Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG


Programme


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4 July

11:50–13:00

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.1: A Development Strategy for the Insurance Sector: Perspectives of the Market and the Regulator The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial sta...
The effective development of the insurance market, an increase in the competitiveness and quality of insurance services, and improved financial stability among market participants depend on a number of factors. There needs to be a unified approach to creating the conditions for the market, an understanding of regulators’ demands to the market, and indeed, an understanding of the market’s demands to the regulator.
The session will cover the current state of the insurance market (challenges and prospects, the effects of external factors); the objectives and principles of the Bank of Russia with respect to the development of the financial market as a whole and the insurance market as a crucial and socially important part of the financial market; the market’s view of the strategic goals of the insurance industry; the initial results of implementing the Development Strategy for the Russian Federation’s Insurance Industry for the period 2019–2021; the role of self-regulatory organisations in the development and qualitative improvement of the insurance services market; the introduction of innovative technologies to the insurance market to help transform the market landscape; and stimuli for the development of voluntary forms of insurance, including expectations regarding growth of home insurance in new regulatory conditions.
Moderator
Dmitry Rakovschik, CEO, RESO-Garantiya
Speakers
Vladimir Chistyukhin, Deputy Governor, Bank of Russia
Alexei Moiseev, Deputy Finance Minister of the Russian Federation
Igor Yurgens, President, All-Russian Insurance Association

14:30–15:40

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.2: Motor Third-Party Liability Insurance: A Focus on Customization Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few ...
Motor third-party liability insurance is a key part of the Russian insurance industry, which has been very sensitive for customers in the last few years. The discussion will focus on a new, balanced model for motor third-party liability insurance, in which the customer is offered affordable and high-quality services with prices reflecting their driving behaviour, and the insurer benefits economically from providing such services.
The session will consider the preliminary results of the motor third-party liability insurance reforms; the main development trends of motor third-party liability insurance from 2017 to 2019, taking regional factors into consideration; the ability to customise motor third-party liability insurance products; digitalisation of motor third-party liability insurance (new opportunities for participant relations); and the role of insurance intermediaries in reforming motor third-party liability insurance.
Moderator
Victor Klimov, Financial Ombudsman in Insurance
Speakers
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Petr Shkumatov, Coordinator, Blue Buckets Society
Mikhail Volkov, CEO, Chairman of the Management Board, Ingosstrakh
Andrey Yazykov, Leading Researcher, Department of Insurance and Social Economics, Financial University under the Government of the Russian Federation

16:00–17:10

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.3: The Consumer in the Insurance Market The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and ...
The development of the insurance industry and, by extension, the improvement of people’s quality of life, depend on several factors. Companies and customers must be able to interact in a constructive manner, misconduct in the market must be prevented, and innovative solutions need to be applied to make insurance products more affordable and to improve customer service.
Discussions will cover the responsibilities of the insurance industry, ways to increase the focus on the customer, standardisation across the industry, the digitalisation of insurance products, the customisation of services, and growth of healthy competition on the insurance market.
Moderator
Petr Shkumatov, Coordinator, Blue Buckets Society
Speakers
Ivan Kozlov, Deputy Head, Service for Consumer Protection and Financial Inclusion, Bank of Russia
Evgeniya Lazareva, Project Manager, All-Russian People’s Front ‘For Borrowers’ Rights’
Vladimir Skvortsov, CEO, AlfaStrakhovanie Group
Yury Voronin, Chief Financial Commissioner for Consumer Rights, Financial Ombudsman Administration
Front row participant
Kirill Molodyko, Leading Researcher, National Research University Higher School of Economics

17:30–18:40

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.4: New Approaches to Assessing the Financial Stability of Insurance Companies The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to...
The development of both the financial and insurance markets has led to increasingly complex operations on the insurers’ balance sheets. In order to assess the financial stability of insurance companies, it is vital to systematically evaluate all the insurers’ assets and liabilities, as well as potential shake-ups affecting individual companies and the economy as a whole.
Topics for discussion:
The main sources of risk to financial stability: the ratio of insurance, financial, and operational risks.
The role of corporate governance in improving financial sustainability.
The impact of turbulence in the market, and contributing factors.
The effect a high concentration of credit risk has on financial stability assessments.
Features of insurers’ individual business models: reinsurance, life insurance, and compulsory medical insurance.
Moderator
Maria Bogomolova, Partner, Assurance and Consulting Services Leader to the Insurance Sector, PwC Russia
Speakers
Alexey Bredikhin, Director, Financial Institutions Rating Group, Analytical Credit Rating Agency (ACRA)
Philip Gabunia, Director, Insurance Market Department, Bank of Russia
Andrey Saveliev, Director for Finance and Investment, Corporate Governance Directorate, RESO-Garantia
Anastasia Vinogradova, Partner, Head of Insurance and Non-State Pension Funds Advisory Division, EY
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5 July

11:50–13:00

Hotel Astoria, Conference hall 5 (first floor)
Insurance Market Session 6.5: Life Insurance: Prospects Realising the potential of the life insurance market, strengthening the role of the social function of life insurance, improving the quality of sal...
Realising the potential of the life insurance market, strengthening the role of the social function of life insurance, improving the quality of sales and customer satisfaction: these are the essential tasks that can be fulfilled with the active involvement of all parties.
This discussion will focus on the potential for the development of this segment, the prospects for maintaining growth rates, evaluating the state of personal life insurance and sales through banks, trends in the development of universal life insurance, the importance of introducing unit-linked life insurance, business conduct standards, and the impact of digital technologies.
Moderator
Maksim Chernin, Chairman, Committee on Insurance against Accidents and Development of Life Insurance, All-Russian Insurance Association
Speakers
Maxim Danilov, Vice President, All-Russian Insurance Association
Alexey Ermakov, Head of Segment and Non-Credit Products Development Directorate, Alfa Bank
Alexey Rudenko, General Director, IC Rosgosstrakh Life
Ilya Smirnov, Deputy Director, Insurance Market Department, Bank of Russia