Reputational risk drivers

Reputational risk drivers for the insurance industry

28 May 2013

Organised by: Swiss Reinsurance Company Ltd

About the event

The financial industry has often been viewed as somewhat distant to discussions about ethical behaviour in business and related reputational risks. This is largely due to the fact that the industry often perceives its role as purely a fiduciary one in which it acts as a financier or insurer of the real economy but with only a very limited obligation to look beyond classical financial risks.

As a result, reputation risks as seen through the lens of a broader societal, governmental and long-term investment perspective have often remained below the radar of business and risk managers.

During the event, the following questions were addressed:

  • What are the fundamental reputation risks that the insurance industry is facing today in regard to its main stakeholders, ie civil society, governments and investors?
  • From the civil society perspective: How can we better manage sustainability risks in our business transactions?
  • From the perspective of governments: How can we mitigate the trust crisis and avoid overly stringent regulatory requirements?
  • From the perspective of long term investors: How are insurance companies looked at by sustainability rating agencies and long term investors?

To stimulate the dialogue, experts were invited from various fields including insurance executives, regulators and interest groups.

Agenda

 

Tuesday, 28 May 2013

08:00

Welcome coffee and registration

08:30

Welcome and introduction
David Cole, Group Chief Risk Officer, Swiss Re 

08:45

Conducting business ethically and responsibly
Jakob Kellenberger, Former President of the International Committee of the Red Cross


09:15

Session 1
Reputational considerations as drivers of regulatory changes in the insurance industry

Philippe Brahin, Head Governmental Affairs & Sustainability, Swiss Re

09:25

Reputational risk: considerations from an international and regulatory perspective
Gabe Shawn Varges, Head of Governance and of the Swiss Qualitative Assessment, FINMA

09:50

What insurers can do to mitigate the crisis of trust
Peter Skinner, Member of the European Parliament

10:05

Beyond compliance - enhancing legitimacy to meet societal challenges
Peter Gomez, Chairman of the Board, Six Swiss Exchange

10:20

Coffee break

10:50

Regulatory panel discussion

Moderator:
Philippe Brahin, Head Governmental Affairs & Sustainability, Swiss Re

Panellists:
Peter Gomez, Chairman of the Board, Six Swiss Exchange
Philipp Keller, Head Insurance Risk Management Practice, Deloitte
Gabe Shawn Varges, Head of Governance and of the Swiss Qualitative Assessment, FINMA
Peter Skinner, Member of the European Parliament

12:00

Lunch

 


13:00

Session 2
The investor perception of reputation risk – does it matter for shareholders?

Sustainability risks in insurance related asset management
Guido Fürer, Group Chief Investment Officer, Swiss Re

13:30

Long-term reputational risk drivers from a shareholder perspective

  • Amra Balic, Head of Corporate Governance and Responsible Investment, EMEA, BlackRock
  • Alison Kennedy, Governance & Stewardship Director, Standard Life

14:15

The financial crisis and reputational risk in the insurance industry
Deborah Pretty, Principal, Oxford Metrica

14:30

Financial materiality in corporate sustainability benchmarking
Daniel Wild, Head of Research, RobecoSAM

15:00

Coffee break

 


15:30

Session 3
The civil society perspective – what is expected from a responsible company?

When markets become detached from morals
James Garvey, Secretary, the Royal Institute of Philosophy

16:00

Putting environmental, social and governance risks on the radar
Philipp Aeby, CEO, RepRisk

16:30

Sustainability risk management - Swiss Re's Sustainability Risk Framework
Andreas Spiegel, Head Sustainability & Political Risk, Swiss Re

16:45

Envrionmental, social and governance panel discussion


Panellists:
Philipp Aeby, CEO, RepRisk
Amra Balic, Head of Corporate Governance and Responsible Investment, EMEA, BlackRock
Alison Kennedy, Governance & Stewardship Director, Standard Life
James Garvey, Secretary, the Royal Institute of Philosophy
Daniel Wild, Head of Research, RobecoSAM
Andreas Spiegel, Head Sustainability & Political Risk, Swiss Re

Moderated by David N. Bresch, Head Sustainability, Swiss Re

17:30

Wrap-up

17:45

End and farewell drink

Speakers

Philipp Aeby

CEO, RepRisk AG


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Amra Balic

Head of Corporate Governance & Responsible Investment, BlackRock EMEA


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Philippe Brahin

Philippe Brahin

Head Governmental Affairs & Sustainability, Swiss Re


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David Bresch

David N. Bresch

Head Sustainability, Swiss Re


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David Cole

Group Chief Risk Officer, Member of the Group Executive Committee, Swiss Re


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Guido F├╝rer

Group Chief Investment Officer, Member of the Group Executive Committee, Swiss Re


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James Garvey

Secretary, the Royal Institute of Philosophy


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Peter Gomez

Peter Gomez

Chairman of the Board, Six Swiss Exchange


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Jakob Kellenberger

Former President of the International Committee of the Red Cross


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Philipp Keller

Head Insurance Risk Management Practice, Deloitte


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Alison Kennedy

Alison Kennedy

Governance & Stewardship Director, Standard Life Investment


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Deborah Pretty

Principal, Oxford Metrica


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Gabe Shawn Varges

Gabe Shawn Varges

Head of Governance and of the Swiss Qualitative Assessment, FINMA


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Peter Skinner

Member of the European Parliament


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Andreas Spiegel

Andreas Spiegel

Head Sustainability & Political Risk, Swiss Re


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Daniel Wild

Head of Research, RobeccoSAM


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General information

Conference

Reputational risk drivers for the insurance industry

Date

28 May 2013

Venue

Swiss Re Centre for Global Dialogue
Gheistrasse 37
8803 Rüschlikon
Switzerland
Telephone +41 43 285 8100

Conference Language

English

Target audience

The target audience for the event is reinsurance clients, ie primary insurance company representatives. The event is open to investors, governmental representatives, media and Swiss Re employees.

Conference organisation

Swiss Re Centre for Global Dialogue
Flavio Caspar
Gheistrasse 37
8803 Rüschlikon
Switzerland
Telephone +41 43 285 8846
Fax +41 43 282 8852

E-Mail

Disclaimer

This event may be photographed, videotaped, filmed and /or recorded. A summary of the event, pictures and/or a video of the event in which you may appear may be posted and made available on Swiss Re’s and the Swiss Re Centre for Global Dialogue’s internal and external websites and in printed materials.

Privacy
statement

We would like to draw your attention to the fact that Swiss Re conducts its business according to local European anti-trust laws. Please bear this in mind while attending the conference. For more details, please contact the organiser.

Summary

Many issues factor into how the insurance industry is perceived, but the root of its reputation lies inside its operational DNA, according to experts at the event "Reputational risk drivers in the insurance industry."

The 2007 financial crisis exposed profound mistakes at a range of institutions. One trusted name after another was ruined as the crisis unfolded - sometimes overnight. Though the first names to fall belonged to banks, insurers soon came under scrutiny as well. The value and fragility of corporate reputations had been laid bare.

All participants agreed that the crisis was a defining moment for reputation risk. However they also pointed to larger and more lasting trends now at work. News flow is quicker and more distributed (think Twitter), keeping corporate reputations in a constant state of play. Financial analysts have taken a more direct interest in intangibles such as reputation, thus linking a corporation's reputation to its share price and cost of capital. The behaviour of corporations is evaluated and ranked within and across sectors (including meta-rankings of reputations themselves), making reputation a competitive and comparable asset.

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