AAE submitted a response to the IAIS consultation on ICS as a prescribed capital requirement.
AAE’s submission can be found here.
AAE submitted a response to the IAIS consultation on ICS as a prescribed capital requirement.
AAE’s submission can be found here.
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by EAD 2023 Organising Team |
The European Actuarial Day (EAD), held on 27 June 2023, proved to be a remarkable success, attracting a large number of registrations and receiving positive feedback from participants. The event witnessed high engagement during sessions and received excellent ratings in the participant survey. This article summarizes the key highlights of EAD 2023 and presents ideas for future editions.
This article was published in The European Actuary No. 35 – September 2023
AAE will be relocating to a new modern office from 1 October 2023.
by Tatiana Bitunska and Philip Shier
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Tatiana Bitunska – is Chair of the Pension Committee | ||
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Philip Shier – is Chair of the TF review IORP2 |
AAE is a professional association of actuaries who are well known as financial architects of society because their combination of analytical and business skills is used to address a growing variety of financial and social challenges worldwide. Actuaries are expected to provide decision-makers with valuable information to assist them to take long-term strategic decisions, as well as providing practical solutions to problems involving the possible consequences of future uncertain events.
This article was published in The European Actuary No. 35 – September 2023
by Cameron Rye
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Cameron Rye is Head of Modelling Research and Innovation within the WTW Research Network. | ||
Climate scenario analysis has advanced significantly in recent years, with many insurers now adjusting natural catastrophe models to explore how physical risks could change over the coming decades. Extreme weather events – such as windstorms, floods, and wildfires – are projected to become more frequent and severe in many parts of the world. As a result, actuaries, catastrophe modelers, and regulators have focused their attention on methods for modifying frequency-severity relationships.
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. 35 – September 2023
by Michael Schüte and Dorothea Diers
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Michael Schüte – works as an actuary for Helvetia Schweizerische Versicherungsgesellschaft AG and is member of the German Association of Actuaries (DAV) since 2004. He chairs the DAV working group on Climate Change. Furthermore, he is a lecturer for insurance mathematics at the University of Marburg, Philipps-Universität. | ||
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Dorothea Diers is Head of Capital and Risk Management at Provinzial Group, Germany. She is member of the German Association of Actuaries (DAV) since 2002 and chairs the working group Non-life Risk Models. Furthermore, she is apl. Professor in Actuarial Science and Enterprise Risk Management at Ulm University. |
When we talk about climate change we have to consider that climate change will have an impact on the frequency and the severity of significant Nat Cat events. A rising temperature has an effect on the possibility of storing and transporting water in the sky. A change in the classical streams can induce stable weather situations with steady rain over several days.
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. 35 – September 2023
BRIDGING THE INSURANCE GAP – A GLOBAL CHALLENGE FOR FINANCIAL RESILIENCE
by Monika Lis
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Monika Lis – is manager at Milliman, Warsaw, Poland | ||
The insurance industry plays a crucial role in safeguarding individuals, businesses, and economies against unforeseen risks. However, despite the widespread availability of insurance products, a significant portion of the global population remains exposed to financial vulnerabilities due to the insurance gap. The insurance gap refers to the disparity between the actual insurance protection in place and the level of coverage needed to mitigate risks effectively. This article explores the multifaceted nature of the insurance gap, its impact on global economies, and the efforts to bridge this critical financial divide.
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. 35 – September 2023
Interview: Marie Scholer by Jennifer Baker
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Marie Scholer – is chairman of the NatCat Expert Network since 2019. She has written consultation papers on sustainability. She has also developed the Protection Gap Dashboard of EIOPA and is also currently (re)assessing the parameters of the standard formula for NatCat. | ||
Can you explain what the goals are of the EIOPA Expert Network on Catastrophe Risk? How does the network intend to achieve these goals? ‘Firstly, the network is composed of experts on natural catastrophes from industry, model vendors, academics and also other EU institutions. And the main goal of this network is to contribute to the EIOPA initiative regarding modelling and mitigation of natural catastrophe risks, as well as climate change…
A video of this interview is now available on actuview:
Disclaimer:
This interview represents the opinion of the interviewee, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 35 – September 2023
Issue 35, September 2023 of The European Actuary has been published.
The theme of this issue is: Catastrophe risks
Featured Articles:
Please visit the webpage of The European Actuary on the AAE website for prior issues or further details.
On 6 and 7 June 2024, the Actuarial Association of Europe and the Italian Society of Actuaries invite you to the next European Congress of Actuaries (ECA 2024) in Rome, Italy. This on-site event is expected to attract over 350 experts and executives from Europe and beyond. ECA 2024 will again provide an exciting actuarial congress program and valuable networking opportunities for the European actuarial community.
Under the theme of the congress: Managing uncertainty in a changing world – Assessing risks sustainably for the well-being of society, the Program Committee invites all interested actuaries, experts and academics to discuss a broad selection of current professional challenges and opportunities arising from our changing world.
The subject areas include – but are not limited to – the following topics:
A list with the subtopics and the corresponding research questions can be found here.
The Call for Speakers is now open.
The ECA 2024 Program Committee welcomes abstracts, especially on the mentioned topics and to other topics of material interest to the actuarial community in Europe until 31 October 2023
The presentations for the congress program will be selected by 15 November 2023.
Please submit your abstract via the homepage
www.eca2024.org –> Call for Speakers –> Submission Form
The event is hosted by AAE and ISOA and organized by the European Actuarial Academy.