Press Release

2019-09-25

2019 Conference on ERM in the Insurance Industry

On 25th and 26th September, the 2019 Conference on ERM in the Insurance Industry will be held in Chang Yung-Fa Foundation International Convention Center, Taipei. This annual event is supervised by 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. 

The Conference marks the 8th year in 2019, and has become one of the most important annual events in the insurance industry, receiving positive feedback and a great number of participants. In recent years, insurers are preparing for the big-scale influence by the introduction of Insurance Capital Standards (ICS), and the International Financial Reporting Standard: Insurance Contracts (IFRS 17). One is the new standards of solvency requirement, calling for the enhancement of a company's capital structure and asset liability management (ALM). Another is the new standards of financial reporting, requiring a company's improvement on financial system. All of these may sound challenging but it is actually a great opportunity to strengthen an insurer's operational capability. Therefore, the theme of 2019 is "Surrounded on All Sides: Changes Around the Insurance Industry".  The expectation is these professional speeches and sharings by international specialists serve as guidance and assisting the insurers in Taiwan to overcome obstacles and move towards a new world. 

Worldwide leaders in promoting ICS are invited to talk about their experience of implementing ICS in each country. We have Mr. Lazhare Bouldi, the leader of the MAV Workstream, CSFWG, IAIS; the deputy director of the Financial Services Agency, Japan; Mr. Youngkwang Kim, the chair of K-ICS, the Financial Supervisory Service, Korea; and Mr. Tze Ping Chng, the Partner of Ernst & Young, Hong Kong. In the same time, Professor Cheng-Hsien Tsai from the National Chengchi University and insurers participating in ICS field testing are invited to discuss the key points of ICS execution. 

The discussion of IFRS 17 will focus on the execution challenges, and how to overcome these problems. We have invited Mr. Taeki Lee, the Team Head of the Insurance IFRS Team of Insurance Risk Office, the Financial Supervisory Service, Korea, and Ms. Ophelia Au Young, Partner of Deloitte Actuarial to talk about the impacts occurred from their work of adopting IFRS 17. The Taiwan insurers will find it helpful to take others' experience as reference. On the other hand, Mr. Alain Beland, the Head of Asia IFRS Implementation, Swiss Re, provides his suggestion from reinsurer’s perspective and Mr. David Roseburgh, the Quantitative Investment Director of Aberdeen Standard Investments, are invited to introduce the Asset Liability Management (ALM) solutions. Before ending the Conference, important specialists are invited to share their practical experiences when adopting IFRS 17.

The trend of international financial supervision is based on risk while risk management plays the key role in insurance supervision and management. The purpose of the Conference is to exam the preparation of ICS and IFRS 17 in Taiwan. More importantly, the Conference assists insurers to conquer these upcoming challenges and strengthens their risk management. Through the preparation for ICS and IFRS 17, Taiwan insurers will have the operating strength and be more competitive.

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2019 Conference on ERM in the Insurance Industry

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