B3. Long term risks and how to assess and prepare

Invite Only.

Business disruption is the new norm whether it be through the impact of external events such as global pandemics, natural disasters and wars or through industry developments flowing from the ambitious, experimental, and innovative thinking of disruptor businesses. As organisations grapple with an ever more complex and seemingly unpredictable operating environment, it’s more important than ever for leaders to be foresightful, combining long-term vision with action today. Failure to adapt will threaten business value and subsequent future survival.

Eleanor Winton FRSA will explore how markets are being disrupted – how, when, and by whom – and what organisations can do about it proactively in developing their Disruption Game Plan.

Menopause should be about metamorphosis, not misery. However research for Channel 4 documentary Davina McCall: Sex, Myths and the Menopause revealed one in ten women were leaving work due to menopause symptoms. Kate Muir, the documentary’s producer and author of Everything You Need to Know About the Menopause, busts the menopause taboo.

With Kate’s honest and passionate approach we’ll discuss the smorgasbord of perimenopause and menopause symptoms, how holistic therapies and HRT can help eliminate them, and what organisations and managers can do to support this midlife change, both at work and home. Join this WTW and Rushton International lunch to learn more.

Socioeconomic diversity and equality of opportunity can help businesses unlock the benefits of a varied workforce, yet many organisations struggle to define this as a diversity category and engage.
Join Marsh at our Airmic Partner Lunch to learn more about social mobility, its benefits for the insurance industry, and what we can do to enable more ladders of opportunity.

Ailsa King, Chief Commercial Officer, Marsh McLennan UK and CEO Risk Management Marsh UK, will lead a panel discussion featuring Rt Hon. Justine Greening, founder of the Social Mobility Pledge and former Secretary of State for Education; Tokunbo Ajasa-Oluwa, CEO of Career Ready and Sonia Watson, Chief Executive of Blueprint for All.

Invite Only.

Session description coming soon.

• Overview of the basic principles of risk management: risk management framework, benefits of effective risk management, good practices
• Outline of risk management failures cases and success stories
• Brief of 2023 risk landscape
• Provision of high-level practical advice on how to begin to articulate risk management

In this session we will explore the following key aspects:

• Raise awareness of what risk management is and how it can be used to more effectively manage risks across each organization and set strategy
• Call to action is to ensure that everyone understands criticality of risk management/ address a potential lack of understanding on the topic.

Themes –

• What data do you need?
• What decisions do you have to make!?
• How to analyse core insurance / risk data
• Visualisation tools and total cost of risk (TCOR) optimisation
• Insurance market management & tools
• Individual analysis vs portfolio analytics (‘efficient frontier’)

By attending this session, you will learn:

• The role of D&A in the risk / insurance sector with a focus on corporates and ‘better decision making’
• How to use that data to present a compelling case (visualisation)
• Total cost of risk vs an insurance buying mindset
• Managing the insurance market – what data do you need and what does it look like?

Session description coming soon.

Session description coming soon.

Session description coming soon.

Join us for a perspective on long term risks, i.e., those which are improbable over the short-term, but inevitable over time. We will take a risk-based view of history by exploring what can be learnt from the fall of civilizations, from the Romans to the Chinese Han Empire, and discussing how to address long term risks in the present day.

By attending this session, you will learn:

• How to define a long term risk
• What lessons can be learnt from the fall of civilisations
• What new long term risks should be on your radar
• What can you do about them

Session description coming soon.

This seminar will examine cyber risk trends and integration of cyber risk within ERM and governance frameworks.

Threats in cyberspace will continue to evolve and diversify as cyberattack capabilities become commoditised and proliferate to a wider range of states and criminal groups. The number of actors with the ability and intent to target attacks will increase, and these threat actors will employ a wider range of levers to conduct disruptive activity. As attacks continue to proliferate and the potential penalties, both regulatory and in terms of loss of customer trust, increase, cyber risk is a priority for every organisation, industry, and government. Where is this evolution taking us?

This seminar will consider the macro-political and financial environment and implications for strategic risk and risk financing.

Geopolitics and Geoeconomics increasingly have a major impact on the long-term sustainability of organisations, sectors and society. Uncertainty is here to stay and will contribute to a more volatile business environment in the foreseeable future. Instability typically has a negative impact on the risk appetite of organisations and can encourage boards to look shorter term, just when their eyes should be focussed beyond the horizon.

This seminar will explore existing and emerging acute and chronic climate risks, as well as the triggering of climate tipping points which can drastically accelerate more extreme weather.

Direct physical consequences of rising global temperatures include changes in the frequency and severity of extreme weather events. Flooding is predicted to increase with average global temperatures and rising sea levels in combination with stronger storm surges which will amplify the risk in coastal areas over time. Heatwaves are likely to occur more frequently, and last longer, with impacts on property and agriculture, and life and health due to excess mortality and morbidity.

This seminar will explain a new, neutral, solution connecting corporates to their brokers, insurers and the insurance ecosystem.

In banking, a neutral digital infrastructure has been the catalyst for industry-wide digital innovation. In insurance, this hasn’t happened – until now. A digital infrastructure to fast-track efficiency, innovation, and growth for commercial insurance is becoming a reality. This seminar will operate as a moderated discussion.

This seminar will discuss some of the changes taking place in the market and the sustainability of this class of cover.

The global cyber insurance market is estimated to grow at a compound average of almost 25% annually to reach a total market size of almost £25 billion in 2026 – so this class of insurance cover seems to be going somewhere. The cyber insurance market is providing valuable service-oriented offerings but continues to frustrate many buyers through a lack of industry consistency in data underwriting needs, the amount of data required to support underwriting, which then delivers mixed results. Is the cover on offer worth the premium investment involved?

This seminar will discuss the move to implementation of net-zero policies – and how the insurance industry is geared up to respond.

As the world aims to reduce the production of greenhouse gases and to shift to a global economy with net-zero emissions, on the liability side this has implications for insurers in product design and liabilities. New policy and regulatory measures constraining actions that contribute to climate change may lead to liability issues associated with greenhouse gas emissions. Increasing litigation activities may come with large losses under environmental, product, D&O and other professional liabilities. Assets may become obsolete due to policy changes or carbon-pricing and turn into “stranded assets.”

This seminar will consider relevant trends and how organisations can build supply chain resilience with flexibility.

Many CEOs now identify supply chain disruption as one of the greatest threats to the growth of their organisation and the strength of country economies, yet only 2% of organisations have visibility of their supply chain beyond the second tier. Supply chain management can be complex and as the world becomes more turbulent the degree of complexity can increase. Managing supply chain risk is a team activity but as with all teams, leadership is required, and risk professionals are stepping up to take on this lead role.

This seminar will address the types of business transformation driven by internal needs and external forces and the differing pace of transformation.

Technological developments drive digital transformation. Climate change creates a need for green transformation. Shocks, such as Covid-19 or the war in Ukraine, result in the demand for crisis management transformation. Business transformations vary in terms of content, pace, and place of initiation — and it is rare for an organisation to undergo one transformation at a time. Doing business today means navigating a complex landscape of interconnected and interdependent issues, each having multiple stakeholders, agendas, and risks.

Matt Hardy Leader of Chubb Climate+, Chubb Overseas General and Tim Charters Climate Tech Practice Leader for the UK and Ireland, discuss the main risks facing businesses pursuing Net Zero ambitions and the role insurance has to play to support risk managers.

Companies across different industries have sustainability strategies geared towards investors. However, for insurance underwriters, there is a different interest. Through this session, we’re sharing how incorporating the risk managers’ perspectives will deliver impact in your sustainability strategy.

Session description coming soon.

Session description coming soon.

This seminar will engage a panel of Airmic members addressing cyber scenarios and options for response and recovery.

There is a lot of discussion around cyber risks and insurance but much less discussion about what good practices look like in the event of an attack. How do organisations build cyber resilience and as part of this a framework for a rapid response and recovery. Who are the response stakeholders, how are they activated, and how do they collaborate, to ensure a dynamic response and recovery?

This seminar will debate how brokers, insurers and risk professionals can collaborate to guide sustainability, as well as regulatory moves to define sustainability.

Corporations, both financial and otherwise, are increasingly under pressure to demonstrate sustainable practices and products. From green and sustainable financial instruments to different production methods, to sustainable underwriting and transition pathways, the demands are increasing. The major new risk to emerge from this trend, however, is the danger of ‘greenwashing’ – the presentation of goods and services as sustainable, when in fact they are not. Who decides what is sustainable? Are national or supranational sustainability taxonomies truly feasible – and what is the UK planning for the future? What are the legal, financial, and reputational threats if a company is accused, or worse, deemed guilty of greenwashing?

This seminar will consider how parametric solutions might evolve and which areas of cover growth is most likely and why.

The market for parametric insurance is set to grow as organisations look for solutions to emerging and non-traditional risks like climate change and non-damage business interruption. Parametric solutions, which pay out when a pre-agreed threshold on an index is reached, can help risk professional address today’s complex and fast-changing risk environment. These solutions should be a powerful tool to fill the gaps in traditional insurance and tackle those challenges that the current environment is imposing.

This seminar will focus on what is trending strategically in the captives space and which sectors are taking the lead.

At half time in 2023, we expect to see the increase in captive activity continue. As the cyber risk insurance market continues to be uncertain, and exposures are pushed back onto the policyholders, cyber captive activity looks set to continue. As extreme weather has seen claims increasing, captives are stepping up to fill the risk transfer gap. More revolutionary are catastrophe risk blended solutions starting to emerge. Organisations are looking beyond short-term insurance market volatility and including captives in their toolkit of longer term strategic risk financing solutions.

This seminar will explore the inclusion of climate and sustainability into existing risk management structures- the outcome will feed into an Airmic Report.

This seminar will be limited in delegate numbers and operate as a moderated Masterclass with an agenda to include:

• Conceptual differences between general ERM and sustainability/ESG risks
• Ownership and accountability
• Prioritisation of risks
• Mitigation

This seminar will consider the maturity of Insurtech solutions and the and opportunities these present.

Insurtech developments offer a host of solutions, but can insurance buyers and risk transfer structures benefit directly? Solutions built with the customer in mind, do exist, and have proven successful in specific use cases. However, the reality is that Insurtech experiences lag behind the standards set in other industries.

This seminar will examine current trends, challenges, and opportunities to negotiate the best deal, appropriately allocate premium, and avoid fines and penalties.

What new issues are faced by programmes, what new covers are being integrated, have programmes gone digital, and are claims being managed effectively? In a world of new tax and regulatory and growing ESG requirements, what have we learned in the last three years and what is out there over the horizon?