Agenda

REGULATION & STANDARDS

09:00

  • Regulating to ensure the stability of the Australian insurance system: what is currently in place, and what changes can we expect following 2019-2020 climate, disaster and pandemic events? 
  • Addressing the mismatch between disaster recovery and mitigation 
  • Update on APRA’s climate risk and vulnerability assessment 
  • The role of UFIs in the Australian insurance landscape  
  • What can we learn from regulations across Europe, USA, and other insured regions?

09:25

  • Applying the CMSI to increase confidence in climate models 
  • Transitioning from historical to forward-looking models when setting climate models 
  • How does the CMSI reduce the risks and costs of proprietary disclosures? 
  • Ensuring climate research has practical applications for business and the environment

CLIMATE CHANGE

09:50

  • Current and projected changes in extreme weather and climate events 
  • Monitoring global and local changes in climate 
  • Degree of severity: what should we take into account, and what degrees scenarios are relevant?  
  • Is the CMIP6 useful to re/insurance stakeholders, and how will it impact CAT models? 
  • What areas of uncertainty should be further explored and modelled? 

10:15

  • Climate change impacts on insurance affordability, emerging market issues and reinsurance 
  • How does the integration of climate change assumptions into catastrophe modelling present challenges and opportunities for improving resilience? 
  • Unpacking specific examples where the ICA is investing in improving resilience – Collaborative action focused projects, WWBWWB, SECCCA, QFES, GBCA 
  • How does climate change understanding influence future land release decisions? How might insurance influence or affect these decisions? 
  • Government challenges, land use planning, climate change and balancing community expectations

11:05

11:25

  • At-risk areas and the changes to the insurance landscape 
  • Incorporating climate change data into risk management tools for the insurance industry 
  • Working with up-to-date scientific models and creating bespoke solutions 
  • Challenges of modelling changing hazards and consequences of future risks (flood, fire, cyclone) for re/insurers 
  • Working towards greater modelling transparency to discourage black box models based on questionable data 
  • What resources are available to monitor climate change, and is the TCFD making these resources transparent and available? 

RETROSPECTIVE OF 2020 AUSTRALIAN BUSHFIRE SEASON  

11:40

12:25

  • What have we learnt from the 2020 bushfire season?  
  • What technology is enabling richer data collection and is this helping insurers better understand their risk exposure? 
  • How have bushfire models progressed? How do they stack up when aligned against recent events?  

01:10

FLOOD, CYCLONE & STORM 

02:10

  • Are cyclones really moving south? 
  • The relationship between rising temperatures and increasing cyclone severity 
  • Synthetic cyclone testing: What concerning trends are we seeing in cyclone speed and accumulative rainfall 
  • What connection is there between cyclones and other Nat-Cat events, such as flood and east-coast lows? 
  • Breaking down scientific debates on the future impact and frequency of cyclone

02:40

  • Australian cyclone and east coast lows  
  • Comparing outcomes from predicted scenarios and their impact on risk management  
  • Interpreting modelled losses from actual events, as well as factors driving output discrepancies  
  • What type of exposure will future cyclone bring to South East Qld and north-east NSW? 
  • What are the pros and cons of understanding flood and wind as perils linked to cyclones/storms? 
  • Blending modelled and non-modelled flood assessments to better manage losses

DATA & INSURETECH

03:30

03:50

  • Numerical weather forecasting models have never been as good as they are today 
  • How can real-time weather forecasts be used more effectively in the insurance industry?  
  • Incorporating new claims data into existing CAT models: Making adjustments to model output in line with your own view of risk 
  • Examples of real-time loss forecasting 

04:10

PANDEMIC RISK FOCUS

09:00

  • Providing clarity around the type of supply chain disruption that could receive insurance coverage 
  • Factoring long term financial losses into coverage to account for the economic legacy COVID-19 will leave on businesses for years to come 

09:30

  • Is pandemic risk insurable in the traditional sense? 
  • What unique challenges do pandemics pose that other insurable perils do not? 
  • What types of funding solutions are being considered in other key countries? 
  • Are there any other types of extreme risk that pose similar challenges?

10:00

  • Combining historical data with what we know about COVID-19 to provide viable risk transfer solutions  
  • Interpreting changes to trade patterns, supply chains, public behaviour and fear, and exposure rates to develop pandemic risk models 
  • Utilising a comprehensive infectious disease database to set your policy premiums

11:00

11:20

  • How have ILS markets fared through the Covid-19 crisis?  
  • The place for pandemic bonds as alternative risk transfer going forward 
  • Accessing alternative capital through ILS Markets 
  • Outlook and implications for the reinsurance value chain

12:00

  • What changes are required to terms of re/insurance policies in order to provide support during a pandemic like event 
  • Reviewing the exposures covered by basic BI and event cancellation insurance in the event of a pandemic 
  • In what scenarios would pandemic exclusion clauses still apply?

12:30