6th Annual International Conference
»HOW LOW CAN WE GO? Sustainable Insurance in an Uncertain World«

The sixth annual conference organized by the Insurance Supervision Agency (AZN) has been sucesfully concluded. This year the conference was held in a hybrid way.

Together with participants, we discussed the risks in insurance in a volatile financial climate, characterized by a long period of low interest rates.

We explored how the insurance sector copes with the search for returns on high-risk investments and the transfer of imposed risks to policyholders.

The issue of global changes in the environment that affect the frequency, magnitude and prevalence of natural disasters, including pandemics, was also addressed.

Speakers also highlighted the opportunities and challenges for the insurance sector competing with an unpredictable nature.

The event was attended by a number of distinguished speakers, their lecture summaries are presented below.

Brochure (pdf)

Video of the conference:

Programme

8:30 Registration and business breakfast
9:30 Welcome address:
  Gorazd Čibej, MSc, Director of Insurance Supervision Agency, SI
9:45 Inaugural address:
  Andrej Šircelj, MSc, Minister of Finance of the Republic of Slovenia, SI
   
10:00

Section 1: Low Interest Rate Impact on the Sustainability of Pension Systems

Market and economic factors have a dramatic impact on the way in which insurance and pension companies operate. The most prominent factor being the current financial climate, which last year, was marked by a prolonged period of ultra – low interest rates. The overall financial climate has been further affected by the pandemic COVID-19 and all the uncertainties which have accompanied it. The insurance sector has been forced to seek returns from high risk investments and subsequently transfer investment risks to insurance policy holders. In these difficult and unprecedented times, the EIOPA prepared the Opinion on the 2020 Review of Solvency II, which is expected to be put forward by the European Commission as a legal proposal in the third quarter of 2021. The section will also touch on the issue of how some of the proposed changes respond to these new challenges.

 
  1. Karel Van Hulle, Prof. em. KU Leuven and Hon., Prof. Goethe University Frankfurt, Member of the PIOB, Member of the Board of the Bermuda Monetary Authority, BE
  2. dr. Andraž Rangus, Division Director, Pension and Disability Insurance Institute of Slovenia, SI
  3. Frank Genheimer, Managing Director, New Insurance Business GmbH, CH
  4. Daniel Kempchen, Member of the board, SIGNAL IDUNA Insurance Ltd., HU
   
 

Cooperation of the Academia with the Insurance Industry – An Example of Good Practice

Tomaž Košir, PhD, Faculty of Mathematics and Physics (FMF), University of Ljubljana, SI

   
12:00 Break: 45 min
   
12:45

Panel Discussion: Trends and Challenges

Moderator: Prof. Karel Van Hulle

 
  1. Marko Jazbec, Chairman of the Management Board, SAVA RE, d.d., SI
  2. Boris Bajić, Chief Executive Officer, Adacta Fintech d.o.o., SI
  3. Ante Žigman, PhD, President of the Board of Hanfa, HR
  4. Dr. Manuela Zweimueller, Head of Supervisory Practices, International Association of Insurance Supervisors (IAIS)
   
 14:00

Section 2: Can the Insurance Sector Compete with Nature?

The second part of the conference will address global changes in the environment and climate which will affect the frequency, size and distribution of natural disasters including pandemics. These changes require the insurance sector to take urgent action, other than just raising the premium. The speakers will discuss the opportunities and challenges for the insurance sector in their race against nature.

 
  1. Marko Jazbec, Chairman of the Management Board, SAVA RE, d.d., SI
  2. dr. Klime Poposki, Professor at the University of St. Kliment Ohridski, MK
  3. Andrea M. Corcoran, Founder Align International, LLC, US
  4. dr. Rom Aviv, Managing Director and Head of Insurance, Agritask, IL
   
15:30 End of the Conference
16:00 Event

 

Speakers & Presentation

Gorazd Čibej

MSc, Director of Insurance Supervision Agency, SI

>>>

Gorazd Čibej, LL.M, has been Managing Director of the Insurance Supervision Agency of Slovenia (AZN) since January 2018 and since November 2017, he has also been the President of the Council of Experts of AZN. He is a member of the Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) and has also been appointed a member of the Supervisory Steering Committee and a substitute member of the Mediation Panel. He is a Regional Co-ordinator for the CEET region within the Executive Committee of the International Association of Insurance Supervisors (IAIS). Since 2019 he has also been a member of the Council of Securities Market Agency of Slovenia.

He graduated cum laude from the Faculty of Law, University of Ljubljana in 2000 and he holds a Master's Degree in European Law (LL.M) from Lund University, Sweden, which he attained in 2001. Later in 2016 he completed the Certified International Business Negotiation Programme at the Mitchell Hamline University, USA and in 2017 he participated in advanced training in the field of Corporate Governance at the Harvard University, USA.

Gorazd is a regular speaker at insurance conferences and webinars at home and abroad.

Andrej Šircelj

MSc, Minister of Finance of the Republic of Slovenia, SI

>>>

Andrej Šircelj graduated from the Faculty of Economics in Ljubljana and completed his master’s degree at the Faculty of Law in Maribor. In 2005, he was appointed State Secretary at the Office of the Prime Minister with a mandate at the Ministry of Finance.

In charge of key government projects in the areas of banking, finance, and infrastructure, he cooperated with many international institutions, such as the World Bank, the International Monetary Fund, and the OECD. He was also in charge of projects in the areas of finance and taxes during the Slovenia's Presidency of the Council of the EU in 2008. Between 2008 and 2009, he was a member of the Board of Directors at the European Investment Bank.

In 2011, he was elected as member to the National Assembly of the Republic of Slovenia, where he chaired the Committee on Finance and Monetary Policy. He was re-elected as member to the National Assembly in the 2014 and 2018 elections.

Karel Van Hulle

Prof. em. KU Leuven and Hon., Prof. Goethe University Frankfurt, Member of the PIOB, Member of the Board of the Bermuda Monetary Authority, BE

>>>

Professor Karel Van Hulle lectures in the economics and business faculty of the KU Leuven and in the economics faculty of the Goethe University in Frankfurt where he is attached to the International Centre for Insurance Regulation. He is a member of the Public Interest Oversight Board and of the Board of the Bermuda Monetary Authority.

He retired from the European Commission in 2013, where he was head of insurance and pensions.

Professor Van Hulle is a lawyer by training. He studied law at the KU Leuven and at the Marquette University Law School in Milwaukee.

In 2013, he was nominated distinguished fellow of the IAIS and in 2014 he was elected honorary fellow of the UK Institute and Faculty of Actuaries.

Presentation

dr. Andraž Rangus

Division Director, Pension and Disability Insurance Institute of Slovenia, SI

>>>

dr. Andraž Rangus, PhD in Law, is employed as the director of the Insurance Implementation Division at the Pension and Disability Insurance Institute of Slovenia. Prior to that, he gained his experience in the field of pension insurance and demography at the Institute of Macroeconomic Analysis and Development as the Head of the Social Welfare and Social Insurance Sector.

He also worked at the Ministry of Labour, Family, Social Affairs and Equal Opportunities, where among other positions, he served as Director General of the Directorate for Labour Relationships and Labour Rights. He participated in the preparation of the ZPIZ-2 reform in 2012, presided the working group for the White Paper on Pensions in 2015 and 2016 and chaired the working group for the 2018 Pension Adequacy Report at the European Commission in 2016 to 2018.

He is the author of several publications in the field of employment and pension insurance. As a lecturer, he participates in domestic and international conferences, both in the field of employment and pension insurance. He also works as an assistant professor of Law at the MLC Faculty of Management and Law in Ljubljana.

PRESENTATION

Frank Genheimer

Managing Director, New Insurance Business GmbH, CH

>>>

Frank is founder and partner of New Insurance Business (Switzerland), a consulting company that offers strategic and tactical business and management consulting for insurance companies and their cooperation partners. The focus of his work is set on innovation, new business strategy as well as cooperation management.

Frank is a regular speaker and moderator at events, seminars and workshops throughout the financial service industry. Before he started his career as consultant in 2015, he worked in different roles within European life insurance industry for about eleven years.

Presentation

Daniel Kempchen

Member of the Board, SIGNAL IDUNA Insurance Ltd., HU

>>>

He graduated with a Diploma in Finance and Economics from the European Business School in Germany. During his studies he also spent a semester in Argentina and South Korea.

He started his career working for Generali attending a CEE Trainee programme in Vienna, Budapest, Prague and Sofia.

In 2011, he joined SIGNAL IDUNA Hungary being responsible for Unit Linked product development and the Life-Broker department. From 2014 to 2017, he led SIGNAL IDUNA’s German travel insurance line of Business in Dortmund.

Daniel is a board member of the German Economic Club Hungary (DWC).

In addition to speaking German as a mother tongue, he speaks fluently Hungarian, English and Spanish.

Presentation

Tomaž Košir, PhD

Faculty of Mathematics and Physics (FMF), University of Ljubljana, SI

>>>

Tomaž Košir works as a university teacher for mathematics at the Faculty of Mathematics and Physics (FMF) of the University of Ljubljana since 1995.

Before that, he completed his PhD studies in applied mathematics at the University of Calgay, Canada, and spent two years as a postdoctoral fellow at Dalhousie University, Halifax, Canada.

His research interests are in fields of algebra and geometry. Recently, he is working also on dependence modelling using copulas. He is a national representative in the European network AMaMeF (Advanced Mathematical Methods in Finance).

He is responsible for connections with the industry at the Deartment of Mathematics of FMF. Often, he is an academic advisor for students projects with industry

Presentation

Marko Jazbec

Chairman of the Management Board, SAVA RE, d.d., SI

>>>

Marko Jazbec took up the leadership of Sava Re in May 2017. He has years of experience in senior and top management positions, notably at the Bank of Slovenia; SKB banka, d.d.; Droga Kolinska, d.d.; Intereuropa, d.d.; NLB, d.d.; and Hoteli Bernardin, d.d. Until mid-July 2016, he headed up Slovenian Sovereign Holding, d.d. During his career, Marko has gained valuable experience in the corporate governance of banks and other companies, and significant expertise in asset management, risk management, treasury finance, corporate finance and corporate banking.

Marko holds a degree in economics from the University of Ljubljana.

Presentation

Boris Bajić

Chief Executive Officer, Adacta d.o.o., SI

>>>

Boris is Chief Executive Officer of Adacta Group, a leading software provider for the insurance industry.

After graduating summa cum laude from the Faculty of Economics, University of Banja Luka, Boris started his career at the Insurance Agency of Republika Srpska. Spending five years with the regulator, he performed on-site and off-site supervision, as well as participated in the legislation drafting and actuarial analyses of insurance companies.

In 2016, Boris moved to Adacta Group, a privately-owned core insurance solution vendor, with more than 300 insurance and software experts across six countries. He started his new role as Business Analyst, responsible for proper understanding and communication of the insurers’ requirements in software implementation process. Boris soon advanced to the position of Chief Product Officer, responsible for design and development of the latest version of Adacta’s flagship product – AdInsure, an end-to-end platform for insurance companies.

At the beginning of 2020, Boris was appointed as a CEO of Adacta Group, responsible for managing overall operations and execution of high-level strategic decisions.

With his strong background in insurance, Boris, a certified actuary, often steps into the role of a trusted advisor when working with insurance market leaders in CEE.

Boris is also Chairman of the Board of “Nova Generacija”, non-profit charity organization focused at the implementation of programs for the protection of vulnerable groups, children, and young people.

Ante Žigman, PhD

President of the Board of Croatian Financial Services Supervisory Agency (HANFA), HR

>>>

Mr. Ante Žigman, PhD, is the President of the Board of the Croatian Financial Services Supervisory Agency (HANFA) whose scope of competence includes a wide range of financial non-banking services, from regulation and supervision of the capital market, through insurance to investment and pension funds. He is a member of the Mediation Panel of the European Insurance and Occupational Pensions Authority (EIOPA) and a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) as a representative of the CEET region (Central and Eastern Europe and Transcaucasia).

He actively participates in the work of these international bodies. Prior to his appointment as the Head of HANFA, he held a number of important functions, some of them being: Assistant Minister of Finance for Macroeconomic Analysis and Planning, followed by Secretary of State at the Ministry of Finance. He has also served as the vice president of the Committee for Fiscal Policy of the Croatian Parliament, and member of the Economic and Financial Committee's Sub-Committee on EU Sovereign Debt Markets (ESDM).In the banking sector, he was a Board Member of the Partner Bank, as well the Head of Macroeconomic and Financial Research Division and the Chief Economist at the Raiffeisen Bank in Croatia.

He has spent a significant part of his career at the Croatian National Bank where he worked in the Office of the Governor until being appointed to the current position. He has written numerous scientific and expert papers in the field of fiscal policy and finance and is an active lecturer in the area of economics and finance.

dr. Manuela Zweimueller

Head of Supervisory Practices, International Association of Insurance Supervisors, IAIS

>>>

Manuela Zweimueller joined the IAIS on 1 January 2020 as Head of Supervisory Practices and part of the Secretariat’s Senior Management Team. She will lead the IAIS’ efforts in the area of supervisory practices, as well as the assessment of implementation of supervisory material related to ComFrame and the Holistic Framework for assessing and mitigating systemic risk. These are key focus areas under the IAIS 2020–2024 Strategic Plan.

Manuela brings substantial experience in insurance, pension and consumer protection policy development as well as insurance supervision from her role as Head of Department with the European Insurance and Occupational Pensions Authority (EIOPA). Prior to that, she worked for more than 15 years in the (re)insurance industry, holding various leadership roles, overseeing such areas as enterprise & emerging risk management, corporate governance and innovative technologies (eg. green energy, sustainable finance, disaster scenarios, protection gap, cyber risk, terrorism exposure and money laundering).

dr. Klime Poposki

Professor at the University of St. Kliment Ohridski, MK

>>>

Professor Klime Poposki lectures at the insurance department of the University of St. Kliment Ohridski. He served as President of the Council of Experts, the management body of the Macedonian Insurance Supervision Agency, since the establishment of the authority in 2009, running two terms till 2019.

He started his professional career in 1995 as a banker on treasury department for e period of 4 years. After 1999, Poposki joined the University “St. Kliment Ohridski”, Ohrid as a teaching assistant, starting with building his academia career as a researcher and lecture. After he earned his Ph.D from the Faculty of Economics, University "Ss. Cyril and Methodius" in 2006, Poposki was elected as an Assistant Professor and since 2013 as an Associate Professor, teaching risk management and insurance.

Professor Poposki is a member of the Board of Governors of the Asia Pacific Risk Insurance Association, member of the European Group of Risk and Insurance Association and International Insurance Society. During his Chairmanship at the Insurance Supervision Agency, Poposki participated in several working groups at the International Association of Insurance Supervisors, including his membership in the Supervisory Forum, Task Force on Insurtech.

In the field of scientific research work he has given his contribution through published research papers in international and domestic journals and held numerous presentations on domestic and international conferences with special focus on digitalization of insurance services.

Presentation

Andrea M. Corcoran

Founder Align International, LLC, US

>>>

Andrea M. Corcoran, founded Align International, LLC, www.aligninternational.com, bespoke consultancy services in 2008 following a public service career, where she served nationally as Director of two Divisions of the US Commodity Futures Trading Commission (CFTC), a companion organization to the Securities Exchange Commission, and internationally, as Chair of the International Organisation of Securities Commissions (IOSCO) Task Force on Implementation of the Objectives and Principles of Securities Regulation which designed the original model Assessment Methodology used for securities market financial sector assessments conducted internationally per the G-20 post 2008 crisis Pittsburgh Declaration. She also chaired the IOSCO committee that developed early principles for oversight of screen-based derivatives trading, addressing the integrity of markets for derivatives used to hedge commodity and financial products. Recent activities included, terms as US observer to the market consultative panel of the Committee of European Securities Regulators (CESR) the predecessor to ESMA; Chair, through 2017, of the Securities Advisory Board of the Toronto Centre, www.torontocentre.org, which delivers leadership and crisis management programs currently focussing on fintech, climate and governance to senior professionals of securities, banking and insurance supervisors; adjunct professor at Georgetown Law Center; and public director for NYSE-liffe US and the US self-regulatory organisation for listed derivatives professionals, National Futures Association (NFA).

Ms. Corcoran has led a number of regulatory and supervisory policy responses to financial crises and innovation and adapted her experience to addressing global emerging risks to clients on five continents. Admitted to the Futures Hall of Fame in 2013, Ms. Corcoran received the highest awards for government executive service from US Presidents Reagan and Clinton respectively. Her degrees are from Stanford and Harvard.

Presentation

dr. Rom Aviv

Managing Director and Head of Insurance, IL

>>>

Rom joined Agritask in early 2020 to lead and develop its Agricultural-Insurance Business. Rom is also an Academic Member of the Israeli Association of Actuaries and an Adjunct Lecturer in Financial Mathematical at the Bar-Ilan University, Israel. In addition, he regularly advises NGOs on disaster risk reduction and risk pool solutions.

Rom possesses wide-ranging expertise in the Reinsurance and Insurance-Linked-Securities (ILS) sectors comprising of analytics, origination, structuring, underwriting and portfolio management. Between 2017-2019, Rom was Managing Director and Head of ILS at IBI Investment House, a Tel Aviv based asset manager with AUM of USD12bn. In 2018, Rom was awarded the prestigious Young ILS Underwriter of the Year Award by Trading Risk in NYC. Between 2012 and 2016 Rom was an Executive Director and Head of Catastrophe Bonds at Twelve Capital in Zurich and London, an independent investment manager with AUM in excess of USD 4bn. Prior to this, Rom was a Research Associate at the Statistical Laboratory, University of Cambridge, UK, and between 2008-2011, Rom was a Senior Researcher in Stochastic and Actuarial Modeling at RiskLab, Switzerland.

Rom earned a PhD in Financial Mathematics from ETH Zurich, Switzerland, holds a M.Sc. degree (Summa Cum Laude) and a B.Sc. degree (Magna Cum Laude) in Mathematics from Tel-Aviv University, Israel and is also a Certified Catastrophe Modeler (CCM) from AIR Worldwide.

Presentation

Insurance Supervision Agency, Trg republike 3, 1000 Ljubljana
Phone: + 386 (1) 2528 600, Fax: + 386 (1) 2528 630, e-mail: agencija@a-zn.si, www: www.a-zn.si
Contact information:
Ms. Natalija Dmitrović / natalija.dmitrovic@a-zn.si / Telephone: +386 (1) 2528 600 /