Agenda

09:00

PANEL DISCUSSION: REGULATORY APPROACHES TO MANAGING THE FINANCIAL RISKS FROM CLIMATE CHANGE. HOW ARE DIFFERENT REGULATORS APPROACHING THE CHALLENGE AND WHAT WILL THE FUTURE REGULATORY LANDSCAPE FOR MANAGING CLIMATE RISK LOOK LIKE?

  • Overview of Regulatory stances and work
    • Network for Greening the Financial System
    • International Association of Insurance Supervisors (IAIS) Sustainable Insurance Forum (SIGF
    • EIOPA
    • EFRAG's European Lab PTF on climate related reporting
    • What is the picture outside of Europe?
  • Response to the PRA supervisory statement on how physical and transition climate risks should be integrated into how businesses are run
    • Will other regulators follow suit?
  • Feasibility of having sustainability in Pillar I as well as Pillar II
  • Does regulation go far enough?
  • Who should be driving the response to climate change? Regulators or industry?
  • How much progress is possible without clear defined mandatory policy?
  • How can industry and regulators work better together to achieve an accepted global standard for identifying, measuring, managing and disclosing climate risks and opportunities?
  • What future action might insurers expect to see from regulators in the near future?

Panelists:

Gabrielle Siry, Autorité de Contrôle Prudentiel et de Résolution (ACPR)
Hugh Savill, Director of Regulation, Association of British Insurers (ABI)
Mr Olaf Sleijpen, Director Insurance Supervision, De Nederlandsche Bank
Tobias Buecheler, Head of Regulatory Strategy, Allianz

09:40

PANEL DISCUSSION: DRIVERS OF CHANGE: SUSTAINABLE FINANCE AND TCFD

  • How will the EU sustainable finance taxonomy play out and evolve?
    • How are firms intending to interpret this and build it into their climate strategy?
    • How will it be mandated at the political and regulatory level?
    • Challenges for the industry
    • Implications for capital requirements
    • Implications for business strategy
    • Is the EU approach to taxonomy the best way? Is there a different way to classify assets?
    • Where are we with TCFD?
    • What lessons have been learned?
    • To what extent have TCFD recommendations been integrated into the core business?
    • Next steps

Panelists:

Michèle Lacroix, Head of Group Investment Office, SCOR
Nathan Fabian, Chief Responsible Investment Officer, Principles for Responsible Investment
Marisa Parmigiani, Sustainability Manager, UNIPOL GROUP
Dennis Sugrue, Senior Director and Insurance Sector Lead Financial Services Group EMEA, S&P
Sylvain Vanston, Group Head of Climate & Environment. Axa

ModeratorYo Takatsuki, Head of ESG Research and Active Ownership, AXA Investment Managers

 

10:20

THE INSURER AS A PARTNER IN THE TRANSITION TO A LOW -CARBON ECONOMY

Introduction

  • Insurance from simple risk transfer to enterprise risk management service, taking into account broader environmental, technological and social trends
  • Exploring the context: Therefore, action on climate transition embedded in wider ESG Agenda and development to a broader understanding of “insurance”

Main part:

  • Climate transition will require from insurers:
    • Working to increase transparency: discussion of initiatives to create better and more comprehensive data on CO2 related metrics among insurance clients/investees
    • Improve and rethink portfolio steering for insurance and investment: technical and/or political steering in order to diminish equity streams to certain industries (i.e. coal) and increase equity streams to others (i.e. renewables)
    • Work on clear positioning: developing, aligning and standing for clear viewpoints on climate transition to all its stakeholders
  • Regulatory context: the regulatory environment for insurance and investment is emerging, what can regulation achieve and what is a challenge?
  • Incentives for clients:
    • Which direct incentives are available already and what is still a challenge? (pricing, coverages, risk services)
    • Which indirect incentives work well and which one are more challenging? (example: portfolio steering vs. brokers)

Conclusion:

  •  Rethinking the role of an insurer considering the challenge to manage the transition to a low-carbon economy

Speaker: Christopher Bonnet, Head of ESG Business Services, Allianz 

10:50

COFFEE BREAK

11:15

KEYNOTE ADDRESS: HOW IS CLIMATE CHANGE DRIVING AND CHANGING BUSINESS MODELS IN ECONOMIC SECTORS AND WHAT DOES THAT MEAN FOR INSURANCE?

This session will look at how business models in industries such as energy, mobility and agriculture are changing due to climate and sustainability related drivers. It will consider the long-term business impacts this will have for the insurance business model and the secondary niche impacts we should be aware of.

Keynote Speaker: John Scott, Head of Sustainability Risk, Zurich  

11:45

IN CONVERSATION WITH GABRIEL BERNARDINO

Gabriel Bernardino, Chairman, European Insurance and Occupational Pensions Authority (EIOPA)

Christopher Cundy, Managing Editor, INSURANCEERM

12:15

THE C-SUITE PANEL: MAINSTREAMING CLIMATE RISK & FOSTERING A HOLISTIC AND INTERCONNECTED APPROACH TO UNDERSTANDING AND MANAGING CLIMATE RISK–STRATEGIC CHALLENGES AND APPROACHES

  • To what extent is climate risk becoming mainstream into the core business? What work remains to be done?
  • Joining up the thinking and working holistically. How can the key stakeholders better communicate and come together to develop a consistent approach to climate risk across both sides of the balance sheet?
  • How have climate risk strategies and approaches evolved over the past year – what has been the practical implications of this and how do you see them evolving in the future? How do you anticipate your climate risk strategy will impact your business and customers?
  • How are the business models of clients changing? How are you monitoring evolving customer behavior as public awareness of climate risk increases? How can insurers engage and incentivize their clients towards sustainable investment opportunities?
  • How are you managing/facilitating the cultural shift required internally to respond to climate change?
  • How can the broking segment of the insurance value chain play its role in addressing climate change?
  • How do you anticipate global industry responses evolving? What will good look like in 5 years time?/what does good need to look like?

Panellists:

Alessa Quane, Executive Vice President and Chief Risk Officer, AIG

John Scott, Head of Sustainability Risk, Zurich

Adrian Sweeney, UK & International Chief Underwriting Officer, RSA Group

Erick Decker, Chief Investment Officer, Southern Europe and Emerging Markets, Axa

 

Moderator: Maryam Golnaraghi, Director Climate Change & Emerging Environmental Topics, The Geneva Association 

 

13:00

LUNCH

14:00

INTEGRATING CLIMATE SCIENCE WITH INVESTMENT MANAGEMENT

  • Exclusive partnership with Woods Hole Research Center
  • How effective are climate models?
  • Is the market really mispricing climate risk?
  • Which physical climate risks are insurers exposed to?
  • Risk mitigation beyond divestment
  • Utilising climate risk through the strategic asset allocation lens

Speaker: Tim Antonelli, CFA, FRM – Insurance Portfolio Strategist, Wellington Management

STREAM A: INVESTMENT

STREAM B: MODELLING

14:20 PANEL DISCUSSION: DRIVING OPPORTUNITIES FOR RESPONSIBLE INVESTMENT: HOW CAN THE GREEN FINANCE MARKET EVOLVE AND DEVELOP SUFFICIENTLY TO ADDRESS CLIMATE CHANGE?

  • The investor role in a just transition
  • The proportion given over to responsible investing is still minimal – how is that trend changing?
  • How can financial market participants work together to make responsible investment mainstream?
  • Sovereign bonds
  • Engaging with industry and policy makers
  • The demand for resilient/green/sustainable investment vehicles is outstripping supply – how do we redress the balance?
  • Development of quantitative metrics in making responsible investment choices

Panellists:

Daisy Streatfeild, Investor Practices Programme Director, Institutional Investors Group on Climate Change
Roelfien Kuijpers
, Managing Director and Head of Responsible Investments and Head of GCG Ireland, Scandinavia and UK, DWS
Thora Frost, Senior Client Manager for Green Finance, Carbon Trust
Emily Penn, Capital Initiatives and Investment Director, LV=

Prasun Mathur, Head of Private Assets, Aviva

 

 

 

14:20 EXTENDED SESSION:PANEL DISCUSSION: HOW DO YOU MAKE SENSE OF CLIMATE CHANGE RISK, AND BEGIN TO ASSESS FINANCIAL IMPACTS FROM CLIMATE CHANGE GIVEN ALL THE UNCERTAINTIES AROUND MODELLING IT?

  • What action is possible in the absence of certainty?
  •   Current status quo of climate risk modeling – what are the current tools/capacity for modeling and where are the limitations?
  • Where are the opportunities for progress and improvement?
  • Where are the gaps in our understanding and capabilities and where do we look to next in order to plug these gaps?
  • How will regulatory initiatives help in closing this gap?
  • Assessment of key ongoing promising initiatives
  •  What are the assumptions and scenarios we should be basing the modeling on?
  • Ensuring the completeness and quality of the data input
  • What data infrastructure do we need and what is the key to obtaining it?
  • To what extent are we already able to quantify the financial impact of climate risk, and steer business decisions?
  • Next steps for the industry

Panellists:

Lasse Wallquist, Swiss Re
Hjörtur Thráinsson, Modelling Expert, Munich Re
Federico Waisman, Senior Vice President, Research and Development, Ariel Re

Moderator:

Alkis Tsimaratos, Managing Director, Willis Re and Head of EMEA West/South operations  

Representative, Willis Towers Watson

14:50 FRAMEWORKS TO MEASURE THE ENVIRONMENTAL AND SOCIAL BENEFITS OF INVESTMENTS

This session will present Zurich' impact measurement framework that spans across different asset classes. The framework focuses on two impact metrics "CO2 emissions avoided" and "People benefited".

The presentation will cover the following aspects:

  • What are the assumptions required to aggregate the impact across instruments/ asset classes
  • What is the aggregation methodology
  • What are the learnings: what works well and what are the challenges
  • What do we need to do to improve / facilitate measuring the impact

Speaker: Danielle Brassel, Responsible Investment Analyst, Zurich

 

15:20

COFFEE BREAK

15:45

PANEL DISCUSSION: CLIMATE RELATED STRESS TESTING AND SCENARIO ANALYSIS

Designing scenarios and creating narrative around the scenarios

  • Methodology
  • Incorporating latest climate science into scenario planning
  • How do you implement it?
  • How does it flow through to the solvency number?
  • EIOPA guidance on stress testing and scenario analysis
  • What external support is available to support firms in initiating and carrying out stress tests and scenario analysis?
  • Embedding long-term scenario analysis into an insurer’s risk management, governance and ORSA.
  • Results/feedback from recent UK stress tests
  • Use of scenario analysis in disclosure of climate related risks and opportunities
  • Using results from the stress tests and scenario analysis exercise to inform and drive business strategy
  • Where are we in the journey towards standardization of scenarios, methodologies and outputs of scenario-based assessments

Panellists:

Sebastian Rath, Principal Insurance Risk Officer, NN Group

Ben Carr, Aviva

Dr Nina Seega, Research Director for Sustainable Finance, University of Cambridge Institute for Sustainability Leadership 

Francesca Gostinelli, Head of Group Strategy, Economics and Scenario Planning, Enel

David Lunsford, co-founder, Carbon Delta and Executive Director, MSCI 

 

16:30

2019 SCORECARD FEEDBACK ON INSURANCE, COAL AND CLIMATE CHANGE

  • Coal insurance restrictions go mainstream
  • Leaders and laggards in the sector
  • Ending new and phasing out existing coal operations
  • New frontiers of insurance action on climate change

Speaker: Peter Bosshard, Finance Program Director, The Sunrise Project

16:55

BUILDING AND STREGTHENING CLIMATE RESILIENCE AND ADAPTATION

  • Importance of adaptation and climate resilience
  • Role of insurance as society’s risk manager
  • How can insurance support resilience – as underwriter, as investor, as risk manager
  • Reflection on market practice and experiences with insurance and adaptation in developed and developing countries

Speaker:

Dr. Swenja Surminski, Head of Adaptation Research, Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science (LSE)

17:15

TITLE: AXA CLIMATE - USE OF PARAMETRICS IN STRENGTHENING CLIMATE RESILIENCE

  • After the event - Immediate protection through fast payment
  • Before the event - Risk mitigation and avoidance
  • Beyond fast payment and risk avoidance -  Strengthening communities resilience and adaptation to climate change

 Speaker: Alice Legrix de la Salle, Chief Finance and Operating Officer. AXA Climate