Workshop on Systemic Risk in Insurance
Workshop on Systemic Risk in Insurance: October 28, 2016
8:00 a.m. - 5:30 p.m. with reception to follow
208 Warren Hall (Amsterdam Avenue between 115th and 116th Streets), Columbia University, New York City
Parking | Campus Map
Organized by:
Program for Financial Studies' Risk Management Initiative - Columbia Business School
Center for the Management of Systemic Risk (CMSR) - Columbia University
Global Risk Institute (GRI)
WORKSHOP BRIEF
This one-day conference will bring together experts from industry, government, and universities to discuss and debate the nature and measurement of systemic risk in the insurance industry, combining expert presentations with panel discussions, and incorporating significant time for interactive, audience discussion. Questions addressed are expected to include the following:
- Is the insurance sector a source of systemic risk to the financial system?
- What makes an insurance company systemically important?
- How does systemic risk in insurance differ from banking? From asset management?
- How does the measurement of systemic importance need to be tailored to insurance?
- What is the role of regulatory stress testing in monitoring risk in the insurance sector?
LINKS TO PRESENTATIONS
Jill Cetina
Tom Coleman
Ralph Koijen
Shiva Rajgopal
Matthew Richardson
Richard Rosen
Daniel Schwarcz
Nico Valckx
Jack R. Anderson Professor of Business
Director of Risk Management Initiative in the Program for Financial Studies,
Columbia Business School
Professor Venkat Venkatasubramanian
Samuel Ruben-Peter G. Viele Professor of Engineering
PRELIMINARY AGENDA
|
Time |
Event |
|---|---|
| 8:00-8:45am | Registration and breakfast |
| 8:45-9:00 | Welcome Remarks |
| 9:00-10:30 |
Is Insurance a Source of Systemic Risk? | Discussion leader: Kathryn Judge, Columbia Law School - Ralph Koijen, NYU Stern School of Business: Risk of Life Insurers: Recent Trends and Transmission Mechanisms - Daniel Schwarcz, University of Minnesota Law School: Understanding FSOC Designation of Systemically Significant Insurers - Richard Rosen, Federal Reserve Bank of Chicago: Regulation of Systemic Risk in Insurance |
| 10:30-11:00 | Break |
| 11:00-12:30pm |
How to Measure Systemic Risk? | Discussion leader: Harry Mamaysky, Columbia Business School - Tom Coleman, Global Risk Institute: Analysis of the Stern Systemic Risk Measure and its Application to the Canadian Banking and Insurance Industries - Shiva Rajgopal, Columbia Business School: A Financial Statement Based Approach to Modeling Systemic Risk in Insurance and Banking - Matt Richardson, NYU Stern School of Business: Measuring the Systemic Risk of Insurance Companies |
| 12:30-1:45 | Luncheon (Warren Feldberg Lobby) |
| 1:45-2:45 |
Perspectives on Systemic Risk | Discussion leader: Patricia Mosser, Columbia University School of International and Public Affairs - Deep Banerjee, S&P Global Ratings - Ben Golub, BlackRock - Sanjay Mithal, Citigroup - Steven Seitz, Federal Insurance Office - Thomas Sullivan, Federal Reserve Board |
| 2:45-3:15 | Break |
| 3:15-4:15 |
Insurance and Financial Stability | Discussion leader: Bjorn Flesaker, NYU Courant - Jill Cetina, Office of Financial Research, U.S. Treasury Department - Nico Valckx, International Monetary Fund: Insurance in Advanced Economies: Trends and Systemic Risks |
| 4:30-5:30 |
The Future of Systemic Risk Measurement and Regulation | Discussion leaders: Paul Glasserman, Columbia Business School and Agostino Capponi, Columbia School of Engineering - Hampton Finer, Federal Reserve Bank of New York - Robert Lewis - Aaron Sarfatti, Oliver Wyman - Daniel Schwarcz, University of Minnesota Law School - Ed Toy, NAIC |
| 5:30pm | Closing Remarks and Reception (Warren Feldberg Lobby) |
*Assistance from PRMIA is gratefully acknowledged.