This year Argentina holds the G20 presidency and, thanks to the growing recognition of insurance as a social protection mechanism to promote financial and economic stability and growth, there will be a G20 Insurance Forum take place this year for the first time ever at a G20 Summit. The G20 Insurance Forum will take place on 25 and 26 September in Bariloche, Patagonia (Argentina).
Juan Pazo, Superintendent of Insurance for Argentina, who was personally convinced of the positive role of insurance, worked hard to convince his government and G20 leaders that a specific event dedicated to insurance should be organised. Since then ICMIF and the Geneva Association have worked closely together to produce an agenda for the event. Four Argentinian ICMIF members Sancor Seguros, La Segunda, San Cristóbal and ADIRA have all supported the project and will help to host the Forum. Alejandro Simón, CEO of Sancor Seguros is one of four Co-Chairman of the Forum’s Executive Committee.
ICMIF CEO, Shaun Tarbuck (pictured), will participate in the opening session on “Building Resilient Economies” on 25 September (09:15 – 10:45 local time). The session will be moderated by Masamichi Kono, Deputy Secretary-General, the OECD. Participants will discuss ways in which the insurance sector can or should play a critical role in supporting resilience and stability by providing financial protection to individuals and businesses against the risks they face throughout their lifetimes, whether it be due to natural hazards that affect their assets and livelihoods, risks related to insufficient savings for retirement or events that affect income generating capacity.
Panellists will discuss situations where the insurance sector does not provide a broad level of protection against such risks, which means that these risks are often transferred to governments posing a risk to public finances and also potentially creating delays to financial recovery. This opening session of the G20 Insurance Forum will look at how the availability and affordability of insurance products that can help individuals and businesses address these risks and create better opportunities for future planning is critical for economies to grow and develop resiliently.
Amongst the topics discussed will be the way in which regulatory frameworks can affect how insurance products risks are developed and offered, including microinsurance regulation.
Other panellists joining Shaun Tarbuck on stage will be:
- Rodney Lester, NBFIs Expert, Center for Strategic and International Studies (CSIS)
- Manuel Aguilera Verduzco, Director General, Servicio de Estudios MAPFRE
- Mike McGavick, CEO, XL Group Ltd
- Toyonari Sasaki, Vice-President, Life Insurance Association of Japan
- Girish Kulkarni, MD&CEO, Star Union Dai-ichi Life Insurance
- Marcos Ayerra, President, Securities & Exchange Commission of Argentina
The panel will be asked to discuss which types of policy and regulatory measures could either facilitate the availability of affordable financial protection or impede the ability of insurance companies to provide that protection. They will also look at the protection gap - whether in terms of the lack of insurance coverage of catastrophe losses or the gap in individuals' retirement savings - which is often viewed as the result of a lack of demand by individuals and businesses for needed insurance coverage. Panellists will offer their suggestions on what the insurance sector can do to improve awareness of the need for insurance coverage or retirement savings products across society - and to ultimately reduce the protection gap.