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Main pageChallenges of the modern insurance – insurability, investments, supervision On 7-8 may 2014, 250 people visited Sheraton hotel in Sopot in order to take part in the 2nd Polish Insurance Association Congress, which is the most important discussion forum for the insurance market.
The Congress’s main theme was “Challenges of the modern insurance – insurability, investments, supervision”. The event was opened with a lecture by Marry Trussell, a partner in KPMG company in the United Kingdom of Great Britain and Northern Ireland. This was followed by the introduction to a lecture on modern financial supervision given by Paul Sharma, a managing director of Alvarez and Marsal company. Participants of the discussion panel were having a debate on similarities and differences between supervision models in different parts of the world. The next discussion panel was associated with the main theme of the convention and was about the so called insurable interest and the related challenges that an insurer has to face. The above discussion was preceded by a lecture by Markus Wade, a representative of Munich Re. The limit of the risk insurable interest is set by: too high probability of its occurrence or too many financial consequences resulting from its realisation. As a result, the transfer of the risk is not profitable for both parties: the owner of the risk and the insurer. The above mentioned limit may be changed with the use of preventive actions or actions aiming at reducing consequences when a risk occurs. Nevertheless, contrary to common belief, these actions do not exclude the sense of insuring oneself, but rather serve as a complement to an insurance service. The first day of the Congress was closed with a lecture on new media, given by Pam Moore, the president and the founder of Marketing Nutz. During the first discussion panel, on the second day of the Congress, devoted to financing health care, the participants were discussing the current and future impact of the lack of supplementary health insurance on the health care sector and the entire economy. The discussion panel was preceded by a lecture by Łukasz Zalicki, a partner in EY. Next, the part dedicated to insurance companies’ investments began. The participants debated on the above issue during the discussion panel entitled “The investment policy in low interest rates. New challenges for insurers”. A lecture being the introduction to this discussion was given by Kurt Karl, the chief economist of Swiss Re. Everybody taking part in the discussion agreed that the activity connected with investing savings related to life insurance is threatened by interest rate risk most. Substantive part of the Congress was closed with a discussion panel on good and bad legal regulation, which was preceded by a presentation given by Prof. Michał Romanowski, a member of Civil Law Codification Commission. The discussion panel may be summarised with a statement that the regulatory intervention should be preceded by a thorough analysis of the reasons for and consequences of introducing or changing the law. The most prominent insurance experts, from Poland and abroad, as well as supervision authorities, politicians and scientist, participated in the Congres. Presentations:
Video from the 2nd PIU Congress HERE |