Climate-related Risk Scenarios

By André Choquet

		ANDRÉ CHOQUET, FCIA, FSA, CIM, RIS is Chair Climate Change & Sustainability Committee at the Canadian Institute of Actuaries

 

As I write these lines, the latest CO2 reading on the Keeling Curve stands at 419.27 ppm, the result of more than a century of an exponential growth since the start of the industrial revolution. The Keeling Curve is a daily record of global atmospheric carbon dioxide concentration maintained by Scripps Institution of Oceanography at UC San Diego. And that’s not even including the rest of the greenhouse gas emissions in the atmosphere. It is one of many metrics actuaries should become accustomed to as the 200 signatory countries to the 2016 Paris Agreement are trying to create the policies, finance the innovation and incite markets to remove Green House Gas emissions from our economies and to limit global warming to 1.5C, at most 2.0C.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the author, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

From Labour Supply to Labour Productivity

By Maria Economou

		MARIA ECONOMOU is Chairperson of the Social Security sub Committee of the Actuarial Association of Europe (AAE) Senior Consultant & Actuary at Aon Solutions Greece

 

The EU’s working age population has been shrinking for a decade and this is projected to continue.
The population at working age (20–64 years of age), would shrink in all Member States as a proportion of the overall population. Whereas in 2019 people of working age represented 59% of the EU population, this share would fall to 51% by 2070.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the author, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

Do you know what your Climate Model is made from?

By Russ Bowdrey and János Hidi

		RUSS BOWDREY is Team Leader Client Servicing, Climate & ESG Solutions at Ortec Finance.
		JÁNOS HIDI is a Sustainable Investment Manager at Cambridge Econometrics.

 

The climate scenario modelling ecosystem has changed considerably over the last 5 years. As the adoption of Task Force on Climate-Related Financial Disclosures TCFD guidance becomes widespread, and in places mandatory, it is arguably a natural point to pause to consider whether models used thus far remain appropriate, or whether there are more suitable alternatives.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the authors, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

Originally published by The Actuary, March 2022. © The Institute and Faculty of Actuaries.

A View on InsurTech

By Alberto Minali

		ALBERTO MINALI, CFA is Founder and CEO of REVO

 

If we consider the insurance sector and the experience made by our clients, we need to improve the customer journey and the overall level of product satisfaction enjoyed by them. Insurance managers have debated a lot about the quality of the industry service. Most of the surveys highlight that the customer experience is poor, if compared it with the one of other industries, because products are inadequate, opaque, difficult to understand and service is slow and cumbersome.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the author, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

The Impact of Cyber Risk on Risk Management

By Clemens Frey

		DR. CLEMENS FREY, ACTUARY DAV, CERA, is Partner at EY in Munich and Head of Data, Analytics and Artificial Intelligence in Germany. He is member of the General Insurance and the International Committees of DAV and leads the DAV Working Party on Cyber Insurance.

 

The market for cyber insurance is growing steadily, not least because of the Corona pandemic. Although insurers are currently underwriting cyber risks more restrictively, the German Association of Actuaries (DAV) believes that the economic importance of this line of business will continue to grow. For this reason, further work should be done to better understand these risks and to tailor management to their specific characteristics.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the author, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

Environmental Regulations – an opportunity not to be missed

By Chloé Coursaget and Léonora Le Quang Huy

		CHLOÉ COURSAGET is Deputy Editor-in-Chief of the French magazine L’Actuariel and President of Accroche-com.
		LÉONORA LE QUANG HUY is Strategy Consultant at Accroche-com.

 

The number of environmental regulations is on the rise in Europe.
The European Actuary talked to Chloé Coursaget and Léonora Le Quang Huy about their view that environmental regulations represent a strong lever for change in the insurance sector – rather like GDPR a few years ago.

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the interviewees, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

Evaluation of European Deposit Insurance Scheme Funding based on Risk Analysis

By Rafael Moreno Ruiz and Eduardo Trigo Martínez

		RAFAEL MORENO RUIZ is president of the Instituto de Actuarios Españoles
		EDUARDO TRIGO MARTÍNEZ is professor at Universidad de Málaga

 

The proposal for a Banking Union (BU) emerged in 2012 as a solution to the banking and sovereign debt crisis experienced by some European Union (EU) countries, mainly caused by the links between banks and states. The objective of the BU is the creation of a single banking market based on three pillars, the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the European Deposit Insurance Scheme (EDIS).

 

Read the full article here.

 

Disclaimer:

This article represents the opinion of the authors, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

Assessing the Cyber Security Risk

Interview by Jennifer Baker

		Bart Groothuis is a Dutch politician serving as a Member of the European Parliament since 2020. He is a member of the Dutch conservative-liberal People’s Party for Freedom and Democracy and is the Rapporteur on Europe’s cyber security directive, NIS putting his years of experience in cyber security into legislative practice.

 

Jennifer Baker sat down with Bart Groothuis to discuss cyber security risks.

Questions such as “What are the most prominent cyber security threats? Have these changed as a result of the war in Ukraine?” and “How has demand for cyber-related insurance coverage changed since the start of this year?” were addressed.

 

Read the full article here.

Watch the short video of the interview here (open to all users)
Watch the full video of the interview here (open to registered actuview users only)

 

Disclaimer:

This article represents the opinion of the interviewee, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 30 – June 2022

The European Congress of Actuaries 2022 kicked-off today in Madrid, Spain.

The AAE is proud to share the AAE video that was shown for the first time at the start of the event. The video can be accessed here.

A special thanks goes to Giampaolo Crenca and his colleagues at ISOA.