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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AI: OK?

20 February 2023

Esko Kivisaari Chairperson AAE Artificial Intelligence-Data Science Working Group

Artificial Intelligence (AI) has been a hot topic for a long time now, and is a development which promises to further transform many aspects of our lives. To understand what this could mean for actuaries, we should start from something we are certain of: data sets are the foundation for predictions which underpin risk measurement. Machine learning and other AI tools make it possible to consider vastly expanded data sets, and as such to potentially develop entirely new ways to evaluate and analyse risks.

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New leaf or empty promise?

24 January 2023

		Jérôme Crugnola-Humbert Current Chairperson AAE Sustainability and Climate-related Risks Working Group
		Frank Schiller Past Chairperson AAE Sustainability and Climate-related Risks Working Group

It’s a familiar enough storyline, in fiction and in life: a protagonist who agrees to try again with the disappointing ex when they show up with lavish assurances that they’ve turned over a new leaf, they understand what you need from them, and they are ready to make it work this time. The appeal of an earnest promise is undeniable – but what happens when that promise is not backed up with action? Doesn’t each new letdown make the relationship a little less worthwhile to maintain?

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Europe faces extraordinary challenges

1 November 2022

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.

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Shit happens!

27 September 2022

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.

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