KEYNOTE ADDRESS: GEOPOLITICS, INFLATION AND MONETARY POLICY– ANALYSIS OF A CHALLENGING MACRO ENVIRONMENT AND OUTLOOK FOR THE MONTHS AHEAD
- The perfect storm: How did we get where we are today and what will be the key driving factors that will influence the macro-economic outlook and risk landscape over the next few months?
- What is the medium-term outlook for inflation? Are we on the precipice of a structural shift to a higher inflation environment or is this transitory?
- Is Stagflation a real risk and what would that mean?
- Is there sufficient time for the market place to adjust?
- What actions can we expect from the Fed and other central banks in terms of interest rate policy?
- Geopolitical risk – how has the Russia/Ukraine crisis impacted market volatility?
- How should insurers be monitoring and assessing continued geopolitical risks and what further outcomes should we be bracing for?
- How is Covid continuing to impact world economies?
C-SUITE PANEL DISCUSSION: CHALLENGES AND OPPORTUNITIES AHEAD FOR BERMUDA'S INSURANCE MARKET
- Bermuda's place in the global picture
- Geographical diversification and global maturity
- Overview of the competitive environment in Bermuda – outlook for start-ups, M&A and consolidation and what this means for the insurance risk landscape in Bermuda
- The OECD tax reform – how concerned should the Bermudian (re)insurance industry be and what are the likely implications for the Bermudian market?
- S&P capital model changes -what might the final model look like and what might be the potential impacts on local insurers?
- Where are the key opportunities for Bermudian insurers?
- ESG/Climate change strategy implementation
- Bermuda as a global climate finance hub
- Innovation – where are we seeing examples of ways to differentiate?
Steve Hales, Chief Executive Officer, Resolution Re
Sylvia Oliveira, Chief Executive Officer, Wilton Re
John M. Huff, President & CEO, ABIR, Assoc of Bermuda Insurers & Reinsurers
Morning Coffee Break
HOW DOES CAPITAL MODELING INFORM DECISION MAKING IN THE PRESENT MARKET ENVIRONMENT?
Aon's Capital Advisory team guides (re)insurance senior management on how to not just optimize your capital mix but understand whether your capital and resources are in the right places – identifying the most effective vehicles to access capital in line with your risk appetite and growth strategy.
Steve Wallace, CPA, CPCU, Managing Director, Aon Reinsurance Solutions
PANEL DISCUSSION: CROS IN CONVERSATION
- Expectations on the risk function
- How have expectations on the CRO and the role of the CRO changed?
- How do risk structures differ and compare from company to company
- Comparing mature insurance business risk structures to start-up risk structures – are there lessons to be gleaned from each?
- Key required skill sets
- How does the risk team ensure it is well positioned to manage future risk landscapes?
- Role of the Board
- What are the necessary components for an effective Board?
- Headwinds for the industry
- Which key risk factors have the potential to disrupt and derail?
- What does the return of inflation and potential stagflation mean from a risk perspective?
- Emerging Risk Process
- How are firms rethinking and revising structures and approaches around emerging risks?
- Connecting the dots in the risk identification process
Michelle Moloney, Chief Risk Officer, Pacific Life Re
Nick Burke, Chief Risk Officer, Legal and General
Snjezana Tremblay, Chief Risk and Compliance Officer, Liberty Specialty Markets
PANEL DISCUSSION: BERMUDA'S CLIMATE JOURNEY -PUSHING FORWARD THE CLIMATE AGENDA
- Regulatory frameworks, disclosures and risk management around climate related risks – what are the practical implications for insurers?
- What is the role of financial services regulators in managing climate risk, if any?
- What regulatory deliverables will insurers be expected to provide in the short and medium-term regarding assessment, management and reporting of climate risk
- What does this mean in practical terms for the risk and investment functions?
- What opportunities and risks does this pose for insurers?
- How are companies prioritising initiatives; structuring teams etc to work towards meeting regulatory requirements?
- What should the role and responsibility of both regulator and industry be in forging a future pathway?
- How can industry and regulators work effectively together to find a path that balances regulatory requirements with business pragmatism?
- What are the pertinent issues that the insurance industry should be lobbying on as we try to move towards accepted global standards?
- What might the future regulatory landscape for managing climate risk look like and how should insurers be preparing in order to meet the challenge?
- The path to net zero - managing the risks around a potentially unjust and disorderly transition
- What role can and should insurers play to steward and support transition in the right way and help mitigate against a disorderly transition?
- Which factors will influence the speed and nature of transition?
- How are firms assessing the risk implications of a disorderly transition?
- Who stands to benefit and who stands to lose?
- What impact on society can we expect and how will this impact insurers from both an investment and underwriting perspective?
- Navigating data challenges
- Mitigating for potential litigation
Andrew Smith, Chief Risk & Sustainability Officer, Conduit Reinsurance
Andy MacFarlane, Head of Climate, Axa XL
Representative, Aviva Investors
Ricardo Garcia, Managing Director, FIA, MSc, Bermuda Monetary Authority (BMA)
PANEL DISCUSSION: THE FUTURE OF CYBER INSURANCE: GROWTH AND INNOVATION
- Trends shaping the industry
- What do we perceive to be the biggest potential cyber threat?
- How are insurers assessing potential risks to the cyber market from the Russia/Ukraine war and what steps are they taking to mitigate these risks?
- What will the nature of future cyber threats look like and how are insurers mobilising to meet the challenge?
- Monitoring and capturing non-affirmative cyber exposure
- How are firms addressing cyber risk accumulation and aggregation?
- Overcoming challenges surrounding lack of available data
- Growth and innovation:
- How are modelling approaches and product developing and evolving to keep pace with the ever more increasingly challenging and complex nature of cyber threats?
- Utilising the power of AI and big data – opportunities for transformation in the cyber underwriting space
- Where are the opportunities for Bermuda to further affirm its place as a market leader in cyber?
Ari Chatterjee, Chief Underwriting Officer, Envelop Risk
Jessica Cardoso, Head of Risk Management E&O, Markel
George Cole, Mosaic Insurance
Devin Page, Senior Vice President, Specialty and Casualty Treaty, Ascot Bermuda; Co-Chair, Cyber Working Group, Association of Bermuda Insurers and Reinsurers
PANEL DISCUSSION: WHAT IS THE RIGHT INVESTMENT STRATEGY AGAINST THE BACKDROP OF ESCALATING GEOPOLITICAL TENSIONS AND RISING INFLATION AND INTEREST RATES
- Increased geopolitical tensions: What risk to investment opportunities does all of this pose as we search for more yield?
- Can we expect rising rates to finally offer some relief for insurers, or cause the next credit crisis?
- Which sectors are going to be most affected by inflation and which are going to be benign?
- What action, if any are insurers taking on their portfolio as a result of inflation to reposition their balance sheet?
- How are firms managing the additional challenges to assets-liabilities management and liquidity risk ?
- Top tips: Which sectors and geographies are going to be in demand in 2022 and 2023 and why?
- New yield enhancement opportunities - Which asset classes are insurers seeking out for new yield enhancing opportunities?
- How are insurers approaching ESG opportunities within the investment portfolio?
- Innovation in the portfolio -what strategies are insurers deploying to add additional value?
- Do mark-to-market based accounting policies provide misleading headlines?
PANEL DISCUSSION: PRIVATE EQUITY BACKED INSURANCE – IS THE TREND SET TO CONTINUE AND WHAT ARE THE IMPLICATIONS FOR THE INDUSTRY?
- Can we expect the trend for private equity backed insurance firms to continue for the foreseeable?
- How is this pattern altering the insurance landscape and what are the long-term implications for the industry?
- What threats and opportunities does this present for the Bermuda insurance market?
- Ramifications for investment strategies
- Are Private Equity firms suitable partners to support insurers long term liabilities?
- Are regulators able to get a clear picture of the risk and can we expect increased regulatory scrutiny or changes in this space?
Gerald Gakundi, Director, Insurance Supervision (Insurance) Department, Bermuda Monetary Authority
Afternoon Coffee Break
ARE INSURERS BEING PUSHED TOO FAR INTO ALTERNATIVE AND RISKY ASSETS AND HOW DO WE GET COMFORTABLE WITH THE RISK?/DO WE HAVE THE ABILITY TO APPROPRIATELY EVALUATE THE RISK
- What should be the role of illiquids and risky assets on an insurer's balance sheet?
- Is the trend towards risky assets sustainable and what are the long-term risk profile implications?
- What should the role of the regulator be in ensuring risks from alternatives and illiquids are appropriately evaluated?
- What's hot and what's not? Which are the riskier assets being favoured by the investment teams?
- As the exposure to illiquids and risky assets continues to rise and become more intricate and challenging – do we have the necessary skills, knowledge and tools to sufficiently assess and manage the associated risks?
- What is the role of both the investment team and the risk team in understanding the risk of this asset class? what expectations can and should each have on the other?
- How can risk and investment teams work together to ensure that the right due diligence and risk oversight being done, whilst ensuring that investment opportunities are not missed.
- How can insurers leverage 3rd-party asset managers in a risk-responsive manner?
Piero Falcucci, Co-founder and Chief Risk Officer & Chief Actuary at Triangle Life
Paolo Fiandesio, Chief Risk Officer, Resolution Re
PRESENTATION: MAKING DIVERSITY, EQUITY AND INCLUSION REAL AND RELEVANT – WHAT DOES A TRULY INCLUSIVE ENVIRONMENT LOOK LIKE AND HOW DO WE GET THERE?
- Engaging with D, E and I from a business strategy perspective – recognising the opportunities an inclusive environment presents and the business risks from not engaging.
- Ensuring diverse groups are enabled to interact fully as part of the business.
- Talent management challenges – how can a truly inclusive approach help address the talent gap.
- Is the hybrid working environment counter-productive to D,E & I progress, or is it a positive thing?
- How can risk managers leverage the strength of DEI to identify, measure and mitigate risks? – risk perception vs. risk reality, emerging risks, multiple lens approach?
- Shared experience of D,E & I journeys within firms:
- How are firms tackling it?
- What has worked and what hasn't?