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Global Leaders Look Toward the Future at 2022 NAIC International Insurance Forum
The 2022 edition of the NAIC's flagship international event, our International Insurance Forum, is underway in Washington, D.C.
We're excited to return to a completely in-person format this year, and we're even more excited that the event is sold out, with nearly 300 registrants representing 19 countries.
Massachusetts Commissioner Gary Anderson, who chairs our International Insurance Relations Committee, kicked the event off and introduced NAIC President and Idaho Insurance Department Director Dean L. Cameron for the first speech of the day.
Director Cameron remarked on the financial strength of a domestic system that was tested simultaneously by a global pandemic, historic natural catastrophes, financial volatility, and social unrest, and he highlighted domestic and international improvements to insurer governance, group supervision, macroprudential surveillance, and financial stability. He also acknowledged the NAIC's disappointment that we have been unable to reach agreement yet on comparability criteria that reflect a viable path forward for the Aggregation Method, which, in our opinion, directly threatens the foundation of our agreement in 2019 in Abu Dhabi.
Following Director Cameron, Major General (USA, Ret.) John D. Altenburg Jr. delivered our first keynote speech, titled "2022 Russia-Ukraine: Effect on U.S. National Security," where he provided insight on the national security landscape and how Russia’s invasion of Ukraine impacts U.S. security and financial markets.
Next, Eric T. Steigerwalt, President and Chief Executive Officer, Brighthouse Financial, and Shannon Sun, Head of Corporate Development and Innovation Committee Chair, AIG Re, joined NAIC CEO Mike Consedine for a behind-the-scenes look at how executives are adapting to our changing business world and the challenges facing the insurance industry.
The wide range of topics discussed included rising inflation, working in the evolving workplace, innovation’s impact on the industry, cybersecurity, and advancing parity and equality within their organizations and the insurance sector.
New Jersey Insurance Commissioner Marlene Caride led our second panel on Emerging Markets, featuring Gustavo Caldas, Technical Analyst, Superintendência de Seguros Privados; Conor Donaldson, CEO, Global Asia Insurance Partnership; and Hannah Grant, Head of the Secretariat, Access to Insurance Initiative. This session examined the opportunities and challenges of entering emerging markets, the importance of technology and product innovation, and how engaging in these markets has affected “traditional” business models worldwide.
After breaking for lunch, we started the afternoon with a panel discussion on the impact the industry’s evolving private equity ownership models could have for the future of the industry and its regulation. Rhode Island Superintendent of Banking and Insurance Beth Dwyer moderated this panel, which also included Ramnath Balasubramanian, Senior Partner, McKinsey & Company; Dieter Hendrickx, Head of Prudential Policy, Insurance, National Bank of Belgium; and Bill Wheeler, Vice Chairman, Athene Holding.
Director Cameron returned to the stage to moderate our fourth panel, which focused on innovation in insurance. Tim Bixby, Chief Financial Officer, Lemonade; Petra Hielkema, Chair, European Insurance and Occupational Pensions Authority (EIOPA); and Lucy Pilko, Managing Director & Senior Partner, Boston Consulting Group shared their expertise on this important topic.
To wrap up Day One, NAIC Secretary-Treasurer and North Dakota Insurance Commissioner Jon Godfread moderated a panel on Big Data and Cybersecurity.
Dorothy Andrews, Senior Behavioral Data Scientist and Actuary, NAIC; Domhnall Cullinan, Director, Insurance Supervision, Central Bank of Ireland; Tracie Grella, Global Head of Cyber Risk Insurance, AIG; and Peter Kochenburger, Associate Clinical Professor of Law and Executive Director, Insurance Law LL.M. Program, University of Connecticut School of Law joined Commissioner Godfread to explore actions insurance regulators and industry are taking to protect big data to ensure that it remains an asset and contributes to an insurance industry that works for consumers. They also examined the future of cybersecurity in the industry and how to deal with new threats.
On to Day Two!
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.