THE GLOBAL ACTUARY – WHAT IT MEANS FOR US?

by Kartina Tahir Thomson

		Kartina Tahir Thomson – AAE Board member, President-Elect of the Institute and Faculty of Actuaries

When I reflect on the last few decades, I am proud to belong to a profession that worked together and used its knowledge and experience in different parts of the world to solve the world’s challenges. Today, it is more important than ever that we focus on how we continue to make an impact globally.

Read the full article here.

 

Disclaimer:

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

This article was published in The European Actuary No. 34 – June 2023

Senior Actuary/Project Manager

The Actuarial Association of Europe (AAE) wishes to recruit one or two senior actuaries/project managers with an established track record of managing actuarial projects with expertise in specific areas to support their committees.

 

Rather than expecting mastery in all subjects, the AAE recognizes the importance of specialized backgrounds suited to each committee’s topic. The selected individual(s) will be responsible for managing and coordinating activities within the Solvency II working group, Artificial Intelligence / Data Science (AI-DS) Working Group, the Sustainability and Climate-Related Risks Working Group as well as to the IORP II Review Directive Task Force.

 

Suitable candidates should possess relevant experience, excellent project management and communication skills, and a good knowledge of the respective fields. Fluency in English with strong drafting skills is required, and the ability to represent AAE independently from industry interests will be taken into account.

 

Please find the job profile with the relevant details HERE.

 

Applications should be submitted by email before September 4, 2023, to the AAE Operations Manager, Monique Schuilenburg.

THE IFRS 17 SUPREMACY

by Dr. Servaas Houben

		DRS. S. HOUBEN – AAG FIA CFA FRM – Manager Actuarial at Ergo Insurance

With the introduction of a new accounting standard, the search for KPIs to measure success of insurance companies has begun. Where under IFRS 4 the return on equity or gross written premium measures were common, under IFRS 17 the concept of current and future equity (CSM, RA) has been introduced and premium income has lost its central presence in disclosures and financial reporting. Although the search
for the best KPIs is still ongoing and will change over time based on user experience, I will give an insight on why KPIs play a central role within the finance industry, what the major changes in reporting and KPIs has been from IFRS 4 to IFRS 17, and what logical choices for KPIs could be under IFRS 17 depending on the nature of the insurance business.

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. 34 – June 2023

Banking education for actuaries

by Dick Rae

		Dick Rae –Fellow of the Institute of Actuaries. Current member of the IFoA’s Member Engagement Committee, Prior Chair – IFoA’s Finance and Investment Practice Board

Continuous professional development is a personal journey. For qualified actuaries, education doesn’t come in shrinkwrapped packages in the way that it does, in large part, for student actuaries. Your educational requirements will depend on where you are in your career. There are various steps along the way for an actuary keen to explore the world of banking.

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. 34 – June 2023

The role of the global actuary in banking in the face of bank failures

by Michael Tichareva

		Michael Tichareva BCOMM (HONS.), FASSA, FIA, MBA Chair of the International Actuarial Association Banking Virtual Forum and Executive Chairman & Senior Actuary – Claxon Actuaries International

In their normal banking activities, banks are in the business of maturity transformation, where they raise deposits and other forms of funding (liabilities to the bank) from those with excess cash and lend to those in need of loans (assets to the bank). This scenario exposes banks to various risks, key of which is mismatching risks between assets and liabilities, as liabilities are often of a shorter duration whilst assets are often of a longer duration.

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. 34 – June 2023

Taking a world-wide view

Interview with Charles Cowling by Jennifer Baker

		Charles Cowling, President-elect International Actuarial Association

The Institute and Faculty of Actuaries Fellow and Chief Actuary of Mercer in the UK, Charles Cowling, will take up the year-long Presidency International Actuarial Association on 1 January 2024. Although most of his working life is focused on pensions, over the next year he will be looking at the bigger picture around international actuarial professionals and some of the big challenges that are affecting the actuarial profession globally.

Read the full article here.

A video of this interview is now available on actuview:

• Public (short) 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. 34 – June 2023

AAE submitted a response to the ECB-EIOPA Staff Paper on policy options to reduce the climate insurance protection gap.

AAE’s submission can be found here.

European Actuarial Day 2023

by Daniel Jung

		Daniel Jung, Manager International Affairs at Deutsche Aktuarvereinigung (DAV)

Based on its grand success, the AAE decided to hold a second edition of the European Actuarial Day in this year. Under the theme Towards
the Actuary of the Future – Build on our traditional values and be innovative in solving the current and upcoming challenges, the EAD
2023 will take place on 27th June 2023. Every interested expert is invited to participate free of charge.

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. 34 – June 2023

Today the AAE issued a press release with respect to the publication of the AAE discussion paper “Sustainable Products in Insurance“.

 

The press release is available here.