Global Risk and Insurance Forum

Speakers

Michael Thom
European Commission

David Babbel
David Cummins
Wharton School

Ed Forshaw
Peter Andrews
Financial Services Authority

Philip Booth
City University

David Anthony
Standard & Boor's

David Laster
Swiss Re

Terri Vaughn
Ernst Csiszar
NAIC, USA

David Blake
Birkbeck College

Andrew Cairns
Heriot-Watt

Michael Faure
Maastricht University

Patrick Brockett
University of Texas

Kevin Dowd
Richard MacMinn
Stephen Diacon
Chris O'Brien
University of Nottingham

Arranged by the Centre for Risk and Insurance Studies, Nottingham University Business School

An international conference on
Wednesday 17 & Thursday 18 April 2002
at the Marble Arch Thistle Hotel, London

 

 

 

Considering key issues in regulation including ~ solvency ~ market structure ~ customer protection

Who should attend? Those involved in: ~ Strategy - Planning ~ General management ~ Actuarial - Finance ~ Risk management ~ Regulation - Compliance

 

 

 

 

08.30

09.20

09.30

10.10

11.00

11.25

12.15

Registration and Coffee

Welcome and Introduction
Professor Sir Colin Campbell -
Vice- Chancellor, University of Nottingham
Non-Executive Director, Swiss Re GB plc

Morning Session
Chairman: Martin Roberts, Senior Insurance Advisor, Financial Services Authority

European Commission Priorities for Insurance Regulation
Michael Thom - European Commission,
Insurance and Pensions Funds Unit

• The EU agenda for regulating insurance
• Latest position on the solvency margin review
• Key issues for a new EU solvency margin directive

SOLVENCY

Insurers' Financial Risk Management Processes
David Babbel - Professor of Insurance and Risk Management and Finance, Wharton School, University of Pennsylvania

• Alternative risk management approaches: asset/liability management and Value at Risk
• Potential areas for improvement
• What might regulators require about risk management?

Coffee/Tea

The IAIS: An Expanding Role
Ed Forshaw -Manager, Insurance International Issues, Financial Services Authority

• IAIS's Role; Standards for regulation
• Assessing members' compliance with standards
• IAIS priorities for the future

Lunch

13.30

14.20

15.10

15.35

16.25

19.15

Afternoon Session

Risk and Economic Capital for Combined Banking and Insurance Activities
Philip Booth - Professor City University Business & Consultant Advisor at Bank of England Financial Industry & Regulation Division

• Banks and insurers: different approaches to solvency
• Basle Committee: taking forward its latest proposals
• Market-based solvency rules for insurers?

Rating Agencies: An Alternative Perspective on Solvency
David Anthony - Director, European Insurance Ratings Practice, Standard and Poor's

• A rating agency's approach to capital adequacy
• Is there consistency worldwide?
• Differences between rating agencies and regulators approaches

Coffee/ Tea

MARKET STRUCTURE

The Global Market for Reinsurance: Consolidation, Capacity and Efficiency
David Cummins - Henry. J. Luman Professor of Insurance and Risk Management, Wharton School, University of Pennsylvania

• Causes of consolidation in the reinsurance industry
• Impact on capacity and efficiency of the industry
• Reinsurance and securitisation

Demutualisations
David Laster - Senior Economist, Swiss Re

• The resilience of the mutual ownership structure
• Current international trends in demutualisation
• An industry dominated by stock companies

Reception & Conference Dinner
After dinner speaker:
Peter Clark - President, Institute of Actuaries

08.45

09.00

09.40

10.30

10.55

11.45

12.35

Coffee

Morning Session
Chairman: Professor Gerry Dickinson, Vice Secretary-General, The Geneva Association; Professor of International Insurance, City University Business School

Challenges for US Regulators
Terri Vaughan - President, National Association of Insurance Commissioners

• Recent developments at NAIC
• Experience of risk-based capital requirements
• NAIC priorities for action

CUSTOMER PROTECTION

Annuitisation Options
David Blake - Professor of Financial Economics, Birkbeck College, London
Andrew Cairns - Department of Actuarial Mathematics and Statistics, Heriot-Watt University, Edinburgh
Kevin Dowd - Professor of Financial Risk Management, Nottingham University Business School

• A real options approach to annuitisation options
• Optimal annuitisation
• Using real options to cost legal restrictions on annuitisation

Coffee/ Tea

Insurance and Competition Law: Balancing the Conflicts
Michael Faure - Professor and Director, METRO Institute, Maastricht University

• Insurers' exemptions from anti-trust provisions
• Regulatory permissions for co-operative practices
• Balancing the need for competition

Genetics: Challenges for Insurers and Regulators
Patrick Brockett - Professor, MSIS Department, University of Texas
Richard MacMinn - Swiss Re Professor in the Management of Risk, Nottingham University Business School

• Alternative views on "fair treatment" of customers
• Genetic developments: potential impact on insurers and markets
• Alternative approaches to regulation

Lunch

13.40

14.30

15.20

16.10

16.15

Afternoon Session

Should we Regulate Products or Advice?
Peter Andrews - Manager, Economics of Financial Regulation, Financial Services Authority

• Are consumer situations generic?
• Are Products homogeneous?
• Can incentives lead to compliant advice?

Competition as Regulator: the Case for Deregulation
Ernst Csiszar - Director of International Relations Committee of NAIC, Director of Insurance for South Carolina

• Deregulation of commercial lines
• Deregulation of personal lines
• The privatisation of government residual risk-pooling markets

Persistency in UK Long-Term Insurance: Customer Satisfaction and Service Quality
Stephen Diacon - Worshipful Company of Insurers Professor of Insurance Management
Chris O'Brien - Director, Centre for Risk and Insurance Studies
Both at Nottingham University Business School

• Persistency: what has the experience been?
• Service quality and customer satisfaction: their relationship to persistency
• Analysing inter-company differences in persistency

Closing remarks

Coffee/ Tea