Has the Regulatory Tsunami Stabilised the Financial System?

A joint PRMIA – Swiss Risk Association event in cooperation with the Master of Science in Quantitative Finance, a joint degree program of University and ETH Zurich

In the course of the last 20 years new regulation for banking, insurance and financial intermediaries has been proposed or issued with increasing pace. Since the financial crisis 2009 a flood of new proposals, aiming at global reach and subjecting large and global players to special rules. With it came new regulatory or supervisory institutions and new roles of existing ones, driven by the Financial Stability Board.

Noble goals are set as exemplified by the International Association of Insurance Supervisors’ aim to set a global Insurance Capital Standard “to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.”

The speakers will address the background of these initiatives and their intended and unintended consequences on insurance and to a lesser extent banking markets and the large players in particular.

Date: November 28, 2013
Start: 18.30
End: 19.45, followed by an Apéro
Host: Hans Peter Würmli
Location: University of Zurich, Rämistrasse 71, 8006 Zürich, in Auditorium KOL-F-101 in main building, Map
Organizer: PRMIA Zurich

Download Slides Daniel Hofmann
Download Slides Philipp Keller

18:30-18:35: Walter Farkas: Opening
18:35-18:40: Hans Peter Würmli: Welcome and goals of the event
18:40-18:55: Martin C. Janssen: The Economics of Regulation
18:55-19:10: Daniel Hofmann: Drivers of Regulatory Developments
19:10-19:25: Philipp Keller: The Regulatory-Industrial Complex and the Rise of Protectionism
19:25-19:45: Q&A session, moderator Hans Peter Würmli

About the speakers:

Martin C. Janssen,
Professor of Financial Economics,
Department of Banking and Finance,
University of Zurich

Martin C. Janssen (1948) taught economics and finance at the University of Zurich, at the University of St. Gallen, at ETH Zurich, at the University of Rochester (N.Y.) and other institutions for more than 35 years, the last twenty years as a part time professor for financial economics. In 1985, Martin Janssen founded ECOFIN which has become a group of companies active as a strategic advisor to large institutional and private investors, as a provider for software solutions in asset and risk management and as a supplier of financial solutions. He published various books and articles in financial economics. He holds a doctorate in economics from the University of Zurich.

Daniel Hofmann,
Advisor to the Chairman of the Board of Directors,
Zurich Insurance Group

Daniel Hofmann is Advisor to the Chairman of the Board of Directors of the Zurich Insurance Group. Between 2011 and early 2013 he was Economic Counsellor of the International Association of Insurance Supervisors (IAIS) in Basel where he set up an economic study unit and made seminal contributions to the analysis of insurance and financial stability. Prior to his engagement with the IAIS he served as Zurich’s Chief Economist. He holds advanced degrees in economics
from the University of Zurich and Brown University.

Philipp Keller,
Head of the Financial Risk Management Department,

Philipp Keller has a doctorate in mathematics from ETH Zurich. After actuarial and senior positions at Swiss Re and FINMA he now heads the Financial Risk Management Department of Deloitte. Philipp is also a Monetary and Capital Market expert for the IMF, advising the fund on systemic risk and regulation.

Hans Peter Würmli,
Chairman of the CRO Network,
The Geneva Association

Hans Peter Würmli spent most of his professional career with Swiss Re. He held positions in reinsurance marketing, actuarial, product and risk management. His ultimate task was as a Senior Risk Manager being involved in various solvency regulation related projects. Currently he serves The Geneva Association as Chairman of the CRO Network. He holds a doctorate in mathematics from the ETH Zurich.