Michel Maila Keynote Address to Canadian Reinsurance Company
7 April 2014
APRIL 7, 2014
On April 2, Michel Maila delivered a keynote address to the 58th Annual Canadian Reinsurance Conference, one of the longest-running gatherings in the life and reinsurance sectors. Given the significant challenges facing the insurance industry both in Canada and abroad, the main theme of the conference was “REflect, REwire, REsurge”, a title Dr. Maila adopted for his address.
Dr. Maila’s address focused on the risk management competencies insurance firms require to grow in the new environment they face. He singled out the management of emerging risks as the critical success factor they would need to address, in particular emerging exposures to systemic, interest rate and longevity risks.
He concluded by noting that firms which developed their competency to manage emerging risks were rewarded with much higher readiness to handle these risks, positioning the firm more effectively to minimize unexpected losses and capitalise on profitable growth opportunities ahead of its competitors. Citing Louis Pasteur’s dictum that, “fortune favours the prepared mind”, Dr. Maila encouraged his audience of leaders from the insurance industry to “nudge fortune” in favour of their firms by adopting an active approach to the management of emerging risks.