Download the presentation by Michel Dacorogna

 

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Despite constituting a key dimension of financial markets, the basic economics of insurance remain poorly understood. This online seminar intends to be a first contribution to fill this gap. In this introductory online seminar Dr. Michel Dacorogna (University of Zürich and Prime Re Solutions) starts by offering a definition of risk and by highlighting the value of risk management from a theoretical point of view. Dr. Dacorogna then discusses the difference between uncertainty and risk as introduced by Frank Knight. On this basis, he briefly recalls the history of insurance and its role in economic development.

Based on risk measures and their various operationalisations, it is possible to define a capital adjusted to risk to guarantee payment of an insurance policy. With a simple example, Dr. Dacorogna then shows how the price of risk is computed and discusses its main components – what he calls the cost of production of an insurance policy. Lastly, he emphasizes the role of portfolio diversification and its limitation illustrated through a modification of the example.

Dr. Dacorogna’s presentation will be followed by comments from Dimitris Zafeiris (EIOPA) as well as by our traditional Questions and Answers session.

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Speaker

Michel Dacorogna (University of Zürich and Prime Re Solutions)
Michel Dacorogna is partner at Prime Re Solutions, a company advising financial institutions on actuarial and economic matters. He is also Director of Risk Management at the Geneva Association and head of DEAR-Consulting. He is the former scientific advisor to the chairman of SCOR. He conducts research in the field of insurance mathematics, capital management and risks. He presents models and capital management techniques to management and customers. He is Member of the board of the Research Center on Insurance Risk at the Nanyang Technical University of Singapore, he collaborates with the center on their various initiatives. Until July 2013, Michel was deputy group CRO of SCOR in charge of Solvency II and the internal model. He was at the origin of SCOR’s internal model, which he developed with his team for more than 10 years. Author and co-author of more than 85 publications in refereed scientific journals; he is often invited to present his results in international conferences and specialized seminars. His work is referenced in many publications. One of the papers he co-authored was the most quoted paper over 5 years in the Journal of Banking and Finance. His book: “An Introduction to High Frequency Finance” remains a reference in the field. He also lectures at the ETH and University of Zurich, at the University Ca’Foscari in Venice (Italy) and at the University of Turin (Italy) in their master of finance and insurance programs. He has been awarded the International Research Chair LabEx MME-DII & ES-SEC CREAR in 2018 at ESSEC Business School in Paris. He received his Habilitation, Ph. D. and M. Sc. in Theoretical Physics from the University of Geneva in Switzerland and did a post-doc at the University of California in Berkeley.

 

Commentator

Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He 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.

 

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Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

 

Download the slides of the presentation

 

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The Banking Package adopted in spring 2019 by European co-legislating institutions will enter into force this summer. It represents an important step towards the completion of the European post-crisis regulatory reforms. These reforms implement into European Union (EU) law some outstanding elements which had been previously agreed by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB) and are meant to make the financial system more resilient and stable.

In this online seminar, Marie Donnay (Head of Unit in Resolution and Deposit Insurance in DG FISMA), Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision in DG FISMA) and Audrius Pranckevius (Policy Officer in Resolution and Deposit Insurance) will present and discuss the key changes that were brought about to the EU resolution and prudential frameworks by the new Banking Package. With respect to changes to the resolution framework, a particular focus will be put on the implementation in EU law of the international standard on Total Loss-Absorbing Capacity – also called TLAC – and on the amendments to the existing Minimum Requirement for own funds and Eligible Liabilities – also called MREL.

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Speakers

Marie Donnay (Head of Unit in Resolution and Deposit Insurance, DG FISMA, European Commission)
Marie Donnay is Head of Unit in Resolution and Deposit Insurance in DG FISMA at the European Commission. Her unit is in charge of (among others) the resolution frameworks for Banks, Insurance and CCPs, as well as deposit insurance/ insurance guarantee schemes at national level and in the Banking Union (EDIS). The unit is closely involved in the debates on the completion of the Banking Union. Before joining DG FISMA, Marie held different positions in DG ECFIN (European Commission). Previously, she worked at the ECB, IMF and KULeuven. Marie studied economics at the KULeuven, FUNDP (Namur), Rotterdam University and Universita di Bologna.

 

Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision, DG FISMA, European Commission)
Tommy De Temmerman is a policy officer in Bank Regulation and Supervision in DG FISMA at the European Commission, where he was responsible for the coordination of the negotiations on the prudential aspects of the Banking Package. Before joining the Commission, he was Bank Recovery and Resolution Expert at the Single Resolution Board. Prior to this, he held various positions in the Treasury and Financial Markets department of Belfius Bank and at Bank of New York Mellon. Tommy also teaches European Financial Integration at the Solvay Brussels School of Economics and Management. He studied economics and finance at the Université Libre de Bruxelles and College of Europe.

 

Audrius Pranckevicius (Policy Officer in Resolution and Deposit Insurance, DG FISMA, European Commission)
Audrius Pranckevicius is a policy officer in Resolution and Deposit Insurance in DG FISMA at the European Commission. He works on policy development in the area of bank resolution since 2013 and was responsible for coordination of the negotiations on the resolution aspects of the Banking Package. Prior to his current role, Audrius has worked in other areas of financial regulation in DG FISMA. Before joining the European Commission in 2005, he worked in financial analysis for several blue chip companies in Canada. He studied economics and finance at Vytautas Magnus University and Brandeis University.

 

 

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Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Participation to this event is upon invitation only

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This two-days Chatham House executive seminar on the New World of Financial Stability will (1) take stock of the state of the art in the regulation and supervision of banks and other nonbank actors in Europe; (2) assess the market impact of and developments in the Single Market for banking and finance; (3) discuss risks and opportunities stemming from new technologies and business models and (4) critically review current oversight gaps and risks and explore possible remedies.

In line with last year’s approach, this Florence School of Banking and Finance (FBF) executive seminar will look both at banking and non-banking entities.

The executive seminar will be held in the context of the Florence School of Banking and Finance’s 4th Advisory Council and Scientific Committee Meeting.

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Scientific organisers:

• Stefano Cappiello (FBF and Italian Treasury)
• Elena Carletti (FBF and Bocconi University)
• Pierre Schlosser (FBF)
• Emiliano Tornese (FBF and European Commission)
• Tobias Troeger (Frankfurt University)

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Digitalization has changed everything in our lives: how we communicate, organize, interact, move, and trade. Increasingly, it is also changing how we pay, and potentially how we count, transfer and store value. In short, digitalization is changing money—certainly in its role as a medium of exchange and maybe as a store of value and unit of account as well.

Despite electronic money (e-money) first appeared more than twenty years ago, their exchanges represent today still a small fraction of total financial movements. This is now changing fast, as mobile technology and the internet are joining forces to produce a silent revolution in payments. New forms of money are emerging while digital networks and platforms have the potential to transform and disrupt financial intermediation more broadly.

In this online seminar, Jean-Pierre Landau (Harvard Kennedy School and SciencesPo) will discuss the future of money, in light of these evolutions. His presentation will also examine how digitalization will (1) increase the potential for currency competition (2) change the architecture of domestic and international monetary systems and (3) may affect the respective role of public and private money. Dr. Landau will make a strong case for central banks to consider issuing their own digital currencies (CBDCs) as a way to protect the role of public money in a digitalized environment.

The presentation will be closed by a live Q&A session with the audience.

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Speaker

Jean-Pierre Landau (Harvard Kennedy School and SciencesPo)
Jean-Pierre Landau is currently a Senior Research Fellow at the Harvard Kennedy School and Associate Professor of Economics at SciencesPo (Paris). He has worked in the French Government for most of his career. He served as Deputy Governor of the Banque de France (2006-2011), Executive Director of the International Monetary Fund (IMF) and the World Bank (Washington) as well as Undersecretary at the Ministry of Finance. He has been Visiting Lecturer at Princeton University (Woodrow Wilson School) and Visiting professor at SAIS (John Hopkins – Washington DC). He also was Dean of the School of Public Affairs at SciencesPo in 2014-2015.

 

 

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Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Download the presentation

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As is well established, financial institutions can create or amplify systemic risk. In this online seminar, Dimitris Zafeiris (Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority – EIOPA) and Francesco Mazzaferro (Head of the Secretariat at the European Systemic Risk Board – ESRB) will guide us through the sources of systemic risk in insurance and will spell out that two types of systemic risk can be distinguished.

The first type of systemic risk is contagion (both direct and indirect). The second type is the systematic withdrawal or failure of insurance services, which could lead to a systemic disruption. Zafeiris and Mazzaferro will thus argue that a macroprudential approach should address systemic risk and supplement the microprudential supervisory framework for insurers (Solvency II).

This online seminar will also highlight that the lack of harmonisation in the field of recovery and resolution of insurers makes cross-border cooperation and coordination more difficult. For the orderly resolution of insurers, a harmonised and comprehensive recovery and resolution framework is essential to better protecting policyholders as well as maintaining financial stability. Finally, Zafeiris and Mazzaferro will argue that European policyholders should be adequately and – to a minimum – evenly protected in the event of insurance failures. This could be achieved by harmonising the national insurance guarantee schemes in the EU.

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Speakers

Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board – ESRB)
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 (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He 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.

 

 

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Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.