Insurance companies can better shape recruiting and retention

12 December 2022

Challenges or chances – a changing market landscape for actuary versus data science

By Yiru (Eve) Sun, Roger Yuan and Mark Spong

		Yiry (Eve) Sun, FSA, MAAA, PhD, is a Managing Director at Aon
		Mark Spong, FSA, MAAA, is a Senior Manager at Oliver Wyman
		Roger Yuan is an Analyst at Oliver Wyman

Few college students are aware of the actuarial profession. Of those that are aware, many are becoming interested in data science and other non-actuarial careers. The offer of more money, absence of professional exams, and potentially more numerous employment opportunities has had a fundamental impact on entry level actuarial recruiting.

We recently engaged with actuarial clubs’ leaders, professors, recent graduates of fifteen U.S. universities, scoured observable market data, and tapped into our extensive library of intellectual capital to understand the core challenges faced by actuarial employers today, and identify opportunities to address them. This article contains a summary of this effort.

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. 32 – December 2022

Actuaries can be more and more essential in supporting decision makers

8 December 2022

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.

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. 32 – December 2022

Concern about attempts to streamline internal documents

5 December 2022

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:

• Public version (access to all)
• Full version (for actuview user)

Disclaimer:

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

1 December 2022

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’.

7 November 2022

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:

• Link to IFoA’s press release.
• Link to the policy briefing ‘Climate Emergency – Tipping the Odds in our Favour’.
• Link to AAE’s letter of support.