; HANFA - Hanfa holds an international conference for insurance market regulators in Opatija
08/30/2023

Hanfa holds an international conference for insurance market regulators in Opatija

This year again, Hanfa was the host and organiser of a large international conference held for insurance market regulators on 29 August 2023 in Opatija. The conference titledInsured risks in uncertain times” was attended by more than 60 representatives of regulators from Hong Kong, Switzerland, Germany, Italy, Belgium, Sweden, Netherlands, Austria, Malta, Czech Republic, Poland, Slovakia, Slovenia, Bulgaria, Montenegro, Bosnia and Herzegovina, North Macedonia and Kosovo.

On this occasion, a special address was delivered by the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), Ms Petra Hielkema, who highlighted, among other things, the importance of a swift transition to a green and sustainable economy, in spite of the challenges faced by the entire European Union with respect to growing inflation, increased interest rates and declining real net wage.

According to Ms Hielkema, the arrival of new technologies and artificial intelligence, along with the availability of a large amount of data, are already starting to change the manner in which insurers collect and analyse information, assess risks and communicate with the insured. This will create new opportunities, but also lead to risks we have to be aware of, in particular as regards the protection and ethical use of consumer personal data, and growing vulnerability to cyberattacks.

In his opening adders, Mr Ante Žigman, President of the Board of Hanfa, noted that efficient risk management is becoming increasingly significant given the circumstances of these uncertain times. The insurance industry needs to adapt and come up with innovative solutions for managing and covering all types of risks. Advanced technology and artificial intelligence may absolutely be used to improve industry practices and keep the insurance industry a relevant factor providing values to its clients even in challenging tomes. 

The discussion on key challenges that may be expected by regulators and the global financial industry in the upcoming period placed a special emphasis on future implementation and supervision of sustainability reporting, as well as on the current practice in this area observed by supervisory authorities. Close attention was also paid to the main trends and monitoring of macroprudential and systemic risks on the global insurance market. The regulators also discussed insurance companies’ prevention of and resilience to potential cyberattacks, including their adequate monitoring of cyber risks in the future.

In spite of a very dynamic programme and intense discussion, a number of conference participants saw this conference also as an excellent opportunity to get to know and experience the beauty of Opatija, the tourist pearl of the Adriatic, which is why this gathering was also an excellent international promotion of our country. 

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