IFRS17 revisited

By Servaas Houben

		Servaas Houben is Manager Actuarial at ERGO INSURANCE, Belgium and President Society Committee CFA Belgium

 

While the final steps are taken in the IFRS 17 implementation which will go live as per 1 January 2023, it would be a suitable time to sit back and evaluate the lessons learnt over the past years and how this could be used in the future when implementing other (accounting) standards.

 

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. 32 – December 2022

Philip Shier (Ireland) was elected as new member of the Nominations Panel of the Actuarial Association of Europe.

 

The AAE General Assembly unanimously approved the nomination of Philip Shier by electronic vote ending on 20 December 2022.

 

Philip will be serving on the Nominations Panel until the General Assembly of 2023, after which he is eligible to serve another (final) three year term.

Inflation and insurance

By Wilbert Ouborg and Pieter Bouwknegt

		Dr Wilbert Ouburg MSC AAG FRM is CRO NN Life & Pensions
		Drs. Pieter Bouwknegt AAG is Balance Sheet and Capital manager NN Life & Pensions

 

One word is turning up everywhere at the moment: inflation. After many years of a general belief that high inflation was definitively over, it has undeniably returned. We are noticing it at the bakery, in the beer garden and when we book travel.

 

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. 32 – December 2022

This article has been published in De Actuaris of October 2022

Reimagining the profession

By Matt Saker

		Matt Saker is President of the Institute and Faculty of Actuaries (UK)

 

When I became President of The Institute & Faculty of Actuaries (IFoA) in June this year, I spoke about my vision to see the profession continue to flourish for the next generation of actuaries. In this article I explain what the IFoA is doing to make this vision a reality and ensure that the profession continues to grow, influence and lead in what continue to be very challenging times.

 

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. 32 – December 2022

Challenges or chances – a changing market landscape for actuary versus data science

By Yiru (Eve) Sun, Roger Yuan and Mark Spong

		Yiry (Eve) Sun, FSA, MAAA, PhD, is a Managing Director at Aon
		Mark Spong, FSA, MAAA, is a Senior Manager at Oliver Wyman
		Roger Yuan is an Analyst at Oliver Wyman

 

Few college students are aware of the actuarial profession. Of those that are aware, many are becoming interested in data science and other non-actuarial careers. The offer of more money, absence of professional exams, and potentially more numerous employment opportunities has had a fundamental impact on entry level actuarial recruiting.

We recently engaged with actuarial clubs’ leaders, professors, recent graduates of fifteen U.S. universities, scoured observable market data, and tapped into our extensive library of intellectual capital to understand the core challenges faced by actuarial employers today, and identify opportunities to address them. This article contains a summary of this effort.

 

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. 32 – December 2022

The future role of the actuary

By Giampaolo Crenca

		Giampaolo Crenca is President of ISOA (Italy) and Vice-Chairperson of the AAE

 

In recent years the development of the actuarial profession has increasingly featured consolidation and growth of the traditional fields (insurance and
pension), although broader fields have also experienced significant movement; in some cases we can already see an impact from this. This situation clearly illustrates that actuaries cannot remain closed but must continue broadening their view to include all risks – to the extent that they are quantifiable – for evaluation of their impacts.

 

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. 32 – December 2022

Getting under the skin of Solvency II

Interview by Jennifer Baker

		Karel Van Hulle is Professor Emeritus at KU Leuven, and honourable professor at Goethe University Frankfurt

 

Karel Van Hulle was closely involved with the development of Solvency II. After his retirement from the European Commission in 2013, he became a member of the Public Oversight Board and serves now as a Director at the Bermuda Monetary Authority.
He sat down with The European Actuary to talk about the current state of the profession, the Solvency II review and what we need for the future.

 

Read the full article here.

A video of this interview is now available on actuview:

• Public version (access to all)
• Full version (for actuview user)

 

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. 32 – December 2022

Issue 32, December 2022 of The European Actuary has been published.

 

The theme of this issue is: The new role of the actuary.

Featured Articles:

• Getting under the skin of Solvency II | Interview with Karel Van Hulle
• The future role of the actuary  | by Giampaolo Crenca
• Reimagining the profession | by Matt Saker
• Challenges or chances – a changing market landscape for actuary versus data science | by Yiru (Eve) Sun, Roger Yuan and Mark Spong
• Inflation and insurance | by Wilbert Ouborg and Pieter Bouwknegt
• IFRS17 revisited | by Servaas Houben
• Fit and Proper – an opportunity for the actuarial profession | by Lutz Wilhelmy and Christophe Heck
• Where is the actuarial journey headed | column by Frank Schiller

 

Please visit the webpage of The European Actuary on the AAE website for prior issues or further details.