AAE submitted a response to EIOPA’s Consultation on the Supervisory statement on management of non-affirmative cyber underwriting exposures.

AAE’s submission can be found here.

AAE will be hosting two sessions at Convention A, the global online event that takes please from 19-23 September 2022.

Mária Kamenárová, chairperson of the AAE, warmly invites you to join in this video.

 

 

 

 

Please read here the Main positions of the AAE regarding the Solvency II Review.

AAE submitted a response to two consultations on open finance:

• the Commission’s Targeted consultation on open finance framework and data sharing in the financial sector.
  AAE’s submission can be found here.
• the Commission’s Targeted consultation on the review of the revised payment services Directive (PSD2).
  AAE’s submission can be found here.

Climate-related Risk Scenarios

By André Choquet

		ANDRÉ CHOQUET, FCIA, FSA, CIM, RIS is Chair Climate Change & Sustainability Committee at the Canadian Institute of Actuaries

 

As I write these lines, the latest CO2 reading on the Keeling Curve stands at 419.27 ppm, the result of more than a century of an exponential growth since the start of the industrial revolution. The Keeling Curve is a daily record of global atmospheric carbon dioxide concentration maintained by Scripps Institution of Oceanography at UC San Diego. And that’s not even including the rest of the greenhouse gas emissions in the atmosphere. It is one of many metrics actuaries should become accustomed to as the 200 signatory countries to the 2016 Paris Agreement are trying to create the policies, finance the innovation and incite markets to remove Green House Gas emissions from our economies and to limit global warming to 1.5C, at most 2.0C.

 

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. 30 – June 2022

From Labour Supply to Labour Productivity

By Maria Economou

		MARIA ECONOMOU is Chairperson of the Social Security sub Committee of the Actuarial Association of Europe (AAE) Senior Consultant & Actuary at Aon Solutions Greece

 

The EU’s working age population has been shrinking for a decade and this is projected to continue.
The population at working age (20–64 years of age), would shrink in all Member States as a proportion of the overall population. Whereas in 2019 people of working age represented 59% of the EU population, this share would fall to 51% by 2070.

 

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. 30 – June 2022

Do you know what your Climate Model is made from?

By Russ Bowdrey and János Hidi

		RUSS BOWDREY is Team Leader Client Servicing, Climate & ESG Solutions at Ortec Finance.
		JÁNOS HIDI is a Sustainable Investment Manager at Cambridge Econometrics.

 

The climate scenario modelling ecosystem has changed considerably over the last 5 years. As the adoption of Task Force on Climate-Related Financial Disclosures TCFD guidance becomes widespread, and in places mandatory, it is arguably a natural point to pause to consider whether models used thus far remain appropriate, or whether there are more suitable alternatives.

 

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. 30 – June 2022

Originally published by The Actuary, March 2022. © The Institute and Faculty of Actuaries.

A View on InsurTech

By Alberto Minali

		ALBERTO MINALI, CFA is Founder and CEO of REVO

 

If we consider the insurance sector and the experience made by our clients, we need to improve the customer journey and the overall level of product satisfaction enjoyed by them. Insurance managers have debated a lot about the quality of the industry service. Most of the surveys highlight that the customer experience is poor, if compared it with the one of other industries, because products are inadequate, opaque, difficult to understand and service is slow and cumbersome.

 

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. 30 – June 2022

The Impact of Cyber Risk on Risk Management

By Clemens Frey

		DR. CLEMENS FREY, ACTUARY DAV, CERA, is Partner at EY in Munich and Head of Data, Analytics and Artificial Intelligence in Germany. He is member of the General Insurance and the International Committees of DAV and leads the DAV Working Party on Cyber Insurance.

 

The market for cyber insurance is growing steadily, not least because of the Corona pandemic. Although insurers are currently underwriting cyber risks more restrictively, the German Association of Actuaries (DAV) believes that the economic importance of this line of business will continue to grow. For this reason, further work should be done to better understand these risks and to tailor management to their specific characteristics.

 

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. 30 – June 2022