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Prudential Risks and Policies in the European Insurance Sector

Qualitative

20% early bird discount until 10 September 2019

Registration deadline: 26 September 2019

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  • General description

    This course will focus on the micro and macro risks and prudential policies for the European insurance sector. It will provide an overview of the business model of insurers – from the principle of risks pooling to reinsurance and insurtech – and of the main risks insurers are exposed to.

    The course will also describe the current microprudential framework, namely Solvency II, and will discuss why a recovery and resolution and a macroprudential framework for the (re)insurance sector are needed.

  • Topics covered

    • Role of insurers and reinsurers in the economy, interaction with other economic sectors
    • Insurance and reinsurance business models
    • Individual and collective risks for the insurance sector
    • Comparison of insurers with banks
    • Solvency II
    • Recovery and resolution framework
    • Macroprudential policy for insurers

  • What you will learn

    • You will learn the role of insurers and reinsurers in the economy and their interaction with other economic sectors
    • You will learn how the insurance mechanisms works and get an overview of the European insurance sector
    • You will understand the main risks insurers are exposed to and how they can contribute to risks to financial stability
    • You will learn about the microprudential requirements that apply to European (re)insurers – Solvency II
    • You will understand why a recovery and resolution framework and macroprudential tools are needed and how they could be designed

  • Meet the instructors

    Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. He began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin, Italy, in 1987. Francesco joined the European Commission in Brussels, Belgium, in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit and preparations for the introduction of the single currency. In 1995 he joined the European Monetary Institute – which later became the European Central Bank – in Frankfurt am Main, Germany, as the Officer of Policy Planning. In 1998 he became the Senior European Relations Officer in the European Relations Division. From 2000 he worked as Principal in the EU Neighbouring Regions Division, becoming the Head of Division in 2003.

    Dimitris Zafeiris is Head of the Risks and Financial Stability Department and is responsible for EIOPA’s activities in the areas of financial stability, crisis management and studies and statistics. Before joining EIOPA, Dimitris ran the risk management unit in a commercial bank where he was responsible for the management of projects such as the implementation of Basel II and external asset quality reviews. Prior to this, Dimitris held roles as investment director, portfolio manager and analyst in a number of firms in the asset management industry. Dimitris holds a Master of Science in Finance and a Bachelor of Science in Economics.

    Petr Jakubik leads the Financial Stability Team at the European Insurance and Occupational Pensions Authority (EIOPA). Previously, he was working as an economist at the European Central Bank, Technical Adviser at the Bank for International Settlements, financial stability consultant at the Oesterreichische Nationalbank and Central Bank of Malta, chief economist at the Czech National Bank, visiting researcher at the Bank of Finland and credit risk analyst in the private banking sector. In 2012-2013, he was the President of the Czech Economic Society. He received the Financial Stability Institute Award 2008 and Irving Fisher Committee Award 2010 of the Bank for International Settlements. He is habilitated as an associate professor in economic theories by the Charles University, currently also lecturing at the Charles University and the University of Finance and Administration in Prague. He holds a PhD in finance and PhD in economics, MA in economics, MA in statistics and insurance and MSc in mathematics and computer sciences.

    Camille Graciani currently works as financial stability expert at the European Systemic Risk Board Secretariat. He started his career in 2010 as an insurance supervisor at the French supervisory Authority. He then joined the policy department of EIOPA four years later, where he led the 2018 review of the capital requirements under Solvency II. Camille graduated from the Grenoble Institute of Technology in applied mathematics and computer science and holds a master of finance and actuarial science from University of Lyon.

    Yildiz Ekinci is a seconded national expert in the Risks and Financial Stability Department at EIOPA since 2016, focusing mainly on recovery and resolution related topics. Yildiz is seconded to EIOPA from the Dutch Central Bank (DNB), where she was a senior policy advisor in the insurance policy division. Prior to joining DNB, Yildiz worked in the investment banking sector in London. Yildiz holds a MSc in Financial Economics.

    Olaf Weeken is an Adviser in the ESRB Secretariat, responsible for steering and overseeing the work of the Secretariat on non-banking topics. He joined the ESRB on secondment in 2012 from the Bank of England, where he managed teams in the Bank of England’s market operations and economic directorates. Prior to joining the Bank of England in 1998, he had been working for a financial market consultancy in London. Olaf has an MSc in Economics from the London School of Economics and is a CFA Charterholder.

    Dieter Hendrickx is currently the head of prudential policy insurance at the National Bank of Belgium (NBB). He holds an MSc degree in Business Engineering and an MSc degree in Financial and Actuarial Engineering from the Catholic University of Leuven (Belgium). He joined the Operational Supervision Department of the former CBFA in April 2010, after having worked for close to four years in the Value and Risk Management Department of a large bancinsurrance group in Belgium. In January 2012, he moved to the Policy and Financial Stability Department of the NBB, where he was an adviser on Solvency II related policy issues and responsible for conducting stress tests and financial stability analyses for the Belgian insurance sector. In this context, he has also been involved in several international working and project groups at the level of EIOPA, ESRB and IAIS. From May 2017 till October 2018, he was seconded as a Financial Stability Expert to the secretariat of the European Systemic Risk Board. In November 2018, he was appointed as head of prudential policy insurance at the NBB.

    Matteo Sottocornola is Senior Expert on Financial Stability in the Risks and Financial Stability Department at EIOPA since 2015. In its role he contributed to the design of the Solvency II based Risk Dashbord and to the European Insurance Stress Test exercises. Currently he is in charge of the development of the methodological principles for insurance stress testing. He also represents EIOPA in international working and project groups focused on systemic risks and financial stability at IAIS and ESRB. Before joining EIOPA, he worked as project manager in an Italian-French bankassurace, as researcher in academia and as Senior Manager in a big-4 consultancy company. Matteo holds a Ph.D. in Finance from Goethe University Frankfurt and a M.Sc. in Engineering from University of Bologna.

  • How the course will work

    Total course length: 9 hours.

    The course is mainly based on lectures by supervisors, regulators and economists. Active participation is encouraged via Q&A sessions and case studies.

    A certificate of attendance will be provided to all participants after the course.

  • Fees

    1350€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).

    1600€ – Private Sector.

    800€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register.

    The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.

    Please note that the payment must be settled two weeks before the start of the course.


    EARLY BIRD DISCOUNT

    Participants who register and settle the payment before 10 September 2019 will benefit from a 20% reduction of the course fees.

    The early bird discount cannot be combined with group deals.


    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
    • Registered participants who have not yet paid the registration fee can cancel their participation until one month before the start of the course.
    • The registration fee is non-refundable, however it will be possible to transfer registration to another person or request a voucher for another FBF course up to 20 days before the start date of the course.

    For more details, please contact fbf@eui.eu
  • Prerequisites

    BA/MA degree in accounting, actuarial science, business, economics, finance, law, mathematics, statistics, or commensurate professional qualifications and/or experience.

    An understanding of the main parts of the financial sector is required to follow the course. A detailed understanding of insurance / insurance products – while useful – is not required.

  • Practical information

    Accommodation 

    Please notice that the course dinner, and most of the social activities, will take place downtown.

    Recommended hotels nearby the EUI:

    Recommended hotels in downtown Florence:

    Suggested restaurants in Florence city centre

    Wi-Fi

    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.

    Privacy Notice

    The personal information you have provided will be processed in compliance with the EUI Privacy Statement for conferences. For general queries: fbf@eui.eu

     

    General information on local transport

    From Florence airport:

    Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.

    A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.

    The airport is also connected to the main railway station in Florence by a shuttle bus (‘Vola in bus’) that leaves every 30 minutes (on the hour and on the half-hour) and takes 25 minutes. Tickets are available on board for €6.00.

    From the central railway station:

    Take bus n. 7 at the bus stop Stazione Nazionale in the direction “Fiesole Piazza Mino”, get off at the stop ‘San Domenico 01’. For bus routes and timetables consult the official timetable.

    Bus tickets are sold outside the railway station, at ATAF ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafes (bar). They must be bought before boarding and stamped using the machine on the bus. A ticket costs €1.50 and it is valid for 90 minutes. Bus tickets can be purchased also on board (€ 2.50), but the driver is not obliged to give change.

    Private car

    From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.

    The EUI has several free parking areas available all over the Campus.