Études et Dossiers No The Insurance Industry and Enterprise Risk Management: From Compliance to Value Creation. 21 November 2007 Milan &

Transcription

1 International Association for the Study of Insurance Economics Études et Dossiers Études et Dossiers No. 337 The Insurance Industry and Enterprise Risk Management: From Compliance to Value Creation 21 November 2007 Milan & Uninsured Industrial Risks Ongoing Research Project by Tileman Fischer This document is free to download from The Geneva Association website, December 2007 Working Paper Series of The Geneva Association Association Internationale pour l'etude de l'economie de l'assurance The Geneva Association - General Secretariat - 53, route de Malagnou - CH-1208 Geneva Tel.: Fax: secretariat@genevaassociation.org -

2 The Geneva Association Working Paper Series Études et Dossiers appear at irregular intervals about times per year. Distribution is limited. The Études et Dossiers are the working paper series of The Geneva Association. These documents present intermediary or final results of conference proceedings, special reports and research done by The Geneva Association. Where they contain work in progress or summaries of conference presentations, the material must not be cited without the express consent of the author in question. This document is free to download from The Geneva Association website, please visit: Layout & Distribution: Valéria Kozakova The Geneva Association - Association Internationale pour l'etude de l'economie de l'assurance

3 Table of contents Programme 0-1 List of speakers and participants 0-5 SESSION 1: THE RELATIONSHIP BETWEEN INSURANCE INDUSTRY AND STAKEHOLDERS Strategy for the Implementation of MiFID in Italy: The Need for Convergence 1-1 in Regulation and Supervision by Giovanni Sabatini The Rules of Game between Regulation and Insurance Industry: Corporate 2-1 Governance and Risk Management by Giovanni Cucinotta Solvency II: QIS 3 Results and Future Developments 3-1 by Carlos Montalvo Rebuelta The Relationship between Insurance Industry and Stakeholders Future 4-1 Challenges for the European Insurance Industry by Alberto Corinti SESSION 2: STRATEGIC AND ORGANIZATIONAL IMPACTS OF REGULATION AND ERM Implementing an ERM Model: Key Drivers of a Global Player 5-1 by Raffaele Agrusti Responsabilità Sociale ed Enterprise Risk Management: Tra Shareholders e 6-1 Stakeholders (Italian version only) by Andrea Battista The Insurance Industry and Enterprise Risk Management: from Compliance 7-1 to Value Creation by Bruno Porro SESSION 3: THE COMPETITIVE ADVANTAGES ARISING FROM ENTERPRISE RISK MANAGEMENT SYSTEMS Enterprise Risk Management as a Competitive Advantage 8-1 by Laura Santori Managing Risks to Create Value: The case of Reputational Risk Management 9-1 by Riccardo Bigio The Rise of Risk - Creating Value with ERM 10-1 by Anthony Bice

4 Competitive Advantage through ERM: Investigating the Role of the 11-1 Regulators and the Rating Agencies in Promoting the Practice of Risk Management in the Insurance Industry by Madhusudan Acharyya ANNEX Uninsured Industrial Risks. The Limits of Current Insurance Solutions and their Causes - Ongoing Research Project by Tileman Fischer i GENERAL INFORMATION List of past Etudes et Dossiers Working Paper Series The Geneva Association xvii xix

5 The Fourth Annual International Conference The Insurance Industry and Enterprise Risk Management: from Compliance to Value Creation Milan, November 21, 2007 Venue: INTESA SANPAOLO, Piazza Belgioioso 1 Sala Assemblee The Fourth Annual International Conference The Insurance Industry and Enterprise Risk Management: from Compliance to Value Creation organized by ANIA (National Association of Insurance Companies), Macros Risk Management and The Geneva Association will focus on Risk Management Processes. They are widely recognized as very important instruments in the hands of insurance companies, especially in the light of the growing complexity of the business environment. The key factor is to step from compliance, being it to regulation or to stakeholders requests, to value creation. In order to make this, it is fundamental to include risk management processes into the strategic decision making process. The aim of this meeting is to discuss modalities, benefits and proposals related to this important issue, in order to effectively turn risk management into a competitive advantage. The conference will cover the following issues: Session 1: The Relationship between Insurance Industry and Stakeholders The main objective of the first session is to discuss the principles underlying the new regulations and their effects on the insurance industry. One of the key driver is to analyze how the new regulation approaches and the stakeholders requests can foster the step from compliance to value creation. Session 2: Strategic and Organizational Impacts of Regulation and ERM The aim of this session will be to debate how Enterprise Risk Management systems and new regulations, particularly Solvency II, ISVAP s 577/D and the MiFID directive, can influence companies strategies and organizational structure. Session 3: The Competitive Advantages Arising from Enterprise Risk Management Systems In this session, the discussion will focus on the relation between Enterprise Risk Management systems and decision-making processes in insurance companies, highlighting how ERM can evolve and how it can contribute to create value and promote sustainability. CONTACTS: ANIA: Tel , solvency@ania.it Macros Risk Management: Tel , segreteria@macrosriskmanagement.it - The Geneva Association: Tel , secreteriat@genevaassociation.org - 0-1

6 The Insurance Industry and Enterprise Risk Management: from Compliance to Value Creation Milan, 21 November 2007 Venue: INTESA SANPAOLO, Piazza Belgioioso 1 Sala Assemblee Registration Welcome Address: Enrico SALZA, President of The Management Board, Intesa Sanpaolo Opening Speech: Roberto PONTREMOLI, President, Macros Risk Management First Session - The Relationship between Insurance Industry and Stakeholders Chairman Patrick M. LIEDTKE, Secretary General & Managing Director, The Geneva Association Speakers Giovanni SABATINI, Director, Ministry of Economics and Finance, Treasury Department Strategy for Implementation of MiFID in Italy: The Need for Regulatory and Supervisory Convergence Giampaolo GALLI, Director General, ANIA The Italian Market between MiFID and Solvency II Giovanni CUCINOTTA, Chief Economist, ISVAP The Rules of Game between Regulators and Insurance Industry: Corporate Governance and Risk Management Carlos MONTALVO, Secretary General, CEIOPS Solvency II: QIS 3 Results and Future Developments Alberto CORINTI, Economics & Finance Director, CEA Future Challenges for The European Insurance Industry Coffee Break Second Session - Strategic and Organizational Impacts of Regulation and ERM Chairman Sandro SALVATI, Former CEO, Alleanza Assicurazioni and Toro Assicurazioni Speakers Raffaele AGRUSTI, CFO & Director General, Assicurazioni Generali Implementing an ERM Model: Key Drivers of a Global Player Andrea BATTISTA, Director Life & Bancassurance, Cattolica Group Social Responsibility and Enterprise Risk Management: from Shareholders to Stakeholders Bruno PORRO, Chairman of the Chief Risk Officers Network, The Geneva Association Chief Risk Officer s Role in an International Insurance Company Q&A Buffet Lunch Third Session - The Competitive Advantages Arising from Enterprise Risk Management Systems Chairman Dario FOCARELLI, Chief Economist, ANIA Speakers Laura SANTORI, Director, Financial Services Insurance, Standard & Poor's Enterprise Risk Management: A Rating Agency Perspective Riccardo BIGIO, Consultant, Macros Consulting Managing Risks to Create Value: The case for Reputational Risk Management Anthony BICE, Director, Mercer Oliver Wyman Creating Value with ERM in Insurance Industry Madhusudan ACHARYYA, Lecturer (Risk Management),The Business School, Bournemouth University Competitive advantage through ERM: investigating the role of the regulators and the rating agencies in promoting the practice of risk management in the insurance industry Q&A Conclusions Simultaneous Translation in English and Italian 0-2

7 About the Conference Organizers ANIA (the National Association of Insurance Companies) represents insurance companies operating in Italy. Its main task is to protect the industry s interests combining them with the Nation s general interests, in the creation of a model of sustainable development recognised by Institutions and by the public opinion. Macros Risk Management is a consulting company providing innovative solutions to insurance companies and financial services in the area of risk management. We help our clients with tailormade services in the management of issues as IAS, ALM, DFA and Solvency II. The Geneva Association, is a unique non-profit worldwide organisation formed by some 80 Chief Executive Officers of the most important insurance companies in Europe, North America, South America, Asia, Africa and Australia. Its main goal is to research the growing economic importance of insurance activities in the major sectors of the economy. 0-3

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9 List of speakers and participants Surname Name Position Company Acharyya Madhusudan Lecturer (Risk Managemant) Bournemouth University Agrusti Raffaele CFO & General Director Assicurazioni Generali Alleva Giovanni Compliance and Riskmanagement AXA Assicurazioni Arnaboldi Alberto Vice President Uniqua Group Avesani Renzo Director of Risk Management Research Dept Unipol Gruppo Finanziario Battista Stefano Partner Ernst & Young Financial Business Advisors Battista Andrea Director Life & Bancassurance Gruppo Cattolica Assicurazioni Becchi Viviana Head of Compliance Department Cardif Assicurazioni Bertagna Enrico General Representative for Italy Lloyd's of London Bertola Luca Antonio CEO Chiara Assicurazioni Bettinardi Edoardo Compliance Banca Mediolanum Bice Anthony Director Oliver Wyman Bigio Riccardo Consultant Macros Consulting Biondi Stefano Risk Management Mediolanum Vita Bocca Corrado Head of Riksmanagement and Compliance Banca Mediolanum Bonino Marco Head of planning for insurance companies Banca Carige Borio Federico Head of Risk Management Eurizon Vita Borsetti Stefano President Bentos Assicurazioni Brizio Silvia Director of Risk Management Unipol Gruppo Finanziario Buoro Giuseppe Consultant Assicurazioni Generali Caldarelli Cesare Vice General Director Vittoria Assicurazioni Caldera Franco Director ANIA Milan ANIA Caprez Paul Head of Enterprise Risk Management Assicurazioni Generali Caputi Federico Partner MACFIN Management Consultants Carmagnola Gabriella Head of Communication ANIA Carniol Fabio Director of Bankinsurance and Pension Cattolica Assicurazioni Cavatorta Liliana Head of Risk Management Fondiaria-Sai Cazzola Alessio Risk Management Reale Mutua Assicurazioni Cerni Nazareno Marine and Reinsurance Manager Assicurazioni Generali Cesari Elisa Manager Legal-Compliance- Internal Control Office Coface Assicurazioni Ciabattini Claudio Senior Underwriter Scor Global Life Civelli Marco Director General Ergo Italia Claudio David CEO IAMA Consulting Cominelli Claudio Vice Director General Assicurazioni Generali Corinti Alberto Economics & Finance Director CEA Cucinotta Giovanni Chief Economist ISVAP 0-5

10 Cuzin Gerard CEO CNP Capitalia Vita D'Addato Francesco Risk Manager Sara Assicurazioni Dallaglio Enea General Director IRSA IAMA Consulting De Marzi Mara General Secretariat ANIA Di Federico Giovanni Representative of Italy RGA International Reinsurance Comp. Ltd Dinia Antonio Head of Responsabile Gerenze Assicurazioni Generali Donadio Germano Director Groupama Vita Doni Angelo Financial Reporting and Stock Exchange ANIA Fabbrini Alessandro CEO DWS Vita Fabi Stefano Risk Management Life/ALM Allianz Fantini Massimiliano Director - Head of Client Market Domestic Swiss Reinsurance Farina Maria Bianca CEO Poste Vita Ferri Stefano Group Solvency & Value Based Analysis Assicurazioni Generali Fierro Claudio Reinsurance Eurizon Vita Focarelli Dario Chief Economist ANIA Franzina Luigi Managing Director Padana Assicurazioni Galli Giampaolo General Director ANIA Gasparini Katiuska Group Organization Assicurazioni Generali Gavazzi Umberto Managing Director Scor Global P&C Italy Geipel Peter CEO Ergo Italia Granieri Rosalba Vice General Director Chiara Assicurazioni Guarena Roberto CEO Vittoria Assicurazioni Guggiola Davide Risk Management Reale Mutua Assicurazioni Impronta Attilio Member of the Board Marine & Aviation Jecan Danut Risk Manager Generali Asigurari SA Keck Alain Chief Operation Officer Skandia Vita SpA Liedtke Patrick M. Secretary General & Managing Director The Geneva Association Lorenz Fabrizio General Director ITAS Mutua Loukianova Anna Full Professor Graduate School of Management, St. Petersburg Luvie Massimo Vice General Director Reale Mutua Assicurazioni Manca Valter General Director Chiara Vita SpA Manzoni Davide Carlo Operational Risk Management Intesa Sanpaolo Marchegiani Giorgio Director Oliver Wyman Marinkovic Tijana Employee Finance Dept Aviva Italia Holding Masera Rainer S. Managing Director Lehman Brothers Massi Biagio CEO CBA Vita Mazzoleni Piera Full Professor Catholic University Meloni Vittorio Head of communication Intesa Sanpaolo Meneghetti Michele Chairman of the Management Board Uniqa Previdenza 0-6

11 Millo Fabio Actuary Assicurazioni Generali Minafra Angelo Operations Manager AIG- United Guaranty Molinari Amato Luigi President Alleanza Assicurazioni Moltrasio Dario Director General AIG Life (Ireland) Ltd. Montalvo Carlos Secretary General CEIOPS Montemezzo Federico Head of Planning and Control Italia Assicurazioni Nanni Stefano Manager PricewaterhouseCoopers Advisory Negrin Dino General Director Fondiaria-Sai Nuzzaci Salvatore Actuary Life Ergo Previdenza Olocco Stefano Risk Management Società Reale Mutua Assicurazioni Ozbek Turgay Board Member Aksigorta Pace Stefano General Agent Assicurazioni Generali Panarelli Nicola Partner Ernst & Young Financial Business Advisors Parenti Carlo Consultant Pasquali Stefano Chief Audit & Risk Management Intesa Vita Paulli Angelo Research Manager Macros Research Pontremoli Roberto President Macros Risk Management Porro Bruno Chairman of the Chief Risk Officers Network The Geneva Association Pozzoli Roberto Consultant Macros Risk Management Prada Marco Finance Director Assurant Solutions Italia Preziati Dirce Employee Finance Dept Aviva Italia Holding Pulchart Vladimir Managing Director Maxima Insurance Co. Ranieri Pietro Risk Management Dept Fondiaria-Sai Restione Fabrizio Director Fondiaria-Sai Rinaldi Francesca General Secretariat Macros Research Roccia Carmen Maria Pia Chief Investment Officer Skandia Vita Romoren Gurvin Risk and Compliance Aviva Italia Holding Roncadin Dario Risk Manager Coface Assicurazioni Rossi Stelio Senior Account Executive Gen Re Rosso Isabella Life Director Ergo Previdenza Rovatti Franca General Manager Mediolanum Assicurazioni Sabatini Giovanni Director Ministero del Tesoro Salvati Sandro Former CEO Alleanza Assicurazioni & Toro Assicurazioni Salza Enrico President of the Management Board Intesa Sanpaolo Santori Marzia Business Development Manager AIG Santori Laura Director, Financial Services - Insurance Standard & Poor's Savelli Nino Full Professor Catholic University Scarioni Angelo Vice President Macros Risk Management 0-7

12 Scarpa Laura General Secretariat ANIA Scarso Giampaolo Consultant Marsh Semprini Francesco General Director HDI-Gerling Industrieversicherung AG Seresini Alessio Operational Risk Analyst Intesa Sanpaolo Sguazzin Gino Executive Allianz Tagliabue Mara Research Manager Macros Research Tanaka Chihiro Manager Mitsui Sumitomo Ins. Co. Ltd Vidale Mario Head of Compliance Office Unipol Gruppo Finanziario Villa Daniele Researcher Macros Research Zaniboni Francesca Actuary Cardif Assicurazioni Zilioli Simplicio CEO Area Life International Assurance Ltd Zorza Alessandra Head of Market Scor Global Life 0-8