WICA 2023 is fast approaching

By Chris Rodd, AIDA Presidential Council Representative – Australia

The XVI AIDA World Insurance Congress, hosted by AILA in Melbourne on 30 August to 1 September 2023, is only weeks away.

Sign up now if you haven’t already, as this promises to be an unmissable event in the global insurance industry calendar.

To give you a taste of what to expect, here are a few highlights from some of our speakers.

Three senior reinsurance executives will discuss insurance ramifications of climate change. They say the increase in natural hazards puts greater onus on insurers and reinsurers to build better modelling capacity to accurately price disaster risk. Read more about their presentation on the WICA2023 website.

ESG challenge

WICA2023 delegates will be challenged on whether they meet their ESG obligations. Point Advisory’s Alan Dayeh says insurers must review their business models to ensure they “walk the talk”.

Read more here about Alan’s challenge to the insurance industry. He says every insurer has its own business model and must examine risks and opportunities in light of its commercial strategies.

“Insurers must consider the risks they underwrite and what they mean strategically and reputationally,” he says. It promises to be an interesting debate.

Avryl Lattin, a partner with Clyde & Co, will suggest Australia could follow the lead of some developing nations where parametric insurance is used to enable quick post-disaster payments to help cover costs of rebuilding.

She’ll suggest government-funded parametric insurance to assist in recovery after natural disasters might be a more effective option than handouts. Read more here about Avryl’s thoughts on other ways to reform insurance regulations.

If that whets your appetite, register for WICA2023 now.

YP mock trial

In advance of the congress, the AIDA Presidential Council and the AILA board will meet on Tuesday 29 August. Tuesday evening features a Young Professionals mock trial at the Victorian Supreme Court, presided over by Justice Lyons.

On Wednesday 30 August, the 12 AIDA working parties will meet for discussion on their respective specialist topics.

Registration for WICA2023 includes participation in the working party meetings. AIDA’s working parties encourage member engagement in a range of topics as diverse as climate change and catastrophic events to marine and reinsurance.

Each working party will meet for two hours (some may be combined). All delegates, including students, are encouraged to participate. It is an ideal opportunity to engage with international colleagues on topics of personal interest.

Delegates will be welcomed at a Wednesday night function at the Eureka Skydeck, providing 360-degree views across Melbourne’s skyline from 88 floors up.

Four key themes

Congress sessions start on Thursday 31 August – the provisional program is here.

WICA2023 explores four key themes – conflict, climate, ESG and innovation. Conflict is unpicked by a range of speakers on Thursday morning, followed by climate on Thursday afternoon.

The Thursday evening gala dinner is in the great hall of the National Gallery of Victoria, which features a stained-glass ceiling by Australian artist Leonard French.

Friday 1 September explores ESG and insurance and the afternoon session is devoted to innovation and careers.

Congress chair Angus Kench will wrap up proceedings after the final session.

WICA2023 promises to be an unrivalled event featuring a wide variety of Australian and international speakers. Don’t miss it.