10th AIDA Europe Conference: In search for solutions to meet all insurance customers’ needs

11 June 2024 — Daniela GHETU

220 jurists and insurance professionals from over 30 countries convened in Athens for the 10th AIDA Europe Conference over 30-31 May 2024. Over two days of stimulating sessions they considered in various ways the core question: Is the insurance market ready quickly and effectively to meet the needs of its range of customers: from consumers to multinationals and beyond?

Where are insurers succeeding? Where are the greatest threats or opportunities? What place is there for customer “choice”? More than just financial protection is now expected. Also, the promotion of wellbeing, of helping customers satisfy a myriad of regulatory, legal, environmental, social and governance requirements. Financial and geopolitical upheaval have to be managed, along with increasing climatic change, cyber threats and other technological disruption and innovation, each presenting legal issues needing to be addressed.

Three plenary sessions on the first day explored respectively the impact of emerging models for the distribution of insurance; digital risks, cyber threats and technological and other disruptors; and how in different countries the insurance sector was allowing health insurance to complement or compete with public sector health with differing results.

Striking examples of some of the day-to-day realities of threats posed were provided by the former Director of the Cybercrime Division of Greek Police Headquarters, Georgios Papaprodromou. A Swiss computer scientist, George Papagiannakis, provided dramatic insights into how advances in spatial computing were radically changing how medical prognoses and treatment were being delivered, providing economic savings, but posing insurers coverage and other liability challenges in consequence.

Second day plenary sessions examined both how disaster insurance might be reimagined through the involvement of both state and private enterprise responding in different ways as the private reinsurance market contended with an upsurge and change in the nature and frequency of catastrophic losses. Also, where insurers were (or were not) steering themselves and others through effective underwriting and other measures towards a more sustainable net zero future.

AIDA World President, Carlos Estebenet from Argentina explained the work conducted by AIDA’s twelve International Working Parties, whose breakout sessions afforded delegates the opportunity to explore and discuss in closer detail issues affecting most different classes of business to extend the range and value of the event. AIDA Europe’s Scientific Committee Chair, Pierpaolo Marano, introduced the work of AIDA Europe in publishing its research series of books on insurance law and regulation and the opportunities provided to young authors from academia and professional life to contribute to the enrichment of study.

In their closing remarks, AIDA Europe’s Co-Chairs, Alkistis Christofilou and Tim Hardy observed: “The many contributions and insights of such a diverse and interesting group of legal and insurance specialists, brought together for the AIDA Europe Conference, amply reinforced its value and that of AIDA Europe in raising awareness of the multi-faceted and fast-moving challenges facing everyone working within or advising the industry or those analyzing or regulating the industry’s effectiveness and responses.”

The event in Athens saw many old friends and new faces involved, who will invigorate future activities of AIDA Europe, which will continue before the next Conference is announced and plans for which are already under way.