Events in the first half of 2016
FORUM ON NEW RISK AND INSURANCE LEGISLATION
On Thursday January 28 the Spanish Risk and Insurance Management Association, AGERS, opened 2016 with the first forum of the year. Over 100 people attended the event, which detailed the most important new legal developments which had taken place over the previous months and which may have affected companies, their risk and their insurance.
The event was chaired by Gonzalo Iturmendi, a Lawyer in the firm of G. Iturmendi and Associates and General Secretary of AGERS, who presented the speakers and reflected on the changes which had taken place, as well as briefly mentioning the Prestige and Bankia cases.
PRESENTATION OF THE MANUAL FOR THE COMPREHENSIVE MANAGEMENT OF THE RISK OF SEVERE AND CHRONIC ILLNESSES
On Thursday March 3, the Manual for the Comprehensive Management of the Risk of Severe and Chronic Illnesses (Manual de Gestión Integral del Riesgo de Enfermedades Graves y Crónicas) was presented by the AGERS Bioactuarial Research Group to the General Directorate for Insurance and Pension Funds in Madrid.
The purpose of the Manual is to be of interest to the insurance industry, professionals and academic personnel in areas related to health and demography, or any others interested in understanding how each of the severe and chronic illnesses analyzed is defined, measured and projected: cancer, acute myocardial infarction, cerebrovascular accident and diabetes.
PERSONAL RISK FORUM: ZIKA VIRUS. RISK FOR THE COMPANY AND INSURANCE
This second Personal Risk Forum took place on March 10 at the CEIM headquarters. On this occasion the topic was ZIKA virus: Risk for the company and insurance.
The objectives of the debate consisted in both understanding the characteristics of the virus as well as in providing solutions and answers for the support of companies and insured parties.
2ND RISK AND INSURANCE MANAGEMENT CONFERENCE IN CATALONIA: AN INTERCONNECTED WORLD
On Tuesday April 5, AGERS Catalonia held its second Risk and Insurance Management Conference. The presentation was made by Alicia Soler, AGERS Manager, who introduced the proceedings with a presentation of the areas and spaces considered by the Association’s Scientific Committee to present those risks which currently preoccupy organizations the most.
The Conference was attended by about 200 people and responded to the objectives of disclosing the scientific methodology, acting as an instrument for integration between the Risk Management and Insurance sectors, thus contributing to the strengthening both of Spanish companies and the international image of the Spanish economy.
Gonzalo Mira participated in one of the Conference’s panels representing MAPFRE GLOBAL RISKS, and provided the insurance company’s viewpoint with regard to the most common risks and the current market situation regarding “cyber risk”.
PERSONAL RISK FORUM: HEALTH APPS. OPPORTUNITY FOR PERSONAL RISK MANAGEMENT
This event took place on Tuesday April 19 at the CEIM Headquarters and those attending were able to discover the actuarial trend – with regard to premium calculation – toward convergence with biological age. Attendees had a chance to learn about the legal restrictions facing health apps and how this is expressed in the Green Paper of the European Parliament. Furthermore, during the course of the day two examples of health apps were analyzed: AVIVA and NUTRIGEN.
VISIT BY STUDENTS OF THE 22ND CLASS OF THE MASTER’S DEGREE IN INSURANCE AND RISK MANAGEMENT
On May 6 in the CEIM Headquarters, AGERS received a visit by the students of the 2015-2016 class of the Master’s Degree in Insurance and Risk Management (MSGR), given by the academic alliance of ICEA (Cooperative Research between Insurance Companies and Pension Funds) and the Universidad Pontificia de Salamanca. During the visit the students gained first-hand knowledge of the professional views of a number of participants in the field of risk management: Risk Manager, Broker, Insurer, Appraiser, Lawyer, etc.
The Master’s Degree in Insurance and Risk Management is an official post-graduate program taught annually, designed for university graduates looking for a more in-depth understanding of insurance and who seek professional development in the field of risk administration and management, both in the private sector and in public administration.
CONSEQUENCES OF BREXIT FOR MULTINATIONAL INSURANCE PROGRAMS
On May 19 in the offices of CLH, Mathew Rutter, a partner in DAC BEACHCROFT London and Supervisor of the Insurance Regulatory Department, spoke on this referendum held in the United Kingdom on June 23 and the possible consequences for the insurance market.
The debating panel consisting of risk managers, the insurance market and lawyers aimed to provide a better understanding of this complex situation and its possible consequences, as well as what the result of such a decision could mean for the European panorama and the impact it could have on a large number of global companies.
27TH SPANISH CONFERENCE ON RISK AND INSURANCE MANAGEMENT
On June 2 at the Holiday Inn Madrid Bernabéu Hotel, the Spanish Risk and Insurance Management Association held its 27th AGERS Conference, an event attended by about three hundred professionals related to the risk, insurance and corporate sector.
Alicia Soler, Executive Manager of AGERS, welcomed those attending, leaving the floor to Paulino Fajardo, Lawyer in Herbert Smith Freehills and a member of the AGERS Board of Directors, who proceeded to open the event by highlighting the importance of the conference which “is now consolidated as a forum for reflection and research” in the risk sector and underlining the program’s variety and its development with respect to previous years.
There was then a round table coordinated by Juan Carlos López Porcel, Chairman of AGERS and Risk and Insurance Manager for ArcelorMittal Spain, with the participation of Andrea Guffanti, CCO AON Spain and Portugal, Carlos Navarro, Managing Director of March JLT, Luís Basabe, Managing Director of Marsh, and Antón Serrats, Managing Director of Willis Tower Watson.
After a coffee break three simultaneous panels were set up dealing with the following: Cyber Risk, Reputational Risk and Longevity Risk in the company. As a result of this, different parallel debates could be held to deal with these specific fields.
The Cyber Risk Panel, held in the Plenary Hall, was moderated by Alfredo Zorzo, First Vice Chairman of AGERS. With regard to cyber security it was felt that there is still much progress to be made in the insurance area. The volume of existing cyber risks, how to face them and the demand for training required by the companies were some of the many questions which came under debate.
The Reputational Risk panel, presented and coordinated by Leopoldo González-Echenique, Lawyer and Counsel for Herbert Smith Freehills, and Ignacio del Corral, Corporate Risk Manager for the Santander Group, put forward the significance that the concept of reputational risk has currently acquired and emphasized the importance of preventive and proactive management in order to avoid, mitigate and resolve the damage caused to a company’s prestige by negative economic factors.
The third talk (on longevity) was moderated by José Miguel Rodríguez-Pardo, Professor of Actuarial and Financial Science at the Universidad Carlos III in Madrid and GBI-AGERS Supervisor. The elderly (called seniors by the panel) and how they adapt to the labor market were the focus of the debate, which highlighted how they can be of value to companies, how they can be integrated and maximized as well as their greatest challenges: health, training and development.
Before the end of the morning session there was time for a round table, presented by Daniel San Millán, Risk Manager for Ferrovial, who referred mainly to the challenges currently facing risk managers: compliance and international problems, the creation of risk maps and correct forecasting with regard to the sector’s future. The moderator was accompanied by Alfredo Arán, General Manager of MAPFRE GLOBAL RISKS, Constanza Gállegos, General Manager of QBE, Cayetano Ramírez Rubio, General Manager of Axa Corporate Solutions, Carlos Gómez Pascual, Head of Global Corporate & Commercial for Generali Spain, and José Ramón Morales, General Manager of Iberia XL Catlin.
After a working lunch there were three final sessions which took place under the workshop format and addressed the topics of real claims, risk maps and D&O in a mostly hands-on approach.
The workshop on real claims analyzed a practical case relating to an automobile manufacturer who supposedly installed another company’s airbags which turned out to be defective. In this imaginary scenario, which could easily become a reality, there was debate on questions arising both from the point of view of companies like insurance companies and clients.
Those participating in the risk maps workshop detailed the contents of this useful internal control tool for companies, emphasizing the wide variety of risk maps that it is possible to develop.
Finally, the D&O workshop was the professional climax to an extensive and varied debate with risk management playing a leading role.
On the following day, June 3, after the private meeting between risk managers, the 2016 Annual General Meeting was held at the CEOE headquarters, which saw the approval of the yearly budget and the renewal of the 13 members of the Board of Directors. Juan Carlos López Porcel, Risk Manager for ArcelorMittal, was re-elected as Chairman; Mario Ramírez Ortúzar, Head of Insurance for CLH, was appointed First Vice Chairman; Esperanza Pereira, Risk Manager for AENA, is Second Vice Chair and Gonzalo Iturmendi Morales, Lawyer in the firm of G. Iturmendi and Associates, is General Secretary of the Association.