Insurance Risk & Capital EMEA 2022

1 December 2022, London

Hilton Tower Bridge, London • 5 More London Riverside, Tooley St, London SE1 2BY

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Agenda

08:50

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

WELCOMING REMARKS

WELCOMING REMARKS

08:55

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

KEYNOTE ADDRESS: TO WHAT EXTENT ARE GEOPOLITICAL EVENTS INFLUENCING AND IMPACTING THE RISK AGENDA

Speaker: David Sansom, Chief Risk Officer, Lloyd's

PRESENTATION: BIODIVERSITY

  • What do governmental commitments to biodiversity by 2030 mean for insurers and their investments?
  • For those insurers just starting to understand the significance of risks and opportunities associated with biodiversity, where is a good place to start?
  • Where to start in order to integrate biodiversity in investment decisions?
  • Where can we leverage from the work that we have already been doing on climate risk?
  • Challenges specific to biodiversity
    • Big data gap
    • Multi-dimensional and complex nature of biodiversity
    • Metric: climate has carbon, what is the biodiversity metric? And if it's qualitative, how to make it meaningful?
  • Given these challenges – what positive action can insurers actually be taking in their investment portfolio now? Where are the quick wins?
  • Approaching biodiversity through the double materiality lens.
  • Feedback from work done by the Taskforce on Nature Related Financial Disclosures
  • What progress has been made by firms who are adopting TNFD disclosure frameworks? Lessons learned?
  • Next steps at company and industry level

Speaker:
Roslyn Stein, Head of Climate and Biodiversity, Axa Group

09:20

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: MANAGING PEOPLE RISK – HOW DOES THE INSURANCE INDUSTRY STAY RELEVANT AND ABLE TO COMPETE FOR TOP TALENT

  • Post Covid labour market dynamics – what trends are we seeing?
  • Mitigating risks around a tight labour market
  • What are the key motivators for staff and how can we respond?
  • Power and importance of the company's ESG brand
  • Investing in talent – attracting, managing and maintaining.
  • How do we keep talent engaged? How do we ensure ERM career is a challenging one and keep talent engaged?
  • To what extent can an effective D, E & I programme help with the attracting and nurturing talent?
  • What impact is the hybrid virtual model having on human capital?
    • How are different firms approaching the evolving virtual/hybrid work environment structure?
    • How effective is the hybrid working model proving to be and is it sustainable?
    • Is the business model operating at optimum capacity within this hybrid structure?
    • How has hybrid working impacted culture? How do you ensure culture remains robust in hybrid working environments?
    • Initiatives to encourage collaboration and connectivity
    • Challenges around recruiting new talent into a hybrid environment
    • How can firms adapt culture and operating methods to match hybrid/flexible working?

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

Panellists:
Chika Aghadiuno, Non Executive Director, The MDU
Henry Gardener, Director of Legal and Chief Risk Officer – International, Markel Corporation
Kimon de Ridder, Chief Risk Officer, Insurance, Bupa
Chika Aghadiuno, NED, and former Group Enterprise Risk Director, Aviva
Rob Anarfi, Chief Risk Officer, Beazley Group
Socrates Coudounaris, Head of Risk Management, Reinsurance Group of America, Incorporated

PANEL DISCUSSION: NAVIGATING THE DILEMMAS AND MORAL CHALLENGES OF THE SUSTAINABILITY AGENDA

  • Setting your ESG ambition: What does sustainability mean to your company and your stakeholders?
  • What should a 'good' ESG ambition look like and what are the building blocks that help you get there?
  • Aligning ambition with purpose and strategy
  • Balancing trade-offs – managing the moral dilemma inherent in ESG choices – how do you decide who will win and who will lose?
  • Managing and meeting stakeholder expectations
  • What is the right governance structure to underpin and support this balancing act?
  • The role of the Board

Moderator:
Sarfraz Thind, US Editor, InsuranceERM and Insurance Asset Risk

Panellists:
Alex Hindson, Chief Risk and Sustainability Officer, ArgoGlobal
Aurore Lecanon, Chief Risk Officer, Direct Line Group
Deepak Jobanputra, Chief Sustainability Officer, Vitality
Richard Butters, Head of ESG Integration - Credit, Aviva Investors

10:05

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: AI AND ML - EMBRACING TECH AND DIGITAL OPPORTUNITIES IN THE RISK SPACE

  • Examples of current practical application of AI and ML – has the reality lived up to the hype?
  • What factors are inhibiting growth?
  • How can the regulatory landscape be more enabling?
  • Do we have the right risk appetite to appropriately embrace AI opportunities?
  • Defining and governing ethical AI principles
  • What tech innovation do we need in order to meet the demands and challenges of the future insurance market place?
  • Where are the opportunities for innovation? Where can the use of AI and ML be most impactful?
  • How do you build a culture that embraces and drives innovation?

Moderator:
Paul Walsh, Senior Staff Writer, InsuranceERM

Panellists:
Lukas Ziewer, Group Chief Risk Officer, Athora
Sue Turner OBE, Chief Executive, AI Governance Limited
Ross McGee, AVP, US Risk, Argo Group

PANEL DISCUSSION: WALKING THE TALK: CAN WE BACK UP OUR CLIMATE STATEMENTS AND MANAGE TO AVOID THE GREENWASHING PITFALLS?

  • Update on recent litigation
  • Reputational and risk implications of greenwashing
  • Are we in danger that our net zero commitments will lead to law suits if we can't deliver?
  • Are we under too much pressure to report and make decisions based on inadequate data?
  • What information insurers need from their AM to ensure the offering is not only green in marketing?
  • Will the rise of mandatory, standardised disclosures, address the data gaps, and in turn help combat greenwashing?
  • Data challenges and the role of ESG ratings
  • What constitutes a truly sustainable product with real impact vs greenwashing?
  • What steps can insurers take to avoid greenwashing and the perception of greenwashing?

Moderator:
Mark Wade, Head of Sustainability Research and Stewardship, Allianz Global Investors

Panellists:
Dr. Frank Schiller, Chief Actuary Life and Health Reinsurance, Europe, Middle East, Munich Re
Nigel Brook, Partner, Clyde & Co LLP
Paul Barrett, Chief Risk Officer & Climate Risk SMF,
American International Group UK Limited

10:45

MORNING COFFEE BREAK

11:05

PANEL DISCUSSION: 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?
  • How is inflation affecting insurers and how have they responded to it?
  • Is Stagflation a real risk and what would that mean?
  • What actions can we expect from central banks in terms of interest rate policy?
  • Will the pace of monetary policy tightening lead to a disorderly adjustment in financial markets?
  • Impacts on market volatility from the Russia/Ukraine war and what this means for insurers.
  • How should insurers be monitoring and assessing continued geopolitical risks
  • How is Covid continuing to impact world economies?

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
Andrew Pease, Global Head of Investment Strategy, Russell Investments
Chris Knight, Group Chief Risk Officer, Legal and General
Fabrice Brossart, Chief Risk Officer International General Insurance, AIG
Corrado Pistarino, Chief Investment Officer and Chair, Climate Risk Forum, Foresters Friendly

11:50

KEYNOTE INTERVIEW: Justin Wray, Head of the Policy Department and Head of the Insurance Policy Unit, EIOPA

Interviewed by Chris Cundy, Managing Editor, InsuranceERM

12:15

PANEL DISCUSSION: OPERATING TO A SOCIAL PURPOSE

  • How are insurers evaluating their role in society?
  • What does it mean in practical terms for an insurer to 'operate to a social purpose'?
  • Where are insurers best placed to make a difference and what opportunities does this bring?
  • Brand enhancement
  • Will we see insurers start to brand themselves as an 'ethical insurer'?
  • Ensuring a clear statement around culture
  • How are firms starting to think about supporting vulnerable customers?
  • What innovations have we seen around products and initiatives to support customers with lower income or substandard health so that the risk remains within the limits?

Moderator:
Joshua Geer, Staff Writer, InsuranceERM

Panellists:
Alex Duncan, Group Chief Risk Officer, Just Group
Kirsty Leece, Group Chief Risk Officer, Vitality
Zoe Shapiro, Open Division Chief Risk Officer, Phoenix Group

12:55

LUNCH

13:45

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

13:45 PANEL DISCUSSION: NEXT GENERATION RISK MODELLING – HOW DO RISK IDENTIFICATION AND MODELLING CAPABILITIES NEED TO EVOLVE TO MEET THE NEW ERA OF COMPLEX AND UNPREDICTABLE RISKS

  • How have recent global events changed our perception and definition of 'emerging' and 'tail risk' events?
  • What new challenges does today's vast and complex risk system bring?
  • How do we move towards a more forward-looking long term risk approach?
  • Interconnectedness and accumulation of risk – Spotting the risk interactions that cause the complexity
  • Moving away from a silo risk identification approach and connecting the dots – how do you implement and embed this approach in practice?
  • To what extent could the digitalisation of risk functions and risk management systems be the answer?
  • 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 can the skills of the risk manager add value?

Moderator:
Vinaya Sharma, Managing Director, Head of Insurance Business Development, QRM

Panellists:
Fabian Uffer, Group Chief Risk Officer, Scor

Alan Godfrey, Exposure Management Principal, Sompo International
Tom Philp, Chief Executive Officer at Maximum Information | Research Associate, Dept of Philosophy, London School of Economics

13:45 PRESENTATION: ESG RISK ASSESSMENT FOR PRIVATE COMPANIES

Speaker: Gareth Edwards, Managing Director, AB Carval

14:05 PANEL DISCUSSION: MANAGING TRANSITION RISK – PAVING THE WAY FOR AN ORDERLY TRANSITION

  • Beyond their pledges, are asset owners and their managers acting swiftly enough to ensure meeting the 2050 target?
  • How are firms identifying and assessing transition risks within the portfolio?
    • Managing the risk of potential external disruptive factors –unexpected social and geopolitical events, government interventions, changes in consumer behaviour, technological advancements etc
  • What constitutes a transition plan that is credible, meaningful and has real world impact - and how do we achieve it?
  • How do you risk assess transition plans?
  • Is it the institutional investors' role to enable a 'just' transition, or should that be exclusively the remit of the public sector?
  • Do we have the right regulatory framework and tools at our disposal to successfully navigate the path to net zero?
  • Overcoming challenges of data gaps and inconsistent data in investee companies' supply chain
  • Managing the risk of potential external disruptive factors – how do you factor in the uncertainty of unexpected social and geopolitical events, potential government interventions, changes in consumer behaviour, technological advancements etc?
  • Sourcing sufficient sustainable assets in which to invest

Moderator:
Vincent Huck, Editor, Insurance Asset Risk & Corporate Disclosures

Panellists:
Julius Huttunen, Head of ESG Fixed Income Public Markets, Aegon Asset Management
Wendy Walford, Head of Climate Risk, Legal and General
Meirion Board, Director – Net-Zero Insurance Emissions Program
Senior Manager – ESG and Financial Risks, QBE European Operations

14:25 PANEL DISCUSSION: WORLD ECONOMICS AND THE ROLE OF INSURANCE REGULATION

  • Does current regulation and the proposed reforms adequately address the shifting risk and financial landscape, and meet the changing needs and challenges for insurers?
  • Solvency II Reform:
    • Do the UK proposed reforms go far enough to meet the goal of sufficiently liberating insurers capital and encouraging more domestic infrastructure investing?
    • Will there be a level playing field post reform?
    • Will we see a convergence or divergence in international solvency capital standards?
    • What could divergence between EU and the rest of the world mean for the industry?
    • Is it right and appropriate to include the introduction of green supporting factors – would this add risk or reduce it?
  • International Insurance Capital Standards and US Aggregation method
    • Can the 2 frameworks be comparable and can they work side by side?
    • Is there value in having 2 standards or does this defeat the purpose?
  • What is next for regulation?

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
David Otudeko, Assistant Director, Head of Prudential Regulation, ABI
Donald Macleod, Chief Actuary, RL360
Alberto Corinti, Consigliere, Member of the Board of Directors,
IVASS
Domhnall Cullinan, Director of Insurance Supervision, Central Bank of Ireland

14:50 CLIMATE AWARE STRATEGIC ASSET ALLOCATION – A CRITICAL EVOLUTION

Legacy business practices must be overhauled to reflect climate risk and opportunities. Strategic asset allocation in particular will no longer be a process grounded in historical data

In this session we will discuss our 3 pillar framework for climate aware SAA

  • How to transform capital market assumptions for climate
  • Demonstrate how optimizations are impacted when climate goals are a variable
  • Illustrate the more significant weight that implementation will play for insurance asset owners

Tim Antonelli, Insurance Strategist, Wellington Management

15:10

AFTERNOON COFFEE BREAK

15:30

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: OPERATIONAL RESILIENCE – PROGRESS AND NEXT STEPS

  • How are European and UK regulators intensifying their focus on operational resilience?
  • Progress update on the EU Digital Operational Resilience Act – what will the practical implications be for European insurers?
  • What value are firms deriving from the PRA's operational resilience initiative?
  • Has it led to a change in business practices?
  • Where have you refocussed efforts?
  • Has it led us to reconsider what resilience means?
  • Where have firms identified gaps and shortfalls?
  • Embedding and operationalising: What work is left to do in order to meet the 2025 deadline for full implementation of the operational resilience mapping and testing frameworks?
  • What steps are firms taking to anticipate and prepare for the potential future dynamics and facets of cyber-attacks?
  • Where next with operational resilience? Expected next steps from the regulators

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

Panellists:
Michael Hosking, Chief Operating Officer & Chief Risk Officer, Gen Re International P&C, Chief Risk Officer, Faraday Underwriting Limited
Philippa Herz, Chief Risk Officer, OneFamily
Neil McGeachie, UK Chief Operating Officer, Aspen Insurance Group

PANEL DISCUSSION: BALANCING SUSTAINABILITY VS RETURN IN THE ASSET PORTFOLIO.

  • How are insurers balancing the need to meet ESG criteria and net zero targets whilst maintaining the required levels of return in the portfolio?
  • How are ethical and moral investment decisions approached?
  • Which assets are insurers seeking out from a sustainability perspective?
  • What constitutes real impact vs greenwashing?
  • Role of regulation in advancing insurer sustainable asset practices

Moderator:
Abbie Wood, Staff Writer, Insurance Asset Risk

Panellists:
Hetal Patel, Head of Climate Investment Risk, Phoenix Group
Prasun Mathur, Head of Private Assets, Aviva
Eleanor Bucks, Chief Investment Officer, Lloyd's of London
Dr. Bronwyn Claire, Senior Business Specialist, Climate and ESG Solution team, Ortec Finance

16:15

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: A CONSUMER CENTRIC APPROACH – RISKS AND OPPORTUNITIES

  • How are regulatory initiatives designed to put the consumer front and centre impacting insurers' business?
  • How are firms revisiting and reassessing their perspective on a consumer centric approach and what it means to be fair to customers?
  • The end-to-end perspective – reviewing products and processes through the customer lens – what do we learn?
  • FCA new consumer duty –
    • What processes have firms needed to reengineer?
    • How are firms starting to embed these requirements and make them operational?
  • Artificial Intelligence Act – what are the risk implications of the expansive definition of AI systems and how should insurers be responding?
  • Duty of care to vulnerable customers
    • Rethinking product offering and utilising technological advancements
  • Right to be Forgotten

Moderator:

Paul Walsh, Senior Staff Writer, InsuranceERM

Panellists:
Helen Cooper, Chief Risk Officer, Esure
Michael Sicsic, Managing Partner, Sicsic Advisory
Matthias Schneider, CRO Life, Germany, Zurich
Sarah Ouarbya, Partner, Mazars

PANEL DISCUSSION: THE ESG DATA CHALLENGE: HOW ARE INSURERS ADDRESSING AND OVERCOMING THE CHALLENGE OF DATA GAPS AND INCONSISTENT DATA?

  • 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?
  • Next steps

Moderator:
Lloyd Richards, Head of Actuarial, Crowe UK

Panellists:
Rachel Delhaise, Head of Sustainability, Convex Insurance
Adhiraj Maitra, Group Head of Sustainability, Canopius


Amir Sethu, Head of Sustainability and ESG, MS Amlin

16:55

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

CLOSING REMARKS

CLOSING REMARKS

17:00

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

END OF THE CONFERENCE

END OF THE CONFERENCE