The Forschungskolleg Humanwissenschaften: Events

Wednesday, 16 November 2016 - Thursday, 17 November 2016
Forschungskolleg Humanwissenschaften, conference room

Goethe University, House of Finance (SAFE), International Center for Insurance Regulation (ICIR)
Workshop

Helmut Gründl (Chair of Insurance and Regulation, ICIR,Goethe University), Loriana Pelizzon (SAFE, Goethe University)
»Systemic Risk in the Insurance Industry - Models, Measures and Reality«

Program

Wednesday, November 16, 2016:
Stakeholder Perspectives on Systemic Risk in Insurance

(15:30 – 16:00) Reception

(16:00 – 16:15) Welcome Address
Helmut Gründl (Chair of Insurance and Regulation, ICIR, Goethe University)

(16:15 – 17:15) The Global Regulatory Perspective

Systemic Risk in the Insurance Industry – Are We Doing too Much or too Little?
Felix Hufeld (President, BaFin)

Criteria for Systemic Risk-Labels
Catherine Lezon (Deputy Secretary-General, International Association of Insurance Supervisors)

Panel: Thomas C. Wilson (CRO, Allianz SE), Gaston Gelos (Division Chief of the Global Financial Stability Analysis Division, International Monetary Fund) Moderation: Raj Singh (CRO, Standard Life UK)

(17:30 – 18:30) The Industry Perspective

Systemic Risk Measures and the Insurance Business Model
Christian Thimann (Member of the Executive Committee, Group Head of Strategy, Sustainability and Public Affairs, AXA Group)

Measuring Systemic Risk – Squaring the Circle?
Michael Menhart (Chief Economist, Munich Re)

Panel: Frank Grund (Chief Executive Director of Insurance and Pension Funds Supervision, BaFin), Karel Van Hulle (Honorary Professor, ICIR, Goethe University), Kamil Yılmaz (Professor of Economics, Koç University) Moderation: Jan Pieter Krahnen (Chair of Corporate Finance, Goethe University and SAFE Director, Research)

(18:45 – 19:45) The European Regulatory Perspective

Consistent Management of Systemic and Solvency Risks
Gabriel Bernardino (Chairman, EIOPA), Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board)

Panel: Olav Jones (Deputy Director General & Director Economics and Finance, Insurance Europe), Loriana Pelizzon (SAFE Chair of Law and Finance, Goethe University), Axel Wehling (Member of the Board of Directors, German Insurance Association (GDV)) Moderation: Helmut Gründl (Chair of Insurance and Regulation, ICIR, Goethe University)

(20:00) Dinner


Thursday, November 17, 2016:
Research Meeting on Systemic Risk in Insurance Academic Presentations and Discussions

(8:15 – 8:30) Welcome Address

(8:30 – 9:20*) CoRisk: Measuring Systemic Risk through Default Probability Contagion
Paolo Giudici (University of Pavia), Laura Parisi (University of Pavia and NYU Stern School of Business) Discussion: Christian Kubitza (ICIR, Goethe University)

(9:20 – 10:10) Volatility Connectedness and Systemic Risk in the Insurance Industry
Kamil Yilmaz, Mehmet Karaca (Koç University) Discussion: Loriana Pelizzon (SAFE, Goethe University

(10:10 – 10:30) Coffee Break

(10:30 – 11:20) Spillover Duration of Stock Returns and Systemic Risk
Christian Kubitza, Helmut Gründl (ICIR, Goethe University) Discussion: Paolo Giudici (University of Pavia)

(11:20 – 12:10) Measuring Systemic Risk of Insurance Companies
Viral V. Acharya (NYU Stern School of Business) Discussion: Christian Thimann (AXA Group and LSE Systemic Risk Centre)

(12:10 – 13:30) Lunch

(13:30 – 14:20) Portfolio Similarity and Asset Liquidation in the Insurance Industry
Loriana Pelizzon (SAFE, Goethe University), Mila Getmansky (University of Massachusetts), Giulio Girardi (U.S. Securities and Exchange Commission), Kathleen Hanley (Lehigh University), Stanislava Nikolova (University of Nebraska-Lincoln) Discussion: Mathieu Vital (Financial Stability Strategy and Risk, Bank of England)

(14:20 – 15:10) The Impact of Regulation on UK Insurers’ Investment Behaviour – a Structural Approach
Graeme Douglas (Financial Stability Strategy and Risk, Bank of England) Discussion: Paolo Zanghieri (Generali and University of Bologna)

(15:10 – 15:30) Coffee Break

(15:30 – 16:20) The Value and the Price of a “too-big-to-fail” Guarantee: Evidence from the Insurance Industry
Paolo Zanghieri (Generali and University of Bologna) Discussion: Andrea Paltrinieri (University of Udine)

(16:20 – 17:10) Bank-Insurance Spillovers: Evidence from Europe
Andrea Paltrinieri, Stefano Miani, Alex Sclip (University of Udine), Alberto Dreassi (University of Trieste) Discussion: Mirko Kraft (Hochschule Coburg)

(17:10 – 17:30) Summary and Closing Remarks

(17:30) End of Research Meeting



Closed Event; Please register in advance:
Mr. Christian Kubitza, Phone: +49 (0)69 798 33683, E-Mail: kubitza@finance.uni-frankfurt.de