Save the date! European Actuarial Day – 27 June 2023

25 May 2023

		Lutz Wilhelmy AAE Chairperson

Open those diaries and calendar apps: European Actuarial Day is returning – and you are all invited to take part, free of charge!

The first European Actuarial Day was conceived in 2021 as a virtual conference to fill the gap left by the postponed European Congress of Actuaries. The event was a great success, featuring contributions from 40 speakers from all walks of the profession and ultimately reached an audience of more than 250 participants. So we have decided it’s time to bring it back – and with 600 people already registered to attend this time, it’s set to be even better.

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AAE meets stakeholders to discuss Solvency II and sustainability

3 May 2023

		Giampaolo Crenca AAE Vice-Chairperson
		Frank Schiller AAE Board member

In its role representing its professional actuarial members, a key function of the Actuarial Association of Europe (AAE) is maintaining meaningful and productive dialogue with leading participants and European agencies handling policies relevant to our field.

The AAE is regularly in contact with the most influential stakeholders, and we have been able to come to the table for meetings with Insurance Europe, the European Insurance & Occupational Pensions Authority (EIOPA) and the European Commission’s DG FISMA. We are optimistic that our recent input is already making a meaningful impact, specifically in terms of climate matters and the review of Solvency II.

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Supply chain management: Where are the actuaries of the future?

17 April 2023

Inga Helmane AAE Board member – Chairperson Communications Panel

Astronaut, nurse, firefighter… actuary? It may not be high on the list of childhood dreams, but for young people with talent in mathematics, a career as an actuary has a great deal to offer. However, it’s becoming increasingly clear that we need to work harder to get that message out.

For several years now, the Actuarial Association of Europe (AAE) has been gathering data to identify and monitor risks, and the issue of there being an adequate “supply” of new actuaries to meet changing professional demand is always in mind. Even though our membership is constantly on the increase, given that we expect actuaries to gain significance in more and more fields, continued growth is important. This naturally leads to related matters, namely: The risk of the actuarial profession becoming less appealing to career starters, experiencing shortages of necessary competencies, and losing relevance.

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Let actuaries be involved in the use of AI and Big Data to avoid more mistakes

13 April 2023

Column by Esko Kivisaari

		ESKO KIVISAARI, Chair of Artificial Intelligence and Data Science working group for the AAE

ARTIFICIAL INTELLIGENCE
Characteristic to my early actuarial career were simple models based on age and gender, often together with the assumption of a fixed interest rate. We knew these models could be improved with better data. Data was however expensive even when it was available and its manipulation was slow, and also expensive. Furthermore it was impossible to be certain of the validity of the data. As we knew the models were lacking we needed to have safety margins here and there together with restrictive underwriting criteria in order not to sacrifice the solvency of our employer.

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. 33 – March 2023

How to provide new cover for risks that were previously uninsurable

11 April 2023

Insurability and artificial intelligence

By Bogdan Tautan

		BOGDAN TAUTAN is Reinsurance Analyst and Non-Life Actuary at Achmea Reinsurance, The Netherlands.

INSURABILITY AND RISK
Actuaries and risk professionals aim at understanding the risk affecting the policyholders and estimating accurately the premiums charged. In order to deal with insurability, actuaries use advanced actuarial risk models, data collection, and statistical methods while relying on regulations and market conditions continuously. The aim of this paper is to frame the concept of insurability when challenged by artificial intelligence (AI) tools, as discussed by the recently published paper ‘AI and the opportunity and challenges it presents to insurability’.

Read the full article here.

Disclaimer:

This article was published in The European Actuary No. 33 – March 2023