2016 Conference

Wednesday, May 25, 2016 - Allstream Centre in Toronto

CIFF 2016 is Accredited by RIBO 
6.5 hours Management

Registration and Breakfast 7:30 - 8:30 am

Welcome and Acknowledgements 8:30 - 8:35 am

Graham Segger
2016 CIFF Emcee

Review of Industry Results and Outlook 8:35 - 8:45am
  From his vantage point at MSA, Joel will share his reflections on last year and the unfolding industry picture for 2016 and beyond.

Joel Baker
President & CEO,
MSA Research Inc.

Global Economic Outlook 8:45 - 9:15am
  Canada’s economy had a tough year in 2015 weighed down by sharply lower investment as energy prices slid. Growth in 2016 is likely to be quicker backed by solid consumer spending, firm export growth and a dose of fiscal stimulus. The Bank of Canada is likely to keep interest rates very low in order to ensure that the impact of low commodity prices does not derail the economy’s growth momentum. Join us as Ms. Desjardins provides her analysis of Canadian economic conditions.
Dawn Desjardins
Vice President, Deputy Chief Economist,
Royal Bank
Rethinking FSCO's Mandate 9:15 - 10:15am
Moderator: Panelists:
Graham Segger
2016 CIFF Emcee
George Cooke
Chair,
OMERS Administrative Corp.
James Daw
former Toronto Star Personal Finance Columnist
Lawrence Ritchie
Partner,
Osler, Hoskin & Harcourt

The Government of Ontario has undertaken a review of the role, structure and efficacy of its agencies. In April 2015 the Ontario Minister of Finance appointed George Cooke, Lawrence Ritchie and James Daw as an Expert Advisory Panel with the role of reviewing and recommending changes to, among other entities, The Financial Services Commission of Ontario (FSCO). Their Preliminary Position Paper, released on November 4 recommended forming a new Financial Services Regulatory Authority (FSRA) that would exercise both prudential and market conduct functions in a coordinated but distinct fashion and that it should be arm’s-length from government. Among many recommendations related to financial services and pensions the panel raised a concern that FSCO’s role in approving auto insurance rates would bog down its successor. How the government and the proposed new regulator will react to that warning is difficult to predict. But if Ontario did move away from prior rate approval –– as has happened elsewhere –– it would affect our industry profoundly and could send ripples across the country. So you will not want to miss this session.

Networking Break 10:15 - 10:40am
Developing an Effective Operational Risk Management and Measurement Program 10:40 - 11:25am
Moderator: Panelists:
Alex Shipilov
Partner,
KPMG
Helene Samson
Director of Prudential Oversight of Financial Institutions,
AMF
Ted Bruntrager
Head of US Enterprise Risk and Operational Risk Officer,
John Hancock Financial Services
Tracy Mann
VP, Operational Risk,
Economical

The recent regulatory publications pertaining to “Operational Risk Management” are just the latest “waves” to crash onto the shores of enterprise risk management. Some insurers have implemented extensive operational risk management (ORM) programs, and some have experimented with sophisticated ORM measurement, modelling and monitoring approaches. Other insurers struggle to define an ORM framework which best fits their size, nature and complexity . However, it is hard to ignore the draft regulatory guidance or the other “waves” such as ORSA requirements, regulatory capital formula changes, risk data aggregation and reporting initiatives, cybersecurity surveys and approaches from international standard-setters, notably IAIS, FSB and OECD – the surf is definitely up! Our panel will help you understand what other insurers are doing, how regulatory expectations are changing (both at federal and provincial level), and help you think about what your organization could do to address operational risk.

Mega Cat Risk - Can the Industry Cope with the Aftermath? 11:30am - 12:30pm
Moderator: Panelists:
Leigh Chalmers
Partner,
PwC
Paul Kovacs
President & CEO,
PACICC
Lapo Calamai
Director, Catastrophe Risk & Economic Analysis,
IBC
Carolyn Rennie
Managing Director,
CatIQ Inc.

While Canadian insures are prepared for a significant earthquake, concerns over solvency and contagion risk are raising the stakes and supporting the case for a new way of managing the financial impact of mega CATs. Given the devastating Fort McMurray Wildfires, Carolyn Rennie will present on CatIQ’s initial assessment as well as contrasting this catastrophe to the 2011 Slave Lake Fire. Join us as we discuss how the industry is looking to partner with government to establish a new capital framework for managing earthquake exposure.

Lunch 12:30 - 1:25pm
EARLY AFTERNOON CONCURRENT SESSIONS
Concurrent A:
Global Megatrends and the Impact on Future Tax and Business Functions 1:30 - 2:20pm
Moderator: Panelists:
Jason Swales
Partner,
PwC
John Gotts
Partner, Tax Reporting and Strategy,
PwC
Mark Novak
VP Taxation & Tax Counsel,
Aviva
Peter van Dijk
Partner, Tax
PwC

Tax, Finance and IT functions are thinking about ways to reshape their roles for a changing tomorrow. Historic practices and processes will need to be revamped and fresh, innovative approaches utilising technological know-how will be crucial.The panelists will discuss the global mega-trends that will define this future state and redesign and redeploy the tax function of the future.

Concurrent B:
IFRS From the Front Lines - Dealing with Volatility 1:30 - 2:20pm
Moderator: Panelists:
Steve Lee
Partner,
EY
Paul Holden
Equity Analyst,
CIBC World Markets
George Prieksaitis
Partner, FSO Financial Accounting Advisory Services Leader,
EY
Craig Pinnock
CFO,
Northbridge Financial Corp.

It’s been 6 years since companies adopted IFRS reporting in Canada. Has this new reporting standard provided better information to all stakeholders involved? Or did IFRS bring more volatility and uncertainty to the financial statement reporting? What about the new upcoming standards like IFRS 9, IFRS 4, IFRS 15 and the Disclosure Initiative Project by the IASB that is to be implemented in the near future? How are all these changes affecting companies? These questions and concerns will be discussed and shared by our esteemed panelists.

LATE AFTERNOON CONCURRENT SESSIONS
Concurrent A:
Peering Through the Mist - Facing the Technology Risk Horizon 2:25-3:30pm
Moderator: Panelists:
Ratan Ralliaram
Partner,
Deloitte
Jacqueline Detablan
VP, Professional Liability,
AIG
Daniel Shum
Partner & National Insurance Leader, Consulting,
Deloitte
Bill Pieroni
President & CEO,
ACORD

Canada’s P&C sector will embark on the greatest transformation journey in its history within the next ten years. A perfect storm of evolving consumer behaviors, intensifying competition, disruptive technologies and cyber-crime is underway, which will shake the foundations of existing business models in insurance. Join us for an interactive panel discussion to better understand these implications for the Canadian P&C companies over the next ten years and rethink how to secure competitive and sustainable advantage.

Concurrent B:
Assessing Reserve Risk - Practical Considerations 2:25-3:30pm
Moderator: Panelists:
Cynthia Potts
Principal,
Eckler Ltd.
Patrick Beaulieu
SVP & Chief Actuary,
Aviva
Blair Manktelow
Principal,
Eckler Ltd.

This session will explore the practical aspects of assessing reserve risk in several contexts: Economic Capital Models (ECM), DCAT, ORSA, Internal MCT/BAAT Targets and setting the claims development portion of the Provision for Adverse Deviations (PFAD). The presentations will begin with a discussion of time horizons, the types of risk that need to be considered, the models and approaches that are widely used, where the standard models usually work well and where they do not. There will be discussion of the more challenging aspects of assessing reserve risk, including:

  • When the mean of modeled reserve distribution differs meaningfully from the selected valuation estimate;
  • When the historical data points are insufficient in number for the desired percentile level;
  • Consideration of correlations;
  • Back testing;
The presentations will conclude with a discussion of considerations specific to ECM, DCAT and PFAD margins followed by a question and discussion period.

 

Networking Break 3:30 - 4:00pm
Financial Leaders Panel 4:00 - 5:00pm
Moderator: Panelists:
Graham Segger
2016 CIFF Emcee
Claudette Cantin
SVP, Chief Risk Officer,
Munich Re
Randy Musselman
CRO, Chief Compliance Officer & Corporate Secretary,
The Guarantee
Jean Royer
VP Finance & CFO,
Desjardins P&C Insurance

This conversational style session will provide an opportunity for these distinguished financial leaders to share their thoughts on several 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 5:00pm
Closing Cocktail and Networking Event 5:00 - 6:00pm

RIBO Accreditation:
6.5 hours Management