Press Release

2020-09-07

"2020 Conference on ERM in the Insurance Industry"

The "2020 Conference on ERM in the Insurance Industry" was held on 7th of September, 2020 at the Regent Taipei Hotel. This conference is supervised by the Financial Supervisory Commission; planned by the Financial Supervisory Commission Insurance Bureau; organized hosted by the Taiwan Insurance Institute (TII); and co-organized by the Taiwan Insurance Guaranty Fund.

This year marks the 9th year of the Conference on ERM in the Insurance Industry. Recently, the International Insurance Capital Standards (hereinafter referred to as ICS) and International Financial Reporting Standards - Insurance Contracts (hereinafter referred to as IFRS 17) have had an overwhelming impact on the insurance industry. On the one hand, the insurance industry must increase capital, corporate assets and liabilities management to meet the new solvency system. On the other hand, it is very challenging to improve the actuarial financial system to comply with the new regulations on financial reporting.  Therefore, the theme of this year’s conference is "A Chance for Reshaping and Renaissance.” Discussions with foreign supervisors and experts guided domestic insurers to innovate and create new breakthroughs.

This conference invited the following speakers: Ms. Danita Pattemore, Senior Policy Advisort at International Association of Insurance Supervisors  (IAIS); Mr. Paolo Cadoni,  Chair of Capital, Solvency and Field Testing Working Group (CSFWG, IAIS); Mr. Rob Curtis, Head of Technical Service of Insurance Authority, Hong Kong; and Mr. Gilbert Chin, Deputy Director of Monetary Authority of Singapore.  These distinguished experts from various countries shared the promotion process and influence of ICS worldwide. In addition, Dr. Wenko Hsu, General Manager of Taiwan Risk Management Corp., was also invited to explain the "ICS2.0 Catastrophe Risk Capital and Natural Cat Risk Modeling" which has been successfully developed in the property insurance industry.

In terms of IFRS 17, Mr. Chao-Ting Lin, Managing Senior EVP of Cathay Life Insurance, gave a speech on "Challenges and Opportunities of IFRS 17 and ICS Implementation to Taiwan’s Insurance Industry" and discussed the challenges and practical solutions of how to transition to these two new regulations. The panel discussion were hosted by Dr. Chi-Chun Liu, Chairman of Taiwan Financial Reporting Standards Committee, Accounting Research and Development Foundation. Experts shared their integration information and experience. Ms. Ophelia Au Young from the Deliotte discussed information from Hong Kong, Mr. Bob Chang, Partner, Ernst&Young, provided updates from Australia; Mr. Chao-Ting Lin, Managing Senior EVP of Cathay Life Insurance, offered the life insurance industry information of from Taiwan;  and Mr. Calvin C. Chen, President of MSIG Mingtai Insurance, illustrated the information of the Taiwan property insurance industry.

The current trend of international financial supervision is based on risk, and risk management is the theme of insurance supervision and operation. TII hopes that this sophisticated conference offered a platform for in-depth discussions on the international supervision system and risk management practices in order for the authorities to evaluate the implementation and direction of  ICS and IFRS17. The most important goal is to assist the industry in coping with these immediate challenges and achieve progress in risk management.  In addition, as they establish ICS and IFRS 17, insurers can leverage this training to strengthen their business and create competitive advantages.

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