2014 Conference


CIFF 2014 Photo Gallery

Browse the CIFF 2014 agenda here or click here to download the brochure (PDF)

 Wednesday, May 21, 2014 - Metro Toronto Convention Centre, North Building, Level 100

(Click on the speakers names or photos to view their bios)

7:30 - 8:30am Registration and Breakfast
sponsored by Ernst & Young LLP

Welcome and Acknowledgements 8:30 - 8:40am

 
 Graham Segger,
Conference M.C.

Review of Industry Results and Outlook 8:40 - 9:00am

 
 Joel Baker,
President & CEO,
MSA Research Inc.

For most insurers, 2013 will be remembered as  'year of the cat' (with respect to Al Stewart's 1976 albumn of the same name). The record breaking catastrophes in 2013 are refocusing the industry on pricing adequacy as well as wording certainty. 2013 will also be remembered for the beginning of the mandated 15% auto rate rollbacks in Ontario and the squeeze these will bring to players in that market. From his vantage point at MSA, Joel will share his outlook on these and other topics as we head into 2015.

The View from OSFI 9:00 - 10:00am

Moderator:

 

Panelists:

 
 




 Graham Segger,

 
Judith Roberge,
Director,
Capital Division,
OSFI
Christopher Townsend,
Managing Director,
Actuarial Division,
OSFI

OSFI's role in supervising the Canadian insurance industry is paramount. In this session senior officials from Capital and Actuarial will describe and explain their views on developments in changes to the MCT, Guidelines A-4 (Regulatory Capital and Internal Capital Targets), E-19 ORSA and observations on industry performance and OSFI's view of IASB's Exposure Draft on Insurance Contracts. Time will be allotted for Q&A.   

 

Networking Break 10:00 - 10:30am
sponsored by Deloitte

Governance Perspectives on ORSA 10:30 -11:20am



Moderator:   Panelists:    
 


 
Neil Parkinson,
Partner,
KPMG
   Dave Pelletier,
Board Member,
Equitable Life / RGA Canada
 David Atkins,
Chairman,
Omega Insurance Holdings Inc. and Cigna Life Insurance Company of Canada
 Michael Stramaglia,
Corporate Director and Risk Management Consultant

 

Much of the discussion about OSFI’s new ORSA requirements has centered on getting it done – how much to do, what quantitative analysis is needed, how to make it part of enterprise risk management – but OSFI’s guideline makes it clear that much more is required of directors and officers.  ORSA’s governance requirements could change board committee structures and mandates, the skills required for directors, and require changes in reporting systems and monitoring by management and directors.  Our panel will discuss ORSA in the context of the overall expectations for enhanced risk management and governance of insurance organizations.

 

MORNING CONCURRENT SESSIONS


Concurrent Session A


The Canadian Reinsurance Arena 11:30am - 12:30pm
Lessons from 2014 Renewals & Outlooks for Jan 1, 2015

Moderator:   Panelists:  

 Janice Reiner,
VP Corporate Reinsurance,
The Co-operators Group Ltd.
   Donald Callahan,
President & CEO,
Guy Carpenter Canada
 David Sloan,
President & COO,
Aon Benfield Canada


Reinsurance is a global industry and Canada is not an island. The traditional reinsurance industry was already over-capitalized but now it is being challenged even more as 'Alternative Capital' or 'Convergence Capital' is aggressively entering the fray via insurance-linked-securities such as cat bonds. Meanwhile the traditional market is coping with increasing cat losses in a flat market amid low interest rates. This panel will explore these issues, review the renewals from Jan 1, 2014 and discuss the prospects for Jan 1, 2015. Audience Q&A will be encouraged. 


Concurrent Session B


Combating Auto Claims Fraud - Are We Getting Anywhere? 11:30am - 12:30pm

Moderator:   Panelists:    

 
 
 Steve Lee,
Partner,
Ernst & Young

   Tom Golfetto,
Executive Director,
Automobile Insurance Division, Financial Services Commission of Ontario
 Carol Jardine,
Insurance Professional

 Ben Kosic,
President & CEO,
CANATICS

Ontario's mandated auto rate rollbacks are predicated on reining in costs. One of the main areas of escalating costs is auto claims fraud. We had the Ontario Auto Insurance Anti-Fraud Task Force's final report in 2012 and more recently, the industry launched  Canadian National Insurance Crime Services (CANATICS) to take on fraud using sophisticated analytics. This panel will tackle the thorny issues to determine if we are actually getting anywhere and whether these combined steps will help the industry cope with the 15% rollback. 

End of Morning Concurrent Sessions

Lunch 12:30 - 1:25pm
sponsored by PwC

Analyst Perspectives on the Industry 1:30 - 2:20pm

Moderator:

 

Panelists:

   

 

 
 Doug Gray,
Partner,
Deloitte

   Tom MacKinnon,
Managing Director,
BMO Capital Markets

 Mario Mendonca,
Managing Director,
Research
TD Securities
   Paul Holden,
Equity Analyst,
CIBC World Markets

      Neil Stein,
Director,
Standard and Poor's
Serving at the intersection of investors, companies, insureds and the broader capital markets, analysts  play a vital role in analysing, understanding and directing investments and risk transfer in the insurance sector. Join us for a session with top rated analysts who will discuss the key figures, factors, that drive insurance company insurance company valuations. The session promises to provide insight, and a healthy debate on Bay Street and rating agency views of the insurance industry in Canada, North America and globally. 

AFTERNOON CONCURRENT SESSIONS


Concurrent Session A


IFRS Reality Check 2:30 - 3:30pm

Moderator:   Panelists:  
 




 Leigh Chalmers,
Partner,
PwC
   Jacque Friedland,
Chief Actuary,
RSA Canada
 Jonathan Turner,
SVP & CFO,
Swiss Re Canada

After almost 20 years, we appear to be getting closer to a final valuation standard for Insurance Contracts. Is this our new reality? What will the impact be on the Canadian Insurance Industry? The comment period for the  new exposure draft on the accounting for insurance contracts ended in October 2013. So what will the final standard look like? Based on the industry's feedback to the IASB, some common issues have been raised that will have an impact on the insurance sector.

It's time for a reality check; there is much to consider if IFRS 4 moves forward as proposed in the Exposure Draft.

During this session we will discuss key issues, industry challenges, IASB feedback and next steps for you to consider as we get closer to a new valuation standard for insurance contracts. 

Concurrent Session B

Modeling to Support ORSA 2:30 - 3:30pm
Moderator:   Panelists:  

 






 Bill Weiland,
Principal,
Eckler Ltd.
        Juan Carlos Rodriguez,
VP Economic Capital,
Aviva Canada
      Danielle Harrison,
Head of Insurance
Risk Governance,
RBC Insurance
 Wayne Blackburn,
Principal, Consulting Actuary,
Milliman

The Office of the Superintendent of Financial Institutions (OSFI) has issued guidelines to insurers regarding the conduct of an Own Risk and Solvency Assessment (ORSA).  Increasingly, insurers are making use of partial (and sometimes full) economic capital models as an integral part of their understanding and assessment of risk and the associated capital needs, including the determination of internal targets for the MCT/BAAT.  OSFI, along with the industry in Canada, are in the process of developing guidelines and standards to be used in building and applying internal capital models.  The speakers will explore the practical aspects of conducting ORSA in a company and the construction of economic capital models to support that work.  They also will discuss the use of stochastic techniques (such as bootstrapping) to understand market risk and the various components of insurance risk. 

End of Afternoon Concurrent Sessions

Networking Break 3:30 - 4:00pm
sponsored by KPMG

Closing Financial Leaders Panel 4:00 - 5:00pm

Moderator:   Panelists:    
Graham Segger  

          Graham Segger    Kenneth Anderson,
VP Finance & Treasurer,
Intact Financial Corp.
   Jim Falle,
EVP & CFO,
Aviva Canada

        Stanley Fung,
Vice President & CFO,
SCOR Canada
Reinsurance
      
This conversational style session will provide an opportunity for these knowledgeable financial leaders to share their thoughts on a myriad of issues including those presented by current market conditions and discussed earlier in the day. They come from varying backgrounds placing them in an excellent position to provide us with objective observations on how the industry is responding to current challenges, regulations and opportunities. This is a key panel that you will not want to miss!

 

Closing Remarks by Joel Baker 5:00pm

Closing Cocktail and Networking Event 5:00 - 6:00pm
sponsored by Northern Trust

RIBO Accreditation:

We are pleased to advise that the CIFF is accredited by RIBO.

6 hours Management