Multaqa conference sees a verbal exchange between senior executives revealing altered practices following the financial crisis.

Senior executives from Munich Re and Swiss Re took part in a lively exchange on the subject of risk management practices, during the Multaqa conference in Qatar.

Christian Kraut, chief executive for Middle East and Africa at Munich Re, quizzed Raj Singh, chief risk officer and member of the board of Swiss Re, following Singh’s speech at the conference.

Singh acknowledged that Swiss Re had “changed risk management practices following the financial crisis”.

"Previously senior managers did not have a proper level of oversight on some of the largest risks," Singh said. "Now, the chief underwriting officer and I have to look at these big risks. We have tightened underwriting guidelines and we have reassessed the assumptions we make with regard to risks by using roll-forward scenarios that look more carefully at the likelihood of events in each risk."

Kraut, a fellow speaker at the Multaqa insurance and reinsurance event hosted by Qatar Financial Centre, was quick to question Singh following the latter’s speech to the conference in which he said risk management should be a boardroom issue.

While some delegates thought the Munich Re executive had “tried to catch out” the Swiss Re board member by forcing a candid answer, other remarked that Munich Re had not yet made a board position specifically for a senior risk officer.