Dr Joerg Krause, Director-General for the Supervision of International Groups, Internal Models, Reinsurance

Effective risk management is a basic requirement for being able to tackle the current and future global challenges and their impacts on the financial sector. This does not only apply to each individual company, but in particular to insurance groups. We expect all insurance companies to fulfil their responsibility of ensuring, at all times, an effective system of governance that is appropriate to the company’s specific risk profile. We therefore also expect insurers to implement resilient processes and to critically analyse the appropriateness of these processes on an ongoing basis. We will examine this more closely in future.

Dr Andreas Zapp, Director-General for Group Supervision, Life insurance, Funeral Expenses Funds, Investments

Companies in the insurance industry play an important role in our economy and in society both in underwriting risks and as institutional investors. The industry can make a significant contribution towards the sustainable transformation of our economy. Legislators and supervisors set out the framework conditions, which are continuously further developed, and with this framework they both encourage and require companies to assume responsibility for meeting these goals. In my panel, company representatives, academics and supervisors will be discussing the challenges and opportunities this brings.

Dr Christopher Lotz, Director-General for Quantitative Risk Modelling

After the disruption caused by the coronavirus pandemic, I am pleased to have the opportunity to meet in person again. This will allow us to communicate face to face and to develop and maintain our networks – that is the foundation for vigorous supervision, and for finding creative solutions to the challenges that lie ahead. Because it is clear in our minds that we are working with people, not with machines!

Axel Oster, Director-General for Group Supervision, Property/Casualty Insurance, Special Topics

The benefit insurance products provide for consumers is the key factor in product design. This applies to private pension products in particular. BaFin therefore deems it essential that insurance companies consider the value customers in the target market receive for the premiums they pay – during the entire term of the policy. Costs play a key role here – including the costs for important customer advice.

Andreas Seiltz, Director-General for Group Supervision, Institutions for Occupational Retirement Provision, Health Insurance

After a decade of falling interest rates we are now seeing a reversal of this trend. But not only are interest rates rising dramatically, inflation is also reaching dizzying heights. As much as the market hoped for the end of low interest rates, in BaFin’s view, the current developments are also creating problems and raising a lot of new questions. Together with the guests in my panel, I would like to examine whether, on balance, these developments are to be seen as a blessing or a curse.

Ludger Hanenberg, Director-General for Cross-departmental Basic Issues, Supervision Management, Service

The complexity of the insurance business has increased considerably in recent years – as have the requirements for risk management. Today, risk management encompasses a range of issues, such as new risks and how they are addressed, the significance of up-to-date data and the availability of such data, and recruitment and retention of qualified staff. Almost no area is unaffected. This complexity creates new challenges for risk management, and in the interests of the company, risk management processes must address these new challenges time and again.