelling evolving?
  • What impact have the California wild fires had on fire risk models and risk assessments?
  • How do you understand and model the human element, especially with fire risk?
  • How can the insurance industry be more forward thinking in using climate data?


Panelists:

Alp Can, Actuary, Climate Index Working Group, Actuaries Climate Index
Erdem Karaca, Head Cat Perils Americas, Swiss Re
Megan Thomas, Chief Underwriting Officer, AXIS Capital

16:10

INVESTMENT FOCUS: Delving into the risks and opportunities for investment strategies

  • How to analyze equity and fixed income portfolios in line with climate risk
  • How is underwriting asset level data being used by the investment side of the balance sheet?
  • Real assets, infrastructure and real estate: how are they best understood within this context?
  • Scenario analysis: what should investment teams be thinking about?
  • Flood risk: are investors prepared for the impact on corporate disruption and equities?
  • How are investment teams preparing for transition risks? How siloed or holistic is the approach?
  • When regulatory compliance isn't enough: how to future proof investment portfolios
  • Clean energy: what are the opportunities for insurers to scale clean energy investments while meeting their risk-return requirements?

Panelist: Rodolphe Bocquet, CEO, Beyond Ratings

Peter Uhlenbruch, Investor Engagement Officer, Asset Owners Disclosure Project (AODP)

16:50

PANEL: The view from Canada

• How is the Canadian insurance industry approaching the subject of climate risk?
• How does this relate to the wider sustainable finance approach within the country?
• In what way is the Central Bank working with the NGFS and what impact is this likely to have?

Panelist: Don Forgeron, President & Chief Executive Officer, Insurance Bureau of Canada

17:30

Close of conference and networking drinks reception