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Agenda
( * denotes speakers who are to be confirmed) |
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Monday
• June 2, 2003
0800–
0900 |
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Breakfast
(outside Preston Auditorium,
First Floor, World Bank MC Building, 1818 H Street,
N.W., Washington, D.C.) |
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0900–
0915 |
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Opening
Address (Preston Auditorium)
How
does natural disaster insurance fit into the
overall framework of financial sector policy
and economic development? This presentation
will examine the role that the World Bank has
played in facilitating the development of domestic
insurance markets for personal property coverage
for natural disasters. What has been the rationale
for these efforts, and how have they enabled
some developing countries to access international
reinsurance markets?
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Session
I:
The World Bank Perspective on National Catastrophe
Risk Management
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Until
recently, the World Bank has been known mainly
as a provider of reconstruction loans to countries
affected by natural disasters. However, with
the launch of the Turkish Catastrophe Insurance
Pool in 2000—a program heavily supported
by the World Bank—development of catastrophe
risk transfer solutions for emerging market
countries has become an important part of the
World Bank’s lending for natural disasters.
This session will present the World Bank’s
perspective on catastrophe risk management,
identify the rationale for national catastrophe
insurance programs, and present the lessons
learned from more than four years of technical
work in this area.
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0915–
0940 |
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The
Impact of Catastrophes on National and Regional
Economies: The Case Study of Gujarat
This
work will present the conclusions from an econometric
assessment of the impact of the recent Gujarat
earthquake on the economic development of the
state and India as a whole. Using a set of well-developed
economic indicators, this presentation will
offer insights for quantifying countries’
economic exposure to natural perils given their
unique risk characteristics.
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0940–
1000 |
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Applicability
of Corporate Risk Management Techniques to Catastrophe
Risk Management at the Country Level
This
presentation will focus on the key elements
of corporate risk management techniques. How
do these techniques apply to the management
of catastrophe risk exposures at the country
level?
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1000–
1030 |
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Introduction
to the World Bank Catastrophe Insurance Practice:
Key Lessons Learned and the Road Ahead
This
presentation will offer a panoramic survey of
major ongoing World Bank projects in the area
of catastrophe risk insurance. It will summarize
the main results of this work, lessons learned,
plans for the future, and challenges lying ahead.
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1030–
1100 |
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Coffee
Break
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Session
II:
Public-Private Partnerships in National Catastrophe
Risk Management
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| Insuring
catastrophe risks is challenging by the very nature
of the risk. Other factors further complicate
the task: low capitalization of local insurers,
low local demand for insurance products, volatility
of global reinsurance prices, lack of reinsurance
capacity, and the absence of reliable risk models.
Finding workable solutions for these problems
transcends the domain of the private sector and
requires active government involvement. The session
will provide market and government perspectives
on developing public/private partnerships in the
area of catastrophe insurance business. |
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1100–
1125 |
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Assessing
the World Bank’s Contribution to the Development
of Global Catastrophe Insurance Markets: A Market
Perspective
How
does the global reinsurance industry assess
the contribution of the World Bank to building
public/private partnerships in this field? What
is the market’s view on the appropriate
role that the World Bank should play in developing
catastrophe insurance markets around the world?
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1125–
1150 |
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A
Reinsurer’s Perspective on the Turkish
Catastrophe Insurance Pool (TCIP)
For
several years, since the inception of the program,
Munich Re has been playing the lead role in
providing catastrophe reinsurance coverage for
the Turkish Catastrophe Insurance Pool. What
have been the main characteristics of the TCIP?
This presentation will offer Munich Re’s
views on what made the TCIP a “reinsurable”
scheme.
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1150–
1210 |
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Managing
Catastrophe Exposures in Mexico: Country Experience
-
Manuel Aguilera, Chairman, Comisión
Nacional de Seguros y Finanzas, Mexico
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1210–
1250 |
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Discussion
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1250–
1400 |
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Lunch
(East Dining Room, C-1 Level,
MC Building, World Bank)
- Keynote
Speaker: Kenneth Froot, Professor of
Finance, Harvard University (Topic: Market
Failures and National Catastrophe Insurance
Markets: Is There a Role for Governments?)
(download 244
kb PowerPoint presentation)
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Session
III:
Why Is Catastrophe Risk Management an Important
Part of the World Bank's Country Assistance
Strategies?
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1400–
1530 |
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How
can emerging market countries enlist the technical
and financial support of the World Bank for
building national catastrophe risk transfer
programs? Tapping into the firsthand experience
of the World Bank country directors in severely
exposed countries, this session will offer unique
insights into the rationale and the internal
process for making catastrophe insurance programs
a part of Country Assistance Strategies.
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Marilou
Jane D. Uy, Director, Financial Sector
Operations and Policy Department, World
Bank (Moderator)
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Lalit
Raina, Lead Financial Sector Specialist,
World Bank
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Ajay
Chhibber, Country Director for Turkey,
World Bank
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Joseph
Saba, Country Director for Iran, World
Bank
- Orsalia
Kalantzopoulos, Country Director and Regional
Coordinator for South East Europe Country
Unit, World Bank
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1530–
1600 |
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Coffee
Break
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Session
IV:
Building National Risk Transfer Programs: International
Experience
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1600–
1730 |
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Several
countries have created various risk transfer
mechanisms to address their exposures to catastrophe
risks such as earthquakes and hurricanes. These
mechanisms have enabled countries to increase
insurance penetration for property catastrophe
insurance coverage; aggregate the risk at the
national and state level; and transfer the bulk
of the risk to international reinsurance markets.
This session provides a broad overview of the
key principles of major national catastrophe
insurance programs.
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Eugene
Gurenko, Senior Insurance Officer, FSOPD,
World Bank (Moderator)
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Cahid
Nomer, Chief Executive Officer, Turkish
Catastrophe Insurance Pool (download
200 kb PowerPoint presentation)
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Jack
Nicholson, Chief Operating Officer,
Florida Hurricane Fund (download
566 kb PowerPoint presentation)
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Suzanne
Vallet, Senior Vice President, Natural
Catastrophes Department, Caisse Centrale
De Réassurance, France (download
336 kb PowerPoint presentation)
- Includes
20 minute discussion period
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Session
V:
Brainstorming on Building an Effective Partnership
Between the World Bank and the Global Reinsurance
Industry (by invitation)
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1730–
1900 |
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A
fundraising event in support of catastrophe
insurance initiatives of the World Bank Insurance
Practice Group.
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Rodney
Lester, Head of World Bank Insurance
Practice, FSOPD, World Bank (Moderator)
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World
Bank Executive Directors for: UK, US, Germany,
France, Netherlands, Italy, and Japan *
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Global
reinsurers and reinsurance brokers *
- Other
development donors *
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1800–
1930
concurrently |
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Cocktails
and Reception (MC 12th Floor
Gallery)
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1930–
2100 |
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Dinner
(MC 12th Floor Gallery)
- Keynote
Speaker: Anthony S. Lowe, Director,
Mitigation Division, and Federal Insurance
Administrator, Federal Emergency Management
Agency, U.S. Department of Homeland Security
(download
64 kb Word document)
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Tuesday
• June 3, 2003
0800–
0900 |
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Breakfast
(outside Preston Auditorium,
First Floor, World Bank MC Building, 1818 H
Street, N.W., Washington, D.C.)
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Session
VI—Track A:
The Latest Developments in the International
Reinsurance Market and the Implications for
Development Countries (Preston
Auditorium)
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The
session will provide the latest feedback from
different segments of the global reinsurance
and capital markets on the availability of global
reinsurance capacity for catastrophe risk for
developing countries. The session will also
provide important insights for national reinsurers
in these countries with regard to placing retrocession
coverage for catastrophe risk.
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0900–
1030 |
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- Tad
Walker, Head of Catastrophe, Research,
and Exposure Control, Member of Global Executive
Management, Partner, Re Zurich (Moderator)
Placing
Reinsurance Coverage for TCIP: Key Lessons for
Other Countries
Allocating
Reinsurance Capacity to Emerging Markets: A
View from Bermuda
Retrocession
vs. Alternative Markets in Managing Reinsurer’s
Catastrophe Accumulations
Discussion
– 20 min
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Session
VI—Track B:
Integrating Risk Transfer and Mitigation (Room
MC7W-150)
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Mitigation
and catastrophe insurance constitute two important,
closely linked parts of national catastrophe
risk management. This session will explore the
main linkages between these two areas of risk
management, and provide an analytical framework
for assessing the economic benefits of mitigation-related
investments by governments and the private sector.
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0900–
1030 |
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Determining
the Financial Feasibility of Mitigation Investments:
Analytical Approach
The
World Bank Approach to Mitigation
Comprehensive
Framework for Risk Management and Disaster Mitigations—Lessons
Learned and Strategic Outlook
Discussion
– 20 minutes
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1030–
1100 |
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Coffee
Break (outside of Preston
Auditorium)
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Session
VII:
Assessing the Role of the Government versus
Private Companies in the Catastrophe Risk Market
(Preston Auditorium)
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1100–
1230 |
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What
can governments do to help national catastrophe
risk markets develop while reducing their own
exposure? This panel will address the key issues
of government involvement in managing national
catastrophe accumulations. It will also review
major policy and risk management considerations
for certain types of governmental intervention
in catastrophe risk markets.
-
Gerard Caprio, Director,
Financial Sector Operations and Policy Department,
World Bank (Moderator)
Governments
as Reinsurers-of-Last-Resort: The Japanese Experience
How
to Minimize the Government Exposure to Catastrophe
Risk in an Insurance Program
Protecting
a Catastrophe Reinsurance Pool from a Big One:
How Much Reinsurance Is Enough?
Discussion
— 20 minutes
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1300–
1400 |
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Lunch
(East Dining Room, MC-C1 Level, World Bank Main
Complex, 1818 H Street)
- Keynote
Speaker: Professor Neil A. Doherty,
Ronald A. Rosenfeld Professor of Insurance
and Risk Management, Wharton School, University
of Pennsylvania
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Session
VIII:
Quantifying the Risk Exposures of World Bank
Client Countries: Case Studies
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panels will provide a broad overview of the latest
catastrophe risk assessment techniques that can
help countries to estimate their catastrophe exposures
and determine the true cost of their catastrophic
risk. Applying a case study format, these breakout
sessions will present the main outcomes of the
risk assessment and modeling work of several different
countries. |
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1400–
1530 |
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Breakout
Session I: Measuring Seismic Risk in
Turkey: Latest Modeling Techniques (Room
MC7W-150)
EQECAT’s
Turkey Seismic Model
Willis’
Turkey Risk Model
Risk
Management Solutions’ Turkey Risk Model
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Breakout
Session II: Risks of Floods in Eastern
and Central Europe (Room MC8W-150)
- Howard
Leikin, Chief Actuary, U.S. Federal
Emergency Mangement Agency, Department of
Homeland Security (Moderator)
Risks
of Floods in Poland
Flood
Risk Models: Reinsurers’ Perspective
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Breakout
Session III: Measuring Catastrophe Risk Exposures
in China and India (Room MC9W-150)
Quantifying
the Catastrophe Exposures from Cyclones, Floods
and Earthquakes in 4 Indian States
Analysis
of Earthquake Risk Exposure for China
Catastrophe
Risk Models for Asia from the User Perspective
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1530–
1600 |
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Coffee
Break
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Session
IX—Track A:
How Can Insurance Regulators and Government
Policymakers Manage Catastrophe Risk? (Breakout
Room MC7W-150)
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session will examine the major implications of
catastrophe risk exposures for the solvency of
domestic insurers. The session will also assess
the effectiveness of different regulatory techniques
for protecting domestic insurers against insolvencies
caused by catastrophic events. |
1600–
1730 |
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Risks
of Natural Perils and Their Implications for
the Indian Insurance Industry
- N.
Rangachary, Chairman, Insurance Regulatory
and Development Authority, India
Regulation
of Catastrophe Risk in Colombia
Managing
Catastrophe Exposures in Mexico: Country Experience
Insurance
Regulatory Issues Arising from Natural Disasters
in South America
Discussion
— 20 minutes
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Session
IX—Track B:
Providing Access to Catastrophe Insurance Coverage
for the Poor: Key Factors for Success (Preston
Auditorium)
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developing countries, access to property insurance,
including coverage for natural perils, has mainly
been restricted to the upper- and sometimes middle
class. Given the latest developments in insurance
technology around the world and some product innovations,
this session will examine whether some major reductions
in costs can be achieved to make insurance more
affordable for lower-income groups of the population.
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1600–
1730 |
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- Donald
A. McIsaac, Lead
Insurance Specialist, FSOPD, World Bank (Moderator)
Providing
Access to Catastrophe Insurance Coverage for
the Poor: The Aflife Experiment
Designing
Affordable Catastrophe Insurance Coverage for
the Poor
Delivering
Low-Cost Effective Catastrophe Insurance Products
to Lower Income Consumers:
The Mexican Experience
Discussion
— 20 minutes
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Session
X:
Concluding Remarks and Summary (Preston
Auditorium)
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1730–
1745 |
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- Rodney
Lester, Head of World Bank Insurance Practice,
World Bank
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| 1745 |
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Adjournment
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