2022 Global Seminar

Welcome remarks:
Ante Žigman – President of the Board, Croatian Financial Services Supervisory Agency 
Ivana Ravlić Ivanović – Head of Sector for Banking, Accounting and Audit at the Ministry of Finance, Republic of Croatia

Updates from IAIS Committees and audience Q&A:

IAIS Committee Chairs, Vice Chairs and Champions:
David Altmaier – Vice Chair, IAIS Executive Committee and Commissioner, Florida Office of Insurance Regulation
Gary Anderson – Chair, IAIS Policy Development Committee and Commissioner, Massachusetts Division of Insurance
Shigeru Ariizumi – Vice Chair, IAIS Executive Committee and Vice Commissioner for International Affairs, Japan Financial Services Agency
Peter Braumüller – Chair, IAIS Implementation and Assessment Committee and Managing Director of Insurance and Pension Supervision, Austrian Financial Market Authority 
Jonathan Dixon – Secretary General, IAIS
Dieter Hendrickx – Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium 
Petra Hielkema – IAIS FinTech Champion and Chairperson, European Insurance and Occupational Pensions Authority
Helen Rowell – IAIS Diversity, Equity & Inclusion Champion and Deputy Chair, Australian Prudential Regulation Authority
Vicky Saporta – Chair, IAIS Executive Committee and Executive Director, Prudential Regulation Authority and Bank of England
Suzette Vogelsang – Vice Chair, IAIS Executive Committee and Head, Department (Banking, Insurance and FMI Supervision Department), Prudential Authority of South Africa
Daniel Wang – Chair, IAIS Climate Risk Steering Group and Executive Director, Insurance Department, Monetary Authority of Singapore

The Covid-19 pandemic has exacerbated social inequality across both developed and emerging market economies. This panel discussed how inclusive insurance could contribute to addressing inequality and promoting sustainable development. Topics in focus were obstacles to, and opportunities for, innovative solutions to increase inclusive insurance, including technological innovation, public/private risk-sharing initiatives to address protection gaps and possible changing product offerings to meet customer needs in a post-pandemic world.

The discussion considered the role of insurance supervisors in supporting inclusive insurance and examples of practical steps that can be taken to support more equitable and sustainable outcomes.

Moderator:
Suzette Vogelsang – Vice Chair, IAIS Executive Committee and Head, Department (Banking, Insurance and FMI Supervision Department), Prudential Authority of South Africa

Panellists:
Hannah Grant – Head of Secretariat, Access to Insurance Initiative 
Ilijana Jeleč – Deputy President of the Board, Croatian Financial Services Supervisory Agency 
Tomas Soley – Chair, IAIS Financial Inclusion Forum and General Superintendent of Insurance, Costa Rica
Shari Spiegel – Chief of Policy Analysis and Development, Financing for Sustainable Development Office, Department of Economics and Social Affairs, United Nation

This panel discussed insurance supervisors’ practices on climate risk scenario analysis, with a focus on steps being taken to support IAIS members who are embarking on assessments and efforts to ensure international collaboration. The panel also touched on the importance of data availability for effective climate risk assessment and the IAIS work in this regard through its Global Monitoring Exercise.

Moderator:
Dieter Hendrickx – Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium

Panellists:
Patricio Espinoza – Director of Prudential Insurance Regulation, Financial Market Commission of Chile
Hugh Francis – Director of External Reporting Developments, Aviva
Robert Muir-Wood – Chief Research Officer, Risk Management Solutions
Daniel Wang – Chair, IAIS Climate Risk Steering Group and Executive Director, Insurance Department, Monetary Authority of Singapore 

This panel discussed the IAIS’ work on operational risks as well as cyber resilience and cyber underwriting risk, and shared views on lessons learnt from the Covid-19 pandemic. As insurance supervisors focus on these growing risks, this panel also considered the work the IAIS is undertaking to gather data on cyber risks as part of this year’s Global Insurance Market Report special topic.

Moderator:
Gary Anderson – Chair, IAIS Policy Development Committee and Commissioner, Massachusetts Division of Insurance

Panellists:
Jad Ariss – Managing Director, The Geneva Association
Rebecca Bole – Head of Industry Engagement, Cyber Cube
Todd Coslow – Chair, IAIS Operational Resilience Task Force and Assistant Vice President, Federal Reserve Bank of Chicago
Stefanie Ott – Managing Director, Head Group Qualitative Risk Management, Swiss Re

This panel discussed IAIS members’ approaches to and experience with the implementation of the Holistic Framework’s key elements of risk monitoring and supervisory response, including views on the effectiveness of supervisory measures in making the insurance sector more resilient.

Moderator:
Peter Braumüller – Chair, IAIS Implementation and Assessment Committee and Managing Director of Insurance and Pension Supervision, Austrian Financial Market Authority 

Panellists:
Clement Cheung – Chair, IAIS Audit and Risk Committee and Chief Executive Officer, Insurance Authority Hong Kong
Don Forgeron – President and Chief Executive Officer, Insurance Bureau of Canada and President, Global Federation of Insurance Associations
Andrew N. Mais – Insurance Commissioner, Connecticut
Jayne Plunkett – Group Chief Risk Officer, AIA Group Limited

As the IAIS reaches the mid-point of the ICS five year-monitoring period, IAIS members from four regions reflected on the ongoing development of the global standard, lessons learnt during the monitoring period and progress on the Comparability Assessment. They considered what the implementation of the global standard means for the resilience of the insurance sector and any hurdles in the final two years before implementation.

Panel members also engaged with the audience in a Q&A.

Discussion with:
David Altmaier – Vice Chair, IAIS Executive Committee and Commissioner, Florida Office of Insurance Regulation
Shigeru Ariizumi – Vice Chair, IAIS Executive Committee and Vice Commissioner for International Affairs, Japan Financial Services Agency
Petra Hielkema – IAIS FinTech Champion and Chairperson, European Insurance and Occupational Pensions Authority
Vicky Saporta – Chair, IAIS Executive Committee and Executive Director, Prudential Regulation Authority and Bank of England
Suzette Vogelsang – Vice Chair, IAIS Executive Committee and Head, Department (Banking, Insurance and FMI Supervision Department), Prudential Authority of South Africa