7 June Seminars
S1. The Future of the insurance industry - As the industry shifts from a reactive to a preventative model, is the future more about risk than insurance?
Will the legacy of 300 years hold the insurance industry back and act as a millstone around its neck or will it provide a strong platform for the digital and talent transformation required for industry’s post-pandemic growth? The economics of it suggest more buoyant growth but will the challenges around regulation, talent, sustainability and evolving consumer preferences make this a bumpy ride? Resilience in the post-pandemic digital age will demand a clear focus on purpose, maximising opportunities presented by technology and close engagement with all stakeholders.
This seminar will discuss how good risk management can make a difference when constructing and presenting insurance programmes, and the types of incentive risk professionals might expect to receive for their organisations, by following evidenced good practice.
S2. Building resilience - Going beyond the pandemic, what lessons can be learnt to build resilience in national and business life?
A recent call for evidence by the UK Government called for a whole-of-society approach and active partnership from individuals, community and volunteer groups, businesses and academia. What can we learn from other countries who have built resilience into everyday life – comparisons can be drawn from countries including the US, Australia, New Zealand, Sweden and Japan. Recent emergencies have changed how many organisations invest in resilience and think about risk, especially in terms of planning and prevention.
Many organisations believe that critical national infrastructure resilience can be improved, and many believe that this can be achieved through the introduction of appropriate resilience standards. Can standardisation and consistency and the testing of these across processes and tools, enable better preparation, mitigation and response to risks?
S3. Managing supply chain disruption - How can supply chain disruption be managed in this age of interconnected digital risks?
According to survey results released during the 29th Rencontres de l’AMRAE 2022 in France, logistics are the second most-worrying factor for supply chain managers, followed by cyberattacks and sourcing issues. Supply chain concerns have haunted companies around the world, as a transportation logjam and post-pandemic supply collapse caused a scarcity of semiconductors and other key components. The depth of the crisis is shown by the fact that seven out of ten respondents to the survey said they had experienced more than five supply chain crises in 2021. The semiconductor crisis provides a clear example of how different factors came together to disrupt supply chains around the world during the past two years.
Meteorological events such as a drought in Taiwan and a cold snap in Texas led to further problems with the supply of semiconductors. A fire that put a plant in Japan out of service in March 2020 compounded the production woes. Meanwhile, the pandemic boosted demand for semiconductors as homeworking caused an explosion in laptop sales. Companies also stockpiled chips in anticipation of a potential trade showdown between the US and China. As global demand recovered, a shortage of semiconductors severely hampered companies in the automotive, electronics and IT sectors.
Cyber risks however hover over everything as all of this comes at a time when it is increasingly hard for companies to transfer their supply chain risks to the insurance market.
8 June Seminars
S4. Cyber risk and insurance - Can insurance provide a solution for financing cyber risks, when almost half of businesses in the UK do not buy this cover?
The cost to the global economy from cyber losses is currently over $1.5 trillion per year, a figure which is expected to increase as attacks worldwide grow in size, tenacity and complexity. The global cyber insurance market has been one of the fastest-growing over the last decade, with premiums doubling since 2015, yet significant protection gaps remain.
In the UK specifically, there are significant gaps in national cyber resilience: 39% of UK businesses have reported having cyber security breaches or attacks in the last 12 months, 43% have not taken out any form of cyber insurance and only a minority regularly undertake cyber security risk assessments or vulnerability audits.
While there are numerous iterations of public-private catastrophe risk insurance programmes to address resilience challenges for natural catastrophe and terrorism risks, industry and governments have yet to find a way to collaborate on cyber risk. In the aftermath of a systemic cyber event, coverage may become prohibitively expensive, or result in a market failure. Should there be a co-ordinated solution before a critical state is reached?
This seminar will discuss what is currently being done to improve cyber risk taxonomy, data management, risk management and risk transfer options at a global, country and sector level.
S5. Is 2022 throwing a curveball at Purpose?
Pursuing purpose in the year of crises – does it enhance or impede an organisation’s financial performance?
Several very significant risks have crystallised and combined to cause fast moving crises for many companies. Covid-19 recovery, fossil fuel price hikes, the loss of supplies and markets because of Russia’s invasion of Ukraine to name a few of the macro risks. It has been a distressing and interesting year against the backdrop of the accelerating trend of increased consumer pressure on ESG issues, ranging from climate change to modern day slavery and financial transparency.
Increasingly, investors and consumers alike want to see more than just lofty purpose statements. They want to see how purpose is lived and made material to the performance of the business. Does the pursuit of purpose enhance or distract businesses from their goals around financial performance – especially in a difficult year such as 2022?
One year on from the launch of Airmic’s Roads to Repurposing report, this seminar will discuss practical steps for risk professionals and their organisations to take in making their purpose matter, considering what may seem to more pressing needs.
S6. ESG and climate change - Since the COP26 summit, have we progressed or faltered in achieving net zero targets and Environmental, Social, and Governance (ESG) goals?
To some, the COP26 climate change summit last year in Glasgow saw an unprecedented mobilisation of businesses and funds towards climate change mitigation, adaption and transition. Yet others who viewed it as the last best chance to achieve accountable emission-reduction commitments that would limit global warming to 1.5°C were disappointed. Since then, other concerns, not least supply-chain issues and the Omicron wave of the pandemic, have preoccupied organisations. As we look towards the next COP summit, have businesses progressed or faltered in achieving emission-reduction commitments that would limit climate change? What challenges and opportunities are businesses facing as they strive to meet net zero targets?
This seminar will discuss how different sectors are dealing with the transition risks related to climate change, as well as with issues of regulatory compliance as ESG and climate disclosures are increasingly moving from voluntary to mandatory.