Actuaries can be more and more essential in supporting decision makers

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.



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

Concern about attempts to streamline internal documents

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:



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

New edition of The European Actuary

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.

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