About the Conference
What do efforts to strengthen the world’s financial system portend for non-bank financial entities, including insurance companies and pension funds? Recent regulatory, supervisory, governance, and financial market changes will increasingly drive the pensions and insurance agenda. High-level policymakers, academics, and practitioners discussed topics pertinent to risk management and pension design for an aging planet. This conference was co-hosted by Olivia S. Mitchell, Raimond Maurer, and Mike Orszag at the Wharton School.
Conference videos may be found here.
Conference Agenda
Thursday, April 30, 2015
Introductory Remarks: Olivia S. Mitchell, The Wharton School
Session I: Regulatory and Accounting Changes: Objectives, Dangers, and Opportunities
- Javier Alonso, Alfonso Arellano, and David Tuesta, BBVA: “Factors that Impact on Pension Fund Investments in Infrastructure under the Current Global Financial Regulation” (presentation slides available here, paper available here)
- Peter A. Fisher, Tapestry Network: “The New Insurance Supervisory Landscape: Implications for Insurance and Pensions” (presentation slides available here, paper available here)
Discussant: Fredrik Axsater, State Street Global Advisors (video available here)
- Joseph Busillo, Thomas Harvey, and Bryan Hoffman, SEI: “Mark-to-Market Accounting for United States Corporate Pensions: Implementation and Impact” (presentation slides available here, paper available here)
- Karel Van Hulle, ICIR: “Risk Disclosure in the European Insurance Industry: Implications for Occupational Pension Funds” (presentation slides available here, paper available here)
Discussant: Amy Kessler, Prudential (video available here, paper available here)
Keynote Speaker: Lady Barbara Judge, UK Pension Protection Fund (video available here)
Session II: Changing Supply and Demand for Retirement Products
- Raimond Maurer, Goethe University Frankfurt: “Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities” (presentation slides available here, paper available here)
- Montserrat Guillen, University of Barcelona; Catherine Donnelly, Heriot-Watt University; and Jens Perch Nielsen, Cass Business School: “Fundamentals of Cost and Risk that Matter to Pension Savers and Life Annuitants” (presentation slides available here, paper available here)
Discussant: Emily Kessler, Society of Actuaries (video available here, presentation slides available here)
- John Kiff, Mauricio Soto, and Nobuyasu Sugimoto, IMF: “Longevity Risk Regulation Around the World: An Even Playing Field?” (presentation slides available here)
- Andrew Biggs, American Enterprise Institute: “The Future of Retirement Replacement Rates” (presentation slides available here, paper available here)
Discussant: David Blitzstein, Blitzstein Consulting (video available here)
Keynote Speaker: Franklin Allen, Wharton School (video available here)
Friday, May 1, 2015
Session III: Global Risk Assessment for Pensions and Other Non-Bank Financial Institutions
- William Perraudin, Risk Control Limited: “Systemic Risk in the Insurance Industry” (presentation slides available here)
- Dan Waters and Brian Reid, ICI Global: “Pensions, Risk, and Globally Systemically Important Financial Institutions” (presentation slides available here, paper available here)
- Asli Demirguc-Kunt, the World Bank: “Global Aging, Financial Stability, and Pension Risk Management” (presentation slides available here, paper available here)
Discussant: Mike Orszag, Towers Watson (video available here)
Session VI: Roundtable
Jeannine Markoe Raymond, NASRA – Moderator
Kevin Hanney, UTC
Hazel Bateman, UNSW
Michael J. Gordon, BNY Mellon Retirement & Strategic Solutions