2017-2018
ANNUAL REPORT

C-Suite
Networks

The Geneva Association organises
a series of meetings that bring
together top decision makers
from members’ companies
and experts from a wide
range of fields, offering
a unique opportunity
for high-level dialogue
and exchange on
emerging and
priority topics.

C-Suite
Networks

The Geneva Association organises
a series of meetings that bring
together top decision makers
from members’ companies
and experts from a wide
range of fields, offering
a unique opportunity
for high-level dialogue
and exchange on
emerging and
priority topics.

 

C-Suite Networks

The Geneva Association organises a series of meetings that bring together top decision makers from members’ companies and experts from a wide range of fields, offering a unique opportunity for high-level dialogue and exchange on emerging and priority topics.

44th General Assembly

The General Assembly’s programme is designed to prompt questions that have no easy answers. Members of The Geneva Association and some of the world’s leading experts on key societal trends gathered to take a novel perspective on current and emerging issues affecting the insurance industry. The agenda covered topics such as geopolitics, the effects of low interest rates, cyber risk, disruptive innovation and the impact of technology, as well as genetics and life insurance.

Christian Mumenthaler, CEO, Swiss Re, chairs the panel on insurance of the future

Christian Mumenthaler, CEO, Swiss Re, chairs the panel on insurance of the future

John Strangfeld, CEO, Prudential Financial (left) and Yoshinobu Tsutsui, President, Nippon Life Insurance Company (right) present on the societal impacts of low interest rates

John Strangfeld, CEO, Prudential Financial, present on the societal impacts of low interest rates

Yoshinobu Tsutsui, President, Nippon Life Insurance Company, present on the societal impacts of low interest rates

Left: Lard Friese, Chairman Executive Board and CEO, NN Group, chairs the panel on disruptive innovation

Lard Friese, Chairman Executive Board and CEO, NN Group, chairs the panel on disruptive innovation

Denis Kessler, CEO, SCOR, gives a special address on insurance and natural catastrophes

Denis Kessler, CEO, SCOR, gives a special address on insurance and natural catastrophes

Charles Brindamour, CEO, Intact Financial

Right: Anna Manning, President and CEO, RGA; Herbert Haas, Chairman of the Supervisory Board, Talanx AG; and Ajit Jain, President, Berkshire Hathaway

Left: Charles Brindamour, CEO, Intact Financial

Right: Anna Manning, President and CEO, RGA; Herbert Haas, Chairman of the Supervisory Board, Talanx AG; and Ajit Jain, President, Berkshire Hathaway

Inga Beale, CEO, Lloyd’s, chairs the panel on cyber risk

Mike McGavick, CEO, XL Group and Bronek Masojada, CEO, Hiscox plc

Left: Inga Beale, CEO, Lloyd’s, chairs the panel on cyber risk

Right: Mike McGavick, CEO, XL Group and Bronek Masojada, CEO, Hiscox plc

14th ANNUAL ROUND TABLE OF CHIEF RISK OFFICERS

Hosted by MAPFRE in Madrid, 11-12 May 2017

The conference, also known as ART of CROs, provides an open, informal and inspiring forum to discuss the challenges and lessons learned from the practical application of risk management frameworks within insurance companies.

The 14th ART of CROs explored the rapidly changing political and economic landscape, assessing the impact of the rise of populism, the new tendencies to protectionist policies and the new emerging geopolitical order. It was agreed that accelerated and disruptive political change leads to new challenges for the risk management functions and calls for a far more interdisciplinary approach than is currently commonplace.

Technology was also high on the agenda, with discussions on the challenges of underwriting and managing cyber risk. There was also a debate on the political and economic uncertainties of the societal impact of artificial intelligence, including unemployment and social unrest, which could reinforce political instability.

Risk disclosure continues to have an important place in a risk management framework, and the demand for risk information is likely to increase and to cover aspects that have hitherto been neglected. It is possible that supervisors may start to use information of an insurer’s business model as a risk indicator, which may shed light on the sustainability of a company’s operations and on potential problem areas.

11th CHIEF INVESTMENT OFFICERS’ MEETING

Hosted by Lloyd’s in London, 4-5 September 2017

The Chief Investment Officers’ Meeting serves as a platform to exchange expertise, and to nurture improved understanding of issues facing insurance asset management and the implementation of investment strategies.

In her keynote address, Inga Beale, CEO of Lloyd’s, highlighted global trends with significant implications for the insurance industry: first, the shift in economic power from the West to Asia; second, the all-encompassing digital revolution and its implications for insurance products, risk profiles and valuation of investments; and third, the effects of climate change, which represent both an enormous threat and opportunity in light of decreasing insurance coverage of economic losses over the last decades.

Discussion of the macroeconomic environment explored concerns about higher inflation and higher interest rates, as well as the unsustainability of current income and wealth disparities, which could have political implications.

Also, the impact of big data and artificial intelligence was found to offer significant opportunities to new market entrants. It was suggested that insurance investment departments are well behind this particular curve, and catching up will be an important challenge.

Findings of The Geneva Association study on climate change and the insurance industry were discussed, particularly the investment challenges which currently hinder scaling up contribution to climate resilience and decarbonisation.

13th LIABILITY REGIMES CONFERENCE

Hosted by Zurich Insurance Group in Zurich, 9-10 November 2017

The annual Liability Regimes Conference gathers experts from the (re)insurance industry, academia and the legal world to discuss the dynamics of liability law and underwriting.

The focus of the 13th Annual Liability Regimes Conference was on key liability issues arising from new and emerging technologies, as well as recent social trends and developments. This included exploration of the potentially disruptive impact of gene modification and gene therapies for insurers and regulators. Also, the rise of autonomous vehicles, which should theoretically mean safer driving and fewer claims, will fundamentally change the mobility ecosystem and the vehicle insurance business model.

The rapidly growing phenomenon of the ‘sharing economy’, in which physical assets are turned into services, and face-to-face interaction between supplier and client is superseded by online communication, was discussed; unquestionably, it redefines the value of ownership, and raises concerns about customer experience and trust.

Third-party litigation as a feature of modern litigation was explored, and the implications for liability regimes are not minor. Ethical concerns were identified, as the practice is for the larger part unregulated and conflicts of interest abound.

20th ANNUAL CIRCLE OF CHIEF ECONOMISTS

Hosted by Munich Re in Munich, 22-23 March 2018

The conference, known also as ACCE, provides a forum for the discussion of the current and future macroeconomic environment for (re)insurers, a platform to exchange ideas on the development of insurance and the analysis of key challenges to the industry.

The 20th ACCE meeting was dedicated to the challenges and opportunities for insurance in the digital economy. The broader economic implications of digitisation were explored, including potential impact on productivity growth, as well as its deflationary impact, through which insurers could suffer loss of business and margin pressure as a result of new competitors; these could include big technology firms. New business models with a strong focus on distribution are foreseen, as well as the necessity to rethink mutualisation. An increasing unwillingness of society to accept risk-commensurate pricing may be an obstacle, particularly concerning cyber risk. It was also highlighted that resilience should be a foundational element of risk management.

The requisites for a sustainable cyber insurance market were discussed, including disciplined underwriting and management of accumulation risk. Also, the implications of big data on competition and privacy were explored, including the role regulation could play in catalysing or restricting innovation. It was concluded that regulation should be activity- and evidence-based, proportional and neutral, and endeavour to ensure a certain degree of international collaboration.

The requisites for a sustainable cyber insurance market were discussed, including disciplined underwriting and management of accumulation risk. Also, the implications of big data on competition and privacy were explored, including the role regulation could play in catalysing or restricting innovation. It was concluded that regulation should be activity- and evidence-based, proportional and neutral, and endeavour to ensure a certain degree of international collaboration.