||Welcome and introduction to the day
KEYNOTE ADDRESS: UPDATE FROM THE NAIC: PRIORITIES AND CHALLENGES ON THE AGENDA FOR THE YEAR AHEAD
- How is the NAIC continuing to progress on its diversity in insurance initiatives?
- Where is the NAIC on its climate agenda? Detailing specific areas of work for 2021 and forward
- Modelling and technology and the roadmap for this in the US?
Director Dean L. Cameron, Director of the Idaho Department of Insurance (DOI) and the President-Elect of the NAIC
CRO PANEL: THE CRO RESPONSE TO A CHANGING RISK LANDSCAPE
- With a unique combination of pressures on the CRO (Climate change, digital transformation, pandemic, market risk factors etc.) what is the CRO perspective on how the risk landscape has changed and how best to manage this challenging environment?
- How has the risk managers required skill set changed with it?
- How do risk tools need to mature and evolve to assist the CRO in navigating this new risk landscape?
- What are the key 'grey swan' risks on the risk mangers' 'worry list'?
- A rearview look at Covid – How have ERM practices changed?
- How does the CRO effectively anticipate and mitigate for big events
- Incorporating systemic impacts
- Macro vs. micro risk focus – what is the right balance?
- Have we seen the full impact of the pandemic? What is the long term risk implications of variances?
- What does our experience with Covid tell us about how we need to improve our emerging risk process?
- Managing regulation and policy change – how do you operate as an organization in this environment of fluid change?
Chris Cundy, Managing Editor, InsuranceERM
Pooja Rahman, SVP & Chief Risk Officer, Protective Life Corporation
Jean-Roch Sibille, Chief Risk Officer, Allianz Life
John Langione, North American Chief Risk Officer, QBE
Edward Mishambi, SVP and Chief Risk Officer- Europe, RenaissanceRe
PANEL DISCUSSION: THE INDUSTRY AND REGULATORS IN CONVERSATION: WHAT IS THE RIGHT REGULATORY RISK FRAMEWORK AROUND CLIMATE AND ESG
- A comparison of approaches - how and to what extent are the different regulators engaging in insurers' approaches to sustainability? Where are the different supervisors focusing their attention?
- What regulatory deliverables will insurers be expected to provide in the short and medium term regarding assessment, management and reporting of climate risk?
- What challenges will this pose for insurers?
- Reconciling regulatory expectations with ALM objectives
- How achievable, meaningful and useful are the current deliverables, timelines and expectations from regulators and other stakeholders?
- With multiple policy initiatives and recommendations, how do we develop coherence and industry standardization in approaches and measurement?
- Where are efforts best focused and how do we ensure actions now will have constructive and meaningful impact in the future?
- Disclosures and consistency of disclosures – in a world where there is no standard on what you need to disclose, how do you balance transparency with remaining competitive vs. peers?
- How can insurers engage and influence regulation?
Dave Snyder, Vice President, American Property Casualty Insurance Association (subject to final confirmation)
Brandon Blant, Deputy Group CRO and CRO North America, Intact Financial Corporation
Maxine Verne, Senior Vice President, General Counsel & Corporate Secretary, SCOR
Robert Zehr, Corporate Risk Officer, Erie Insurance Group
Yue (Nina) Chen, Ph.D. Director of Sustainability and Climate Initiatives, New York State Department of Financial Services
PANEL DISCUSSION: POST PANDEMIC INVESTMENT RISK AND STRATEGIES
- Market risk and asset allocation trends in 2021 and beyond
- How has the pandemic shifted the landscape in terms of insurance investment/ asset preferences and risk?
- How are you positioned for a tapering of the Fed's market support programmes??
- Investment Lessons learned from the pandemic
- How do we react to sudden and dramatic changes in the market? Where were the opportunities during the crisis and how do you ensure you are agile enough to capitalize on them?
- What scenarios are you testing, post pandemic?
Marc Mercurio, Macquarie Asset Management
Mike Huff, Senior Director, Portfolio Management & Asset Allocation, TIAA
Clark Wagner, Chief Investment Officer, Foresters Financial
Nick Martowski, Chief Investment Officer, MAGMUTUAL Insurance Company
TRACING THE SHIFT IN BUSINESS PRACTICES POST –PANDEMIC
- What operational risk challenges have arisen through the new work environment and what measures have you taken to alleviate them?
- Cultivating and maintaining innovation, collaboration and productivity in a remote environment
- How has opinion on what fosters a good risk culture changed with the switch to remote working? What does good look like now and how do you successfully evolve the culture to get there?
- The technology shift and move to digital
- Preserving reputation in the light of business interruption
Brandon McCreary, CMA AVP, Global Risk Management, Combined Insurance
Adam Seager, Chief Risk Officer- Americas, ARGO INSURANCE GROUP
Ophelia Engelhardt-Funke, Chief Risk Officer, Hannover-Re
Timothy H. Carmon, CPA, CGMA, Formerly Head of Enterprise Risk and Controls Assessment, Mass Mutual
Paul Wigham, Senior Vice President, Risk and Controls, Oscar Health
PANEL DISCUSSION: BUILDING AND STRENGTHENING CLIMATE RESILIENCE
- What part can insurers play in building resilience? Action at industry level and company level
- How can insurance support resilience – as underwriters, as investors, as risk manager?
- Risk mitigation and avoidance – Helping clients mitigate the risks around floods and wildfires
- What does this mean in practice?
- What new products can insurers offer to this end?
- How are companies evaluating and managing the impacts of climate change within the organisation?
- What do firms view as the most predominant climate change risks?
- What is being done to assess these risks?
- How are companies adjusting risk tolerances to incorporate the ‘new normal’ of these impacts?
Alice Hill, David M. Rubenstein Senior Fellow for Energy and the Environment, Council on Foreign Relations
Mike Peterson, Deputy Commissioner on Climate and Sustainability, California Department of Insurance
Philippe Brahin, Head Americas Public Sector Solutions, Swiss Re
Raghuveer Vinukollu, Senior Vice President, Nat Cat Solutions, MunichRe
PANEL DISCUSSION: INFLATION AND THE RATE ENVIRONMENT – WHAT DOES THE FUTURE HOLD?
- What is the industry view on the direction of rates in the near, medium and long term?
- As the ‘Lower for longer’ trend becomes a more permanent scenario - What challenges is this creating for insurer investors?
- ALM implications
- How is this influencing risk-taking?
- What is the industry view on potential inflation risk?
- What could the potential impact be on the different sectors?
- Are firms anticipating inflation risk and if so what steps are they taking to protect the portfolio
- What kind of assets do you hold to hedge inflation?
- Is it a serious concern for long-term investors?
Alberto Matellan, Chief Economist, Mapfre
Cameron Black, Chief Investment Officer and Treasurer, Blue Cross Shield of Arizona
Xiaowei Han, Vice President, Head of ALM, TIAA
Kevin Redgate, Senior Vice President and US Chief Investment Officer, MetLife
PANEL DISCUSSION: CYBER – HOW IS THE NATURE OF THE CYBER THREAT CHANGING AND HOW SHOULD INSURERS RESPOND TO THE SPIKE IN RANSOMWARE ATTACKS?
- As more high profile cyber events hit the headlines, has this impacted insurers' risk appetite towards cyber?
- How are insurers reassessing cyber underwriting practices in light of increased ransomware attacks?
- What is the right and responsible stance for insurers to take against extortion claims?
- Are ransomware payments against public policy? Are insurance payouts encouraging and fuelling criminality?
- What is the right approach to protecting clients and improving resilience in clients?
- Reassessing cyber risk accumulation management
Catherine Rudow, VP - Cyber Insurance, Nationwide
Brian Dusek, Head of Americas Cyber, Mosaic Insurance
Chuck Jainchill, Cyber Product Development Leader, AIG
Meghan Hannes, Cyber & Tech E&O Product Head, Hiscox
Rachel Anne Carter, Director, Cyber, Geneva Association
PANEL DISCUSSION: NAVIGATING THE CHALLENGES SURROUNDING ESG DATA AND INDICES TO DERIVE MEANINGFUL INSIGHTS
- How are firms using ESG data to drive investment strategy?
- What benchmarks are firms looking for?
- What tools and databases are firms using to assist with analysis?
- Look-through analysis
- Current challenges with ESG data
- How is the industry coping with the lack of standardization?
- What is the route to standardized ESG indices and reporting standards?
Lucy Auden, Senior Programme Manager, Investment Leaders Group at University of Cambridge Institute for Sustainability Leadership (CISL)
Camille Mauguy, Group Head of Sustainability, SCOR
Mindy Lubber, CEO and President, Ceres
Sean Collins, CFA, Investment Vice President, Global Investment Strategy, Prudential Financial
CIO FIRESIDE CHAT: TRENDS IN THE ILLIQUIDS SPACE
- How are firms managing the search for yield in the current environment?
- What new structures are firms looking to in order to remain capital efficient?
- Opportunities in structured credit
- How has the portfolio make-up changed in recent years?
- Managing the trade-off between frequency and severity of loss
- What impact is M&A activity having on the industry and on the illiquids space in particular?
- How does a PE-owned insurer's view on asset allocation differ to that of a traditionally owned insurer?
- How is this influencing the risk-taking behavior of traditional insurers?
Vincent Huck, Editor, Insurance Asset Risk
Anup Agarwal, Chief Investment Officer, Global Atlantic Financial Group
FIRESIDE CHAT: HOSTED BY MACQUARIE ASSET MANAGEMENT
Interviewer: Marc Mercurio, Senior Insurance Manager, Macquarie Asset Management
David Agnew, Managing Director, Macquarie Asset Management
|| TRACK 1:
ENTERPRISE RISK MANAGEMENT
| TRACK 3:
INSURANCE ASSET RISK
||REVIEWING STRESS AND SCENARIO TESTING PRACTICES FOR HIGH RISK, LOW FREQUENCY EMERGING RISK EVENTS.
- 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?
- Practically how useful/impactful are these scenarios going to be?
- How do we embed the learnings from these stress and scenario tests into how business strategy is shaped over the long term?
Sarfraz Thind, US Editor, InsuranceERM, Insurance Asset Risk
Dan Finn, Head of Risk Solutions, Conning
Julia Chu, Chief Risk Officer, Markel Corporation
Adam Lei, Vice President, Head of Enterprise Risk Management, National Western Life
Xiaowei Han, Vice President, Head of ALM, TIAA
|PANEL DISCUSSION: WEATHER SEVERITY CHANGES AND MANAGING AGGREGATE LOSSES
- Nat cat loss trends and exposure accumulation trends
- Secondary peril events.
- Influencing factors – socio-economic causes vs. climate causes
- How do we expect the pattern of severe weather related events and subsequent losses to play out and manifest over the short and medium term?
- What are the threats to the insurability of weather-related risks and how do we ensure insurability is sustained in the future?
- As an industry how do we focus on the aggregate part of the curve rather than the tail?
- How do cat models need to be adapted to reflect the dynamic nature of climate risk and socio-economic factors
- What role should the regulators play?
Chris Cundy, Managing Editor, InsuranceERM
Andrew MacFarlane, Head of Climate, Axa XL
Maryam Haji, VIce President, Head of Cat Research, Trans Re
Thomas Speakes, VP, Program Manager, North America, QBE
|PANEL DISCUSSION: CREDIT MARKETS OUTLOOK
- How has the pandemic reshaped what is attractive in terms of the credit landscape across different sectors?
- Downgrades and defaults off the back of the pandemic – what is the outlook for this and what does this mean for insurers portfolios?
- How are the regulators responding to this risk?
- Public vs private
- Corporate real estate vs. corporate bonds
- Intermediate vs. longer term
- Did we experience the end of the credit cycle or is it still lurking on the horizon? What are the implications of rapid government intervention?
- Asked about credit market outlook and he said level of spreads is a key topic there. Do people feel that they are being compensated for the risk right now?
- Could be an interesting dialogue around the industry sector.Energy/leisure/travel - were in a bad place last year, starting to come back but post pandemic – does this change people's perspectives on those industries?
- Credit spread duration
Erik Vynckier, Board Member, Foresters Friendly Society
Amit Agrawal, Head of Fixed Income, Axa XL
Federico Rodriguez, Global Head of Fixed Income, Group Investments, QBE
Nakul Nayyar, Investment Risk Management, Guardian Life
Sanjana Raturi, Head of Credit Risk, New York Life Insurance
||End of day one