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What does the Covid-19 crisis mean for insurance companies and their regulation (Solvency II, global framework)?

Day 1 Afternoon

Wednesday 09 September

Room :

HALL 1 D

Speakers

Chair
Gabriel Bernardino - Chairman, European Insurance and Occupational Pensions Authority (EIOPA)
Public Authorities
Alberto Corinti - Member of the Board of Directors, Italian Insurance Supervisory Authority (IVASS)
Frank Grund - Chief Executive Director of Insurance and Pension Funds Supervision, Federal Financial Supervisory Authority, Germany (BaFin)
Dominique Laboureix - Secretary General, Autorité de Contrôle Prudentiel et de Résolution (ACPR)
Romain Paserot - Deputy Secretary General, International Association of Insurance Supervisors (IAIS)
Industry Representatives
Mireille Aubry - Head of Prudential Regulation Standards & Foresight, Covéa
Frédéric de Courtois - General Manager, Assicurazioni Generali S.p.A
Joseph L. Engelhard - Senior Vice President, Head Regulatory Policy Group, MetLife, Inc.

Objectives of the session

The insurance undertakings feature a very specific risk-modelling business model since they have to mitigate a wide variety of non-economic risks as well as the market-, credit- etc. risks, involved in their investment activity.

The current size of the insurance business also leads insurers to be essential investors, the priorities of which are essential to face up the recovery challenges posed to the EU economy at present.

In this context the session is dedicated to depicting the observed role and reaction of the insurance sector notably in the EU, in the unfolding of the Covid 19 crisis, the impacts of this pandemic on both asset and liability sides of insurance groups’ balance sheets, taking into account that the pandemic crises happened in an unusual so-called low for long economic context, which has already raised many challenges. The possible systemic dimension of these risk should therefore also be commented.

Finally, in this context one essential outcome of the session is also to comment of whether the recent EU and global regulatory frameworks worked in such trouble times.

Points of discussion

How has the Insurance industry weathered the Covid19 crisis so far? What are the subsequent adjustments anticipated in both asset and liability sides?

What are the main lessons learned during the Covid crisis that should be taken into account during the current Solvency II revision?

How is the insurance sector doing globally? And what are the lessons drawn regarding the global common standards and the holistic framework for systemic risk?