Press Release

Wed Oct 24 09:57:20 CST 2018

2018 Conference on ERM in the Insurance Industry

On 17th and 18th October, the 2018 Conference on ERM in the Insurance Industry was held at the Evergreen International Convention Center. This annual event is under the guidance of the Financial Supervisory Commission (FSC), planned by the Insurance Bureau of FSC, organized by the Taiwan Insurance Institute (TII), and co-organized by the Motor Vehicle Accident Compensation Fund, the Taiwan Residential Earthquake Insurance Fund and the Taiwan Insurance Guaranty Fund.

 

TII indicates, the Conference has been held for the 7th year, and has become one of the most important annual events in the insurance industry, attracting a great number of participants and establishing a good reputation. As the Insurance Capital Standards (ICS) will soon be ready in the implementation process, it will bring both direct and indirect impacts to worldwide supervisory systems.  Taking the fact that one of the specific measures in risk management is an insurer’s solvency, any change to supervisory systems will make massive impact on insurers. Therefore, this year's theme is set as "Supervision System Reform and the Road to Sustainable Development."

 

TII is honored to invite Mr. Conor Donaldson, Head of Implementation of International Association of Insurance Supervisor (IAIS) to deliver the keynote speech at the Conference for the Future Outlook of IAIS.  Mr. Donaldson leads the IAIS’ Implementation programme and contributes to the management of the IAIS Secretariat.   Mr. Satoshi Uruwashi from PwC Japan and Mr. Ned Tyrell from the National Association of Insurance Commissioners (NAIC) USA are invited to explain the market risk and credit risk in ICS and the valuation bases used in ICS.  In addition to that, the rationale of the risk factors to be taken into consideration when setting up a system will be discussed. Mr. Cheng-Hsien Tsai from the National Chengchi University is invited to illustrate the practices of how to conduct the insurance supervision reform and explain what can be planned ahead in response to the future challenges while the localization of international insurance supervisory system will be stressed.

 

Meanwhile, facing with such reform, what types of problem and impact will bring to insurers' actual practice? The organizer is honored to invite three experts: Mr. Thomas Wilson, Chief Risk Officer from Allianz SE; Mr. Bryan Pickel, VP and Head of International Government & Regulatory Affairs from Prudential Financial, Inc; and Mr. Ian Adamczyk, VP of of International Government & Regulatory Affairs from Prudential Financial, Inc. Their views on how risk management can be utilized in order to meet new capital requirements, and the challenges they found in the ICS field testing will be shared. Through the speakers' abundant experiences, insurers can learn now to develop good risk management and then react appropriately to potential risks. 

 

The purpose of planning the Conference is to encourage active discussion on international supervisory systems and risk management practices among the governing agencies and insurers, and to examine the development of solvency issues in Taiwan. By gaining precious knowledge through localization cases, insurers in Taiwan can learn to respond to upcoming challenges via proper risk management. By doing so, sustainable business can be maintained with the support of sufficient solvency.

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