AAE supports IFoA’s policy briefing ‘Climate Emergency – Tipping the Odds in our Favour’.

The United Kingdom’s Institute and Faculty of Actuaries (IFoA) has produced a policy briefing for COP27 titled ‘Climate Emergency – Tipping the Odds in our Favour’. This briefing has been written by a collaboration of actuaries and climate scientists from the Climate Crisis Advisory Group, CCAG. It urges policymakers to implement supportive policies to accelerate the implementation of low carbon solutions.

The Actuarial Association of Europe (AAE) fully supports the analysis laid out in this IFoA policy briefing that climate change is a risk management problem on a global scale, and that more climate action is urgently needed to avoid catastrophic climate impacts on society.

Please find the relevant links below:

 

Europe faces extraordinary challenges

Lutz Wilhelmy
Chairperson AAE

 

 

The title is really an understatement. Compared to one year ago, the news items in newspapers, tv and social media are dominated by alarming news and crises.

 

Stripping them down a little we start with the ongoing transformation for more sustainability, including the ‘greening of economies’, but certainly not restricted to this. We all experience warmer summers and drying up rivers, but also more extreme weather events like floods.

Continue reading “Europe faces extraordinary challenges”

AAE approves EAN 3 on Professional Judgement

The AAE General Assembly, held on 7 October 2022, approved the European Actuarial Note (EAN 3) on Professional Judgement.

This European Actuarial Note (EAN) is an educational document on professional judgement performed by an actuary or by any other expert who would apply judgements that are considered professional. This EAN has been adopted by the Actuarial Association of Europe (AAE). For non-actuaries, this EAN may be used mutatis mutandis.

Here is the direct link to EAN 3.

All other EANs as well as ESAPs and other relevant documents can be found on the European Standards of Actuarial Practice page.

 

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