PARIMA Resilience Week 2020 Highlights

PARIMA had hosted its largest Conference via virtual platform with the theme of ‘Resilience Week’…
…introducing two risk technical workshops and ten educational sessions happening daily from 9 to 13 November attended by more than 2,500 risk managers and industry players globally.

The Conference featured Global CEOs from leading insurance industry players such as Allianz SE, Aon Plc, AXA Group, Chubb, HDI Global SE, International SOS, Lloyd’s of London, Marsh & McLennan Companies and Zurich Insurance Group, as well as a number of senior risk professionals and experts from the risk and insurance field.

Delegates from companies such as Toyota Tsusho Corporation, Mitsubishi Heavy Industries, INPEX Corporation, Siemens AG, Aboitiz Equity Ventures, International Finance Corporation, Qisda Corporation, Lazada Group, Ayala Corporation, BMW-Brilliance Automotive, MTR Corporation and many others attended and spoke at the event.

The risk technical workshops focused on Nat Cat in Japan and on Captives Case Studies, where it was emphasised how big data and analytical abilities are essential tools for risk managers to have better visibility of risks, the need for collaboration and innovation between the risk community and the market, the importance of intimately knowing your organisation’s hotspots, risk appetite and what keeps your C-Suite awake at night in setting up a Captive.

The Conference was formally commenced by PARIMA Chairman Franck Baron. It was then followed by the Opening Plenary starting with a keynote address from Greg Case – CEO of Aon and two Live Q&As with Mario Greco – CEO of Zurich and Owen Belman – CEO of Asia, Aon with PARIMA Board Members, where the three CEOs stressed how the pandemic has accelerated digital transformation by two-fold, if not more, shifted conversations in board rooms around the world and why risk managers should remain flexible & maintain strong relationships with stakeholders.

It was another set of discussions between CEOs on Tuesday morning, taking off with a chat with Evan G. Greenberg – Chairman and CEO of Chubb and Arnaud Vaissié – Co-Founder, Chairman and CEO of International SOS as they talk about how leaders are responsible for stretching their organisation to reach its fullest potential and why risk managers must grab this opportunity to impress the value of embedding risk management in the business agenda. Various panel discussions on Supply Chain and Employee Wellbeing happened throughout the day, where the panellists highlighted why we can expect Cyber Risk to be the next global grey rhino; it is now only a matter of when and why the maturity of an organisation’s risk culture and their ability to break silos internally remain as key components for the success of the business’ Employee Care programme.

John Neal, CEO of Lloyd’s of London set the stage for the Cyber Risk session, where the panellists emphasised why key decision-makers must be involved in the cyber conversation and how crisis preparedness is critical to mitigate the impact of an incident on the organisation’s balance sheet, reputation and the trust of stakeholders. On the economic and political forecast led by the CEO of Allianz, Oliver Bäte, economists observed recovery picking up faster in Asia, with key factors being effective management of the spread of COVID-19, better exposure to China and favourable fiscal policy leeway to support the economy. They also saw how an economy’s level of digitalisation is directly relevant to their capacity to absorb the economic shock, and therefore more resilience.

PARIMA and Labuan IBFC collaborated to bring the Asian Captive Conference 2020 as part of the Resilience Week, where they talked about why it is important for governments, corporations & communities to have a collaborative spirit as the world faces COVID-19, the growing awareness for self-insurance in APAC therefore resulting to more options for corporations looking to explore this alternative and how Captives has the agility to be able respond to new & unique risks, grow and have access to capacity.

The Conference ended with a Closing Plenary featuring Thomas Buberl, CEO of AXA Group and Dan Glaser, President & CEO of Marsh & McLennan Companies with PARIMA Chairman Franck Baron as they address what should we expect as we head into 2021. They also highlighted why we should address risks first before insurance and that circumstances may not change soonest, requiring risk managers to gird themselves to adapt, rethink their strategies and prepare for the long haul.

The Chairman of PARIMA concluded the Plenary as he expressed, “I am so pleased and proud to see PARIMA being able to adapt to 2020, deliver the responsibility we have towards the risk community in APAC, gain the support of insurance industry leaders & experts and trigger conversations on topics of primary importance to risk managers. Thanks to the Resilience Week, the risks we will be facing seem to be more of ‘known unknowns’ rather than ‘unknown unknowns’. We hope that the programme we have put together will help risk managers be more equipped as they face the challenges that lie ahead.”

To recap the key takeaways from the Conference and actionables for 2021, PARIMA Board Members Ma. Victoria Tan, Sharon Shi and Cecilia Cheng shared how Risk managers must stay ahead of risks, recover & rebuild, take the lead in building a healthy insurance industry ecosystem, get to the root of climate change and take advantage of opportunities brought by the current environment. The PARIMA Resilience Week was supported by key market players from the risk management and insurance industry such as AIA, Allianz SE, Aon Plc, AXA, Belfor, Chubb, FM Global, Generali Employee Benefits, HDI Global SE, International SOS, Kroll, Labuan IBFC, Lloyd’s of London, Marsh, MAXIS GBN, Sedgwick, Sompo Japan, Swiss Re Corporate Solutions, Tokio Marine and Zurich Insurance.