The IAIS Executive Leadership Team and Committee Chairs shared updates on key projects from the IAIS Roadmap, presented plans for work in 2022 and engaged in a lively question and answer session. Special guest speaker, Vice Chair of the Financial Stability Board (FSB) Klaas Knot, sets out the priorities of the Financial Stability Board and what impact changing market dynamics will have on the insurance sector.
Thank you to all our stakeholders for the large amount of questions submitted in advance of the Annual Conference. Unfortunately we did not have time to answer all of them on the day but we have now published responses to the questions we received in advance. Please click here.
This session focused on emerging good practices in climate scenario analysis for insurers and the steps supervisors can take to further scenario analysis as an effective risk assessment tool for insurers, and as a macroprudential analytical tool for supervisors. Attendees heard from experts on risks to the insurance sector and were provided with insight into the IAIS’ work on climate scenario analysis, in particular an overview of the special edition of the Global Insurance Market Report on the impact of climate change on the financial stability of the insurance sector.
Moderator: Daniel Wang, Chair, IAIS Climate Risk Steering Group
Executive Director, Insurance Department, Monetary Authority of Singapore
This session opened with an overview of conclusions from the IAIS’ assessment of trends and developments in the global insurance market captured as part of the IAIS Global Monitoring Exercise (GME) and the possible build-up of systemic risk. The discussion then zoomed-in on the changing life insurance industry to consider what it means for an insurer’s strategic outlook. It focused on the impact of low-for-long interest rates on insurer business models including increased private equity ownership and credit risk. Drawing on the findings from the GME, the panel discussed supervisory assessments and responses to these trends.
Moderator: Dieter Hendrickx, Chair, IAIS Macroprudential Committee
Head, Prudential Policy Insurance, National Bank of Belgium
This session discussed solutions for addressing the pandemic protection gap with a particular focus on the role of supervisors. The panel provided an overview of recent work by supervisors, firms and policymakers to address this gap and what are likely to be the next steps. Drawing on information provided by IAIS Member interviews, panellists considered what are the essential elements of public-private partnerships that can be developed to address pandemic risk.
Moderator: Suzette Vogelsang, Vice Chair, IAIS Executive Committee
Head, Department (Banking, Insurance and FMI Supervision Department), Prudential Authority, South Africa
This session focused on the emerging convergence of supervisory principles and frameworks related to the governance and ethics of artificial intelligence and machine learning (AI/ML) applications in the insurance sector. The panel considered how this affects product development, pricing and underwriting, and claims handling. Panellists looked at how these governance frameworks could address inherent biases in underlying AI/ML models in terms of diversity, equity and inclusion. The session drew on work developed by an AI/ML subgroup of the IAIS FinTech Forum.
Laurent Dupont, Senior Data Scientist, Fintech-Innovation Hub, Autorité de contrôle prudentiel et de résolution
Nick Silk, Technical Specialist, Insurance Analytics Division, Prudential Regulation Authority, Bank of England
The IAIS created the Distinguished Fellows programme in 2004 to honour former Member representatives for their substantial involvement in IAIS activities and outstanding service. Honourees are nominated and approved by their peers. It is a special way of paying tribute to those who have selflessly contributed their time and expertise to advance the IAIS mission. In 2021 we recognised:
Gabriel Bernardino (EIOPA)
Long serving member of the Executive Committee, having served from 2010-2021. In his position, Gabriel was a committed supporter of the IAIS and its activities, particularly supporting the strengthening of the role of the IAIS as a credible and globally recognised standard settler. Played a pivotal role in the achievement of key compromises on crucial areas such as the ICPs, ComFrame, the ICS and the Holistic Framework. Helped to shape the future strategic direction and activities of the IAIS via his active participation on ExCo as well as being a member in the SPFOTF.
Hern Shin Ho (Singapore, MAS)
Served as a member of ExCo from June 2017 to May 2021. Over these nearly four years, she made substantial contributions to the work of the IAIS in a number of positions, including as a member of the ARC, the ICSTF, the Selection Committee and the SPFOTF. Also served as the inaugural Fintech ExCo Champion. Was a highly sought after panellist and moderator at numerous IAIS Annual Conferences and other events.