Agenda

09:00

KEYNOTE ADDRESS: REGULATORY OUTLOOK FOR 2021 AND KEY AREAS OF FOCUS FOR THE PRA

Keynote speaker: Charlotte Gerken, Executive Director of Insurance, PRA

09:30

PANEL DISCUSSION: REGULATORS IN CONVERSATION – KEY PRIORITIES ON THE AGENDA FOR 2021

Regulatory response to the pandemic and ongoing challenges
What did we learn about the resilience of the insurance industry?
What key priorities do you have on your agenda for the year ahead and how have these changed In light of Covid-19?
How will regulation change following the crisis?

Assessing the impact of Covid-19 on priority areas in the SII review – eg macroprudential tools, volatility adjustment
EU sustainability regulation – how are regulators intending to keep the focus on sustainability given coronavirus and global recession?
As the focus on sustainability escalates, to what extent will this filter down into SII review discussions? Will we see the integration of sustainability into Pillar I and capital charges?

Strategic regulatory priorities surrounding cyber
What will the EC's approach for shaping a European strategy for data mean for insurers?
Brexit – with a hard deadline looming, what does the future hold?

Panellist: Representative, PRA

10:15

Morning coffee break

10:45

THE FUTURE OF CAPITAL MODELLING

How are lessons learned about the capital effects from pandemics and Covid-19 set to change the way we approach capital modeling?
Dual hit to balance sheet both from an asset and liability side.
Underwriting losses – was a realistic correlation/aggregation being allowed for?
How is the focus on climate change scenarios impacting capital modeling?
How may regulators respond in the long run?

Speaker: Peter Antal, Head of Capital and Risk, Partner Re

11:10

PANEL DISCUSSION: INTEGRATING CORRELATION AND INTERCONNECTEDNESS INTO SCENARIO PLANNING. HOW EFFECTIVE DID EXISTING PANDEMIC SCENARIOS PROVE AND WHAT CHANGES NEED TO BE MADE GOING FORWARD?

How did previous scenario planning compare with reality?
What level of insight did it give as to where exposure might lie?
Where were the gaps?
What can we learn about pandemic modeling as a result?
What does it mean for our assumption updates?
How often can and should we expect an event like this?
How precisely do you want to model?
Integrating correlation and interconnectedness into scenario planning for catastrophic risk

How is the growing interconnectivity of risks affecting scenario planning?
Understanding supply chains
Data sources – internal and external
Methods for communicating interconnectedness – visualisation maps, data maps
How do you move from a qualitative to quantitative approach?

11:50

PANEL DISCUSSION: A SPOTLIGHT ON THE OUTLOOK FOR THE GLOBAL ECONOMY. WHAT DOES THIS MEAN FOR INSURERS INVESTMENTS?

How deep will the recession be and what do we think the recovery will look like?
Have markets responded in line with expectations when compared to similar historic crises and scenarios?
What action can we expect from the central banks and governments?
Outlook for inflation and interest rates?
To what extent have fixed income assets defaulted and/or been downgraded?
What long-term impact on global growth trends can we expect?
What impact has Covid-19 had on assets and how should insurers position themselves in the coming months to weather any storm
How has insurers investment behaviour changed as a result?
What lessons have we learned that will influence the way we respond from an investment perspective in the case of a further similar pandemic risk?

Will there continue to be a big challenge to find good yielding investments?
Could we be facing stranded assets as a result of Covid-19?

12:30

Lunch

13:30

PANEL DISCUSSION: PREPARING FOR THE SOLVENCY II REVIEW – CHALLENGES, OPPORTUNITIES AND PRACTICAL IMPLICATIONS

What challenges and opportunities do the proposed amendments present?
How does opinion differ on this between countries?
How can the SII review be an opportunity to shape the future of the European insurance sector for the better?

Reducing barriers to long-term business and investment
Making proportionality work in practice
Reducing the burden of reporting
Enabling the insurance industry to be a key contributor to a sustainable future

What key changes should we expect from the review and what implications do they hold?
Which of the SII amendments can we expect the UK to adopt or mirror after Brexit and where do we see the UK taking a different path?
What have holistic impact assessments of the SII review told us?
How has Covid-19 impacted, revised and informed these impact assessments?

Panellist: Ismael Moreno, Chief Risk Officer, Vida Caixa

Panellist: Alberto Corinti, Member of the Board of Directors, IVASS