Online debate: Mitigating the impact of COVID-19 on the insurance and occupational pensions sectors in Europe
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September 16, 2020 @ 1:00 pm – 2:00 pm Europe/Rome Timezone
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The Coronavirus pandemic has wrought havoc on households, businesses and the economy. Like all organisations, insurance companies and pension fund providers had to rapidly adapt and take steps to maintain business continuity and services to customers, whilst also ensuring the safety of employees. Given the scale of the pandemic, supervisors and regulators reacted swiftly to put in place measures to reduce the burden on insurance companies and pension funds so that they could concentrate on their essential operations. Risk-based capital buffers built-up with Solvency II helped insurers to withstand the initial severe market shocks experienced with the Covid-19 crisis. However, a high level of uncertainty on the magnitude of economic disruption and further dissemination of the virus threatening health of European citizens increases downside risks looking ahead. Some six months in to the crisis, there are already some early lessons to draw. From a supervisory perspective, this means reviewing the measures that were put in place and how the regulatory frameworks to set up to ensure the stability of the sectors fared in withstanding the shock. However there are also broader lessons to consider, for example how to close protection gaps and the case for pandemic insurance; what the accelerated take up of digital technology by consumers means for business models and communication; and, most importantly, the role of the insurance and pensions in underpinning Europe’s recovery. The crisis may be far from over, but it is not too early to starting thinking about the post-pandemic world.
ModeratorElena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute) Elena Carletti is Professor of Finance at Bocconi University. She is also at the Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.
SpeakerGabriel Bernardino , (Chairman of the European Insurance and Occupational Pensions Authority – EIOPA) Gabriel Bernardino is Chairman of the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for the strategic direction of EIOPA and represents the Authority at the Council of the European Union, the European Commission and the European Parliament. Mr. Bernardino prepares the work of EIOPA’s Board of Supervisors and also chairs the meetings of the Board of Supervisors and the Management Board. Mr. Bernardino is the first Chairperson of EIOPA. He was elected by the Board of Supervisors of EIOPA on 10 January, 2011. His nomination followed a pre-selection of the European Commission and was confirmed by the European Parliament after a public hearing held on 1 February, 2011. Mr. Bernardino assumed his responsibilities on 1 March, 2011 for a first five-year term. On 16 December 2015 the European Parliament confirmed the re-appointment of Mr Bernardino for a second five-year term, which started on 1 March 2016. Prior to his current role, Mr. Bernardino was the Director General of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP). He has served in several positions of increasing responsibility since he joined the ISP in 1989 and represented EIOPA’s preceding organisation, CEIOPS, as Chairman between October 2009 and December 2010.
CommentatorsRoel Beetsma (University of Amsterdam) Roel Beetsma is the MN Professor of Pension Economics at the University of Amsterdam. He is also Vice-Dean of the Faculty of Economics and Business and Chairman of the Department of Economics and Econometrics. He holds a Ph.D from CentER, Tilburg University. Prior visiting positions include the University of California at Berkeley, the University of British Columbia, and DELTA (Paris). Beetsma is a research fellow of the Centre for Economic Policy Research in London, CESifo in Munich, the Tinbergen Institute and the Network for Quantitative and General Economics. He is also an International Research Fellow of the Kiel Institute of World Economics.
Giuseppe Corvino (Associate professor of financial markets and institutions, Bocconi University) Mr. Corvino served as Chairman, board member or advisor to global asset managers and investment banks, top tier Italian insurance companies and pension funds, consulting firms, IT companies and family offices. In order to better understand the business model of the modern investment industry, in April 2017 he received a two years academic leave of absence from Bocconi University and served as a full-time Managing Director at BlackRock Investment Management (UK) LTD, becoming a member of the Italian Executive Committee and head of the Financial Institutions Group and the Institutional Client Business for Italy. Throughout his career, Mr. Corvino cooperated with several Regulatory and Market authorities. Inter alia, he has been Member of the EIOPA Occupational Pensions Stakeholder Group, participant in the International Decade for Natural Disaster Reduction of the United Nations project and referee for the ESMA Working Paper Series.