AAE publishes discussion paper “Environmental Liability Directive – Financial Security and the Polluter Pays Principle”

Today the AAE issued a press release with respect to the publication of the AAE discussion paper “Environmental Liability Directive – Financial Security and the Polluter Pays Principle”.

 

The press release is available here.

 

Please also read the blog ‘Shit happens!’ by Esko Kivisaari.

Shit happens!

Esko Kivisaari
Past Chairperson AAE
Chairperson AAE Advisory Panel
Chairperson AAE Artifical Intelligence/Data Science Working Group

 

All economic activity can result into damage to the environment. Some activities are riskier than others. When shit happens, when damage occurs remedial actions are necessary. Such actions are more or less costly depending on the damage.

 

The European Union has adopted in 2004 the Environment Liability Directive (ELD), the purpose of which is to implement the ‘polluter pays’ principle, i.e., the one who has caused the damage also pays for the remedial action. There are now plans to renew the ELD. One of the difficulties of implementing the ‘polluter pays’ principle is that the actor responsible for the liability might no longer exist when the damage is found out.

Continue reading “Shit happens!”

Prof. Ermanno Pitacco passed away

 

Today the sad news reached us that Prof. Ermanno Pitacco passed away.

For many, many years he was an active member and well respected colleague in the AAE Education Committee. His contribution to the development of the actuarial profession not only in Italy but also in Europe was significant. We will always remember his open-minded kindness.

Our hearts go out to his family and friends and we wish them all the best in dealing with this tremendous loss.

 

26 September 2022

What if insurance could go beyond protection and also play a key role in the prevention of risks?

Wearables

By Mark Farrell

Dr Mark Farrell FIA is CEO of ProActuary and a Senior Lecturer in Actuarial Science at Queen’s University Belfast.
 

 

The goal of insurance, from the consumer’s point of view, is to protect us when things go badly wrong. If we get sick, die unexpectedly or if we get into a car accident then insurance comes to the rescue via a contingent payment made from the pooled policyholder premiums. But what if insurance could go beyond protection and also play a key role in the prevention of risks?

 

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. 31 – September 2022

New prospects for actuaries

By Gunn Albertsen and Giampaolo Crenca

Gunn Albertsen
AAE Board member
Giampaolo Crenca
AAE Board member
 

 

On 2 and 3 June 2022, the Actuarial Association of Europe (AAE) and the Instituto de Actuarios Españoles held the 4th European Congress of Actuaries (ECA 2022) in Madrid, Spain.

In total, around 250 experts and executives from Europe and beyond participated in the congress, organized by the European Actuarial Academy. Following two years of remote working due to the coronavirus pandemic, the ECA was an excellent opportunity for many people in the European community of actuaries to meet with their peers. We were delighted to welcome around 250 participants – a good number considering that this was the first in-person, post-Covid AAE event.

 

Read the full article here.

 

Disclaimer:

This article was published in The European Actuary No. 31 – September 2022

A natural history of risk: in what way do we deal with risk and make decisions? Geoff Trickey gives us a lecture

A natural history of risk

By Geoff Trickey

GEOFF TRICKEY, CEO at Psychological Consultancy Ltd., Creator of the Risk Type Compass and host of the Sagacity Conference (September 14th, London)
 

 

Some wait for permission to cross the road from the little green man signal, others skip through moving traffic. Some plan holidays carefully, in detail and well in advance, others just grab spur of the moment essentials and go. These revealing behaviours reflect a difference in wiring as profound as that of a squirrel or a tortoise. The way we deal with risk and make decisions is influenced by two independent neurological systems: Emotion and Cognition. Both have long evolutionary momentum.

 

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. 31 – September 2022

How should capital regulations for banks and insurers be adjusted in response to climate change?

Climate and capital – some outstanding issues

By Marco Bardoscia, Benjamin Guin and Misa Tanaka 

MARCO BARDOSCIA is Senior Economist in the Research Hub of the Bank of England.
BENJAMIN GUIN works as a Senior Economist in the Strategy and Policy Approach Division of the Bank of England.
 
MISA TANAKA is Head of Research of the Bank of England.

 

There is a lively debate about whether and how capital regulations for banks and insurers should be adjusted in response to climate change. The Bank of England will host a conference on Wednesday 19 October 2022 to discuss the points in favour of and against adjustments to the regulatory capital framework to take account of climate-related financial risks.

 

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. 31 – September 2022

Originally published on the Bank Underground website in June 2022.

How is diversity embedded in the actuarial field? Chairperson Mária Kamenárová shares her thoughts

An insight into diversity at AAE

By Mária Kamenárová

Mária Kamenárová is Chairperson of the AAE
 

 

Diversity delivers what is needed to become more resilient, with a view to addressing future global challenges. It is ten years since the European Commission put forward a proposal to require 40% female representation on executive boards of all listed companies.
Based on 2021 data there has been some progress towards this, with France and Norway achieving 35% representation of women in leadership roles. However, women in CEO roles were reported in just 7% of the 650 companies surveyed. In this context, it is no surprise that recent years have seen many more female leaders of EU institutions, including the president of the EU Commission, the European Central Bank, the ESMA and the EIOPA, to name just a few.

 

Read the full article here.

 

Disclaimer:

This article is written on a personal title and represents the opinion of the author.

This article was published in The European Actuary No. 31 – September 2022

Convention A – an online conference for the actuarial community

 

 

With ‘Connecting Knowledge’ as its theme, this event will set a new standard for online conferences serving the international actuarial community.

This event will, to an unprecedented extent, showcase actuarial institutions and high-ranking keynote speakers delivering an exciting and inspiring programme for actuaries from all fields, and covering the issues that are most relevant to them today.

The Actuarial Association of Europe (AAE) is taking over two exciting 4-hour programme slots:

  • Tuesday 20/09 – 9.00-13.00
    Role of the Actuary / IFRS 17 with Petra Hielkema, Didier Millerot, Olav Jones and Peter Braumüller
  • Thursday 22/09 – 0.00-13.00
    Latest results and insights of the AAE committees

 

Read the full article here.

 

Disclaimer:

This article was published in The European Actuary No. 31 – September 2022