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Policy options to reduce the climate insurance protection gap

ECB-EIOPA workshop

Monday, 22 May 2023
European Central Bank, Frankfurt am Main (hybrid event)

Following the publication of a Discussion Paper on “Policy options to reduce the climate insurance protection gap”, the ECB and EIOPA will hold a joint Workshop to have a wider discussion on policies to reduce the protection gap with regulators, policymakers, academics, and representatives from the private sector. 

Registration form 

While in-person participation is possible, capacity constraints may necessitate some participants to attend virtually. The organisers will seek to confirm physical participation within 3 working days of a registration being made.

Programme

Times are Central European Time (UTC+1)

Monday, 22 May 2022
11:00

Opening remarks

Moderator: Irene Heemskerk, ECB

Speakers:

  • Luis De Guindos, Vice-President of the ECB
  • Petra Hielkema, EIOPA Chairperson

11:25

Presentation of the ECB-EIOPA Discussion Paper on Policy options to reduce the climate insurance protection gap

Moderator: Irene Heemskerk, ECB

Speakers:

  • Sujit Kapadia, ECB
  • Dimitris Zafeiris, EIOPA

11:55

Coffee break

12:05

Panel 1: Private insurance sector and capital market initiatives to reduce the climate insurance protection gap

Moderator: Justin Wray, EIOPA

Panellists:

  • Shigeru Ariizumi, Japan Financial Services Agency
  • Larisa Dragomir, European Commission
  • Jérôme Haegeli, Swiss Re
  • Belinda Storey, Climate Sigma

13:20

Lunch break

14:40

Panel 2: The role of the public sector in supporting financial resilience against catastrophes and incentivising adaptation

Moderator: Christiane Nickel, ECB

Panellists:

  • Ekhosuehi Iyahen, Insurance Development Forum
  • Olivier Mahul, World Bank
  • Robert Muir-Wood, Risk Management Solutions
  • Debora Revoltella, European Investment Bank

15:55

Conclusions and wrap up

Audiovisual notice: Images and video recordings may be published online.

Please note that this programme may be subject to change without notice.

General information

European Central Bank
Room M3.28/29
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language

English

Contact

Iglika Stancheva
iglika.stancheva@ecb.europa.eu

ecb_eiopa_staff_protection_gap@eiopa.europa.eu

26,734 of which: issuer headquartered in the euro area ... (1b) total currency and deposits with: 3,301 (i) other national central banks, BIS and IMF 577 (ii) banks headquartered in the euro area and located abroad 440 (iii) banks headquartered and located outside the euro area 2,284 2. IMF reserve position ... 3. SDRs 347 4. Gold
(including gold deposits and gold swapped) 10,698 -volume in millions of fine troy ounces 18.121 5. Other reserve assets −12 -financial derivatives −12 -loans to nonbank nonresidents ... -other ... B. Other foreign currency assets 3,802 -securities not included in official reserve assets ... -deposits not included in official reserve assets 3,814 -loans not included in official reserve assets ... -financial derivatives not included in official reserve assets −11 -gold not included in official reserve assets ... -other ...
II. Predetermined short-term net drains on foreign currency assets (nominal value, EUR millions)
  Total Maturity breakdown (residual maturity)
  Up to 1 month More than 1 and
up to 3 months
More than 3 months
and up to 1 year
1. Foreign currency loans, securities, and deposits ... ... ... ...
-outflows (-) Principal ... ... ... ...
-outflows (-) Interest ... ... ... ...
-inflows (+) Principal ... ... ... ...
-inflows (+) Interest ... ... ... ...
2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency
(including the forward leg of currency swaps)
−23 −9 −8 −6
(2a) Short positions (-) −9,883 −9,629 −172 −83
(2b) Long positions (+) 9,861 9,620 164 77
3. Other(specify) −2,383 −2,383 ... ...
-outflows related to repos (-) −2,383 −2,383 ... ...
-inflows related to reverse repos (+) ... ... ... ...
-trade credit (-) ... ... ... ...
-trade credit (+) ... ... ... ...
-other accounts payable (-) ... ... ... ...
-other accounts receivable (+) ... ... ... ...
III. Contingent short-term net drains on foreign currency assets (nominal value, EUR millions)
  Total Maturity breakdown (residual maturity)
  Up to 1 month More than 1 and
up to 3 months
More than 3 months
and up to 1 year
1. Contingent liabilities in foreign currency ... ... ... ...
(1a) Collateral guarantees on debt falling due within 1 year ... ... ... ...
(1b) Other contingent liabilities ... ... ... ...
2. Foreign currency securities issued with embedded options
(puttable bonds)
...      
3. Undrawn, unconditional credit lines        
3_1 Undrawn, unconditional credit lines provided by: ... ... ... ...
(3_1 a) other national monetary authorities, BIS, IMF, and other international organizations ... ... ... ...
-other national monetary authorities (+) ... ... ... ...
-BIS (+) ... ... ... ...
-IMF (+) ... ... ... ...
(3_1 b) banks and other financial institutions headquartered in the reporting country (+) ... ... ... ...
(3_1 c) banks and other financial institutions headquartered outside the reporting country (+) ... ... ... ...
3_2 Undrawn, unconditional credit lines provided to: ... ... ... ...
(3_2a) other national monetary authorities, BIS, IMF, and other international organizations ... ... ... ...
-other national monetary authorities (-) ... ... ... ...
-BIS (-) ... ... ... ...
-IMF (-) ... ... ... ...
(3_2b) banks and other financial institutions headquartered in reporting country (-) ... ... ... ...
(3_2c) banks and other financial institutions headquartered outside the reporting country (-) ... ... ... ...
4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency ... ... ... ...
(4a) Short positions ... ... ... ...
(i) Bought puts ... ... ... ...
(ii) Written calls ... ... ... ...
(4b) Long positions ... ... ... ...
(i) Bought calls ... ... ... ...
(ii) Written puts ... ... ... ...
PRO MEMORIA: In-the-money options        
(1) At current exchange rates ... ... ... ...
(1a) Short position ... ... ... ...
(1b) Long position ... ... ... ...
(2) + 5 % (depreciation of 5%) ... ... ... ...
(2a) Short position ... ... ... ...
(2b) Long position ... ... ... ...
(3) - 5 % (appreciation of 5%) ... ... ... ...
(3a) Short position ... ... ... ...
(3b) Long position ... ... ... ...
(4) +10 % (depreciation of 10%) ... ... ... ...
(4a) Short position ... ... ... ...
(4b) Long position ... ... ... ...
(5) - 10 % (appreciation of 10%) ... ... ... ...
(5a) Short position ... ... ... ...
(5b) Long position ... ... ... ...
(6) Other (specify) ... ... ... ...
(6a) Short position ... ... ... ...
(6b) Long position ... ... ... ...
IV. Memo items (EUR millions)
1. Short-term domestic currency debt indexed to the exchange rate ...
2. Financial instruments denominated in foreign currency and settled by other means
(e_g_, in domestic currency)
...
-nondeliverable forwards ...
-short positions ...
-long positions ...
-other instruments ...
3. Pledged assets ...
-included in reserve assets ...
-included in other foreign currency assets ...
4. Securities lent and on repo −305
-lent or repoed and included in Section I −2,383
-lent or repoed but not included in Section I ...
-borrowed or acquired and included in Section I ...
-borrowed or acquired but not included in Section I 2,078
5. Financial derivative assets (net, marked to market) −23
-forwards ...
-futures ...
-swaps −23
-options ...
-other ...
6. Derivatives (forward, futures, or options contracts) that have a residual maturity greater than one year, which are subject to margin calls_ ...
-aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency
(including the forward leg of currency swaps)
...
(6a) short positions (-) ...
(6b) long positions (+) ...
-aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency ...
(6a) short positions ...
(i) bought puts ...
(ii) written calls ...
(6b) long positions ...
(i) bought calls ...
(ii) written puts ...
7. Currency composition of reserves 41,069
- currencies in SDR basket (including IMF reserve positions, SDRs and Gold holdings) 41,069
- of which USD ...
- of which JPY ...
- currencies not in SDR basket ...

Conventions used in the tables: "..." nil or negligible.