Intro
The
Korean economy is experiencing a slump due to global business slowdown and
decline
of investment and export. In addition, slowdown of real economy and
anxiety of the financial market
are increasing with the long-term trade dispute
between the United States and China and export
restrictions of Japan.
Especially, the market rate has rapidly decreased to the all-time low rate
because of increased external uncertainties.
Uneasy internal and external conditions are
causing adverse effects on the growth, profitability
and financial situations
of domestic insurance companies. The insurance industry is concerned
to face a
greater crisis if the ultra-low interest rate continues with the decline of
potential growth rate.
Low interest rate leads to poor growth and profitability
of the insurance industry.
Decreasing interest rate would cause further decline
of sales incentive by decreasing disclosed
interest rate of saving insurances.
Sales of coverage insurances is likely to decline in the long run
due to the increase of insurance premium caused by the reduction of expected interest
rate.
Original insurance premium of the insurance industry has shown negative
growth for
two consecutive years since 2017 due to the decrease of sales of
saving insurances
and slowdown of growth of coverage insurances. Moreover,
profitability of the insurance industry
will inevitably worsen with the
expansion of secondary reverse margin, expansion of legal reserve
and variable
insurance guarantee reserve, and expansion of issuance of equity securities.
Accordingly, Financial News and Korea Insurance
Research Institute are jointly hosting the 12th Global
Insurance Symposium on
the theme of 'Global Economic Uncertainty and The Risk of Insurance Industry'
to diagnose the crisis of the insurance industry caused by global economic
uncertainties and to discuss
the survival strategy of insurance companies in
the low growth, low interest rate environment.
At this symposium, we are going to take a
look at the difficulties faced by insurance companies
in the past when global
economic slowdown and low interest rate occurred.
Current status of the economy
and insurance industry will be reviewed separately for overseas
and South
Korea. By coming up with management strategies of insurance companies for
survival
in the low growth, low interest environment divided into insurance
product, sales channel,
asset management and risk management strategies, we
plan to also discuss the policy directions
for financial authorities.
Thank
you.
Overview
Title : The 12th Global Insurance Symposium
Theme : Global Economic Uncertainty and The Risk of Insurance Industry
Date : October 23rd(Wed), 2019 09:00 ~ 15:30
Venue : GrandBallroom, Westin Chosun Hotel, Seoul
Host : The Financial News, Korea Insurance Research Institute
Sponsor : Financial Services Commission, Financial Supervisory Service,
Korea Deposit Insurance Corporation, Korea Life Insurance
Association, General Insurance Association of Korea,
Korea Insurance Development Institute
Contact : The 12th Global Insurance Symposium Bureau Tel. 02-6965-0012, 0013 E-mail. 8amwon@fnnews.com
Section |
Time |
Program |
|
Registration |
08:00 ~ 09:00 |
Registration |
|
Opening Ceremony |
09:00 ~ 09:30 |
<Opening Remark> Jeon, Jae Ho Chairman & CEO, The Financial News <Welcoming Remark> Ahn, Chul Kyung President, Korea Insurance Research Institute <Congratulatory Remarks> Yoon, Suk Heun Governor, Financial Supervisory Service Shin, Young Kil Chairman, Korea Life Insurance Association Kim, Yong Duk Chairman & CEO, General Insurance Association of Korea |
|
Keynote Speech |
09:30 ~ 10:00 |
Dieter KrollManaging Director, Hannover Re Life & Health Asia |
|
Session1. Current Status of Insurance Market Midst Expanding Uncertainty |
|||
Speech |
10:00 ~ 10:30 |
Rho, Dong HyunHead, SCOR Global Life North Asia |
|
10:30 ~ 11:00 |
Kim, Se JoongResearch Fellow, Korea Insurance Research Institute |
||
Panel Discussion |
11:00 ~ 12:00 |
<Moderator> Kim, Hun Soo Professor, Finance and Insurance Department, Soonchunhyang University
<Panels> Dieter KrollManaging Director, Hannover Re Life & Health Asia Rho, Dong HyunHead, SCOR Global Life North Asia Kim, Se JoongResearch Fellow, Korea Insurance Research Institute Lee, Moo SeopExecutive Managing Director, Korean Reinsurance Company |
|
Luncheon |
12:00 ~ 13:00 | Luncheon | |
Session2. Survival Strategy of Insurance Industry with Decelerating Growth |
|||
Speech |
13:00 ~ 13:30 |
Tsuneto YamauchiProfessor, Keio University |
|
13:30 ~ 14:00 |
Yeung, Guy WKHead, Financial Risk Management, AIA Group |
||
14:00 ~ 14:30 |
Park, Jin HaeDirector, Insurance Risk Office, Financial Supervisory Service |
||
Panel Discussion |
14:30 ~ 15:30 |
<Moderator> Ouh, Chang SuProfessor, Insurance and Actuarial Science, Hanyang University
<Panels> Tsuneto Yamauchi Professor, Keio University Yeung, Guy WKHead, Financial Risk Management, AIA Group Park, Jin Hae Director, Insurance Risk Office, Financial Supervisory Service Chung, Yong HoCRO, Hanwha Life Insurance Company |
|
-
Dieter KrollManaging Director, Hannover Re Life& Health Asia
-
Rho, Dong HyunHead, SCOR Global Life North Asia
-
Kim, Se JoongResearch Fellow, Korea Insurance Research Institute
-
Kim, Hun SooProfessor, Finance and Insurance Department, Soonchunhyang University
-
Lee, Moo SeopExecutive Managing Director, Korean Reinsurance Company
-
Tsuneto YamauchiProfessor, Keio University
-
Yeung, Guy WKHead, Financial Risk Management, AIA Group
-
Park, Jin HaeDirector, Insurance Risk Office, Rinancial Supervisory Service
-
Ouh, Chang SuProfessor, Insurance and Actuarial Science, Hanyang University
-
Chung, Yong HoCRO, Hanwha Life Insurance Company
As Managing Director, Dieter Kroll heads the market department in charge of Hannover Re’s Life and Health reinsurance business in Asia. Dieter Kroll has more than 20 years of experience in reinsurance business. Prior to Dieter Kroll’s appointment as General Manager 10 years ago, Dieter worked in different functions such as manager for the German life reinsurance market, as consultant for business development for Asian life insurance companies and as provider of financial solutions for life insurance companies world-wide. Dieter Kroll studied mathematics, economics and computer science, and holds a master degree in mathematics. Dieter Kroll is a member of the German actuarial association (DAV).
<Education> MBA, Korea Advanced Institute of Science Technology(KAIST) <Career> 2019: Head of SCOR Global Life North Asia 2014: Head of SCOR Global Life Korea 2010: Transamerica Regional Deputy Director 2010: Samsung Life IPO Task Force
<Education> 2013: Business Administration, Hanyang University (Ph.D.) 2002: Economics, Yonsei University (MS) 2000: Economics, Yonsei University (BS) <Career> 2014-present: Research Fellow, Korea Insurance Research Institute(KIRI)
<Education> 1985: Pusan National University 1990: Risk Management, Georgia State University 1995: Insurance, Georgia State University <Career> 2017-2018: Chairman, Financial Supervisory Service 2012-2013: President, Korea Risk Management Society 2011-2012: President, Asia-Pacific Risk and Insurance Association 2012-2013: Dean, Global Business School, SoonChunHyang University 2014-2016: External Director, LIG Insurance Company 2009-2014: External Director, Allianz Life Insurance Company 2017-2018: Member of the Financial Reform Committee, Financial Supervisory Commission 2016-2018: Civilian expert of the Insurance Fraud Control Committee, Financial Supervisory Commission 2018-present: Member of the Financial Development & Review Committee, Financial Supervisory Comission 2018-present: Civilian expert of the Insurance Fraud Control Committee, Financial Supervisory Service 1996-present: Professor, SoonChunHyang Univsersity
<Education> 1981-1985: Seoul National University, Petroleum and Mining Engineering <Career> 1985-1990: Korea Coal Corporation 1991-1996: Atlas Copco Korea 1996-2010: Korean Reinsurance Company, Manager of Risk Management and Claim Team 2010-2015: Korean Reinsurance Company, Manager of Engineering Team 2015-2018: Korean Reinsurance Company, General Manager of Fire Department 2018-present: Korean Reinsurance Company, Executive Managing Director
<Education> 1999-2001: Tsukuba University, M.D. 1981-1984: Keio University, M.D. 1977-1981: Tokyo Metropolitan University, B.D. <Career> 2016-present: Project Professor, Keio University 2013-2015: Senior advisor, Samsung Life Insurance 2004-2012: GM, AXA Direct Life 2000-2004: General Manager, Sony Life Insurance 1994-2000: Head of Actuarial Department, AXA Life Inusrance 1987-1994: Key member, Prudential Life Insurance
Guy has spent 20 years in the insurance industry in Asia with focus in the areas of ALM, Investment and Capital for most part of his career. Guy is currently the Head of Financial Risk Management in AIA Group. Before joining AIA in 2018, he has led the Financial Risk Management function at Aegon Asia. Prior to that he has taken the roles as Chief Investment Officer, Head of Strategy, Head of Capital Management and so on at ING Group both in their Asia regional office as well as local business units in Korea and Hong Kong for ING Group. Throughout his career he has also played key roles in Boards and various executive committees advising a large range of topics, such as product development, capital management and risk management. Guy is an Fellow of the Actuaries Institute in Australia.
<Education> M.B.A, Graduate School of Finance, KAIST B.A, M.S, YONSEI University, Department of Applied Statistics <Career> Director, Insurance Risk Office Team Head, Insurance Supervision Department, Prudential Supervision Team Head, NonLife Insurance Examination Department, Risk Examination
<Education> 1980: Yonsei University, B.A. in Public Administration 1989: University of Iowa, M.A.and Ph.D. in Business Administration 1987: University of Iowa, M.S. in Actuarial Science <Career> 1989-present: Professor of Insurance and Actuarial Science, Hanyang University 1998-present: Associate of Society of Actuaries (ASA), USA 2010-2015: Fellow of Korean Society of Actuaries 2018-present: Chairman, Committee of Introduction of IFRS 17 (Financial Supervisory Service: FSS) 2010-2014: Chief Editor of Journal of Insurance and Finance 2012-2013: President, Korean Academy of Actuarial Science 2012-2015: President, Korea Risk Management Society 2010-2016: Member, Financial Policy Consultative Committee (FSS)
<Education> 1989: Bachelor of Mathmetics, Korea University 2004: Master of Economics Graduate School, Seogang University <Career> 1989-present: CRO, Hanwha Life Insurance