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Web Session "Actuarial Modeling for Cyber Risk" on 17
& 24 May 2022
After an introduction to the specificities on cyber-risk, this
session gives first steps towards a better understanding of cyber
risk, by providing mathematical models and actuarial analysis. For
a better quantification of cyber risk, we propose innovative
models, both for the severity component (size of the claims) and
the frequency component (accumulation risk and clustering features)
of the risk.
After completing this course, you will be able to
- Identify the specificities of cyber
risk
- Identify the factors that may jeopardize
the mutualisation of cyber risk
- Identify extreme events and convey a
risk segmentation
- Construct accumulation scenarii on a
cyber portfolio
- Quantify the impact of protection
measures on the risk of saturation in the insurer response
capacity.
further details
Web Session "IFRS 17: A Deep Dive Into Revenue from
Insurance Contracts" on 18 May 2022
The purpose of this web session is to discuss both conceptual and
practical aspects regarding revenue from Insurance Contracts. The
conceptual part aims to provide participants with a solid
understanding of the IFRS 17 revenue guidance in order to prepare
them for relevant discussions with management, auditors, clients,
analysts etc. In particular, the web session will cover:
- How does the revenue concept for
insurance contracts align with the general guidance in IFRS 15
Revenue From Contracts With Customers for other industries,
especially non-financial businesses - and does IFRS 15 affect the
presentation of insurance contracts in some kind of "non-actuarial"
sense?
- How does revenue calculation for
insurance contracts differ between the different measurement models
in IFRS 17?
- Which constraints exist for revenue
recognition and how can insurers make sure that they meet these
constraints?
further details
Web Session "IFRS 17: The Premium Allocation Approach" on
14 June 2022
The IASB issued 2017 the new comprehensive insurance accounting
standard IFRS 17, with amendments issued in 2020. In addition to
its general model, IFRS 17 introduces a simplified approach, the
Premium Allocation Approach (PAA) applicable for certain contracts
of relatively short duration, typically found often in non-life
insurance. The PAA is preferred approach for most non-life
insurance companies, wherever eligible. The assessment of the
eligibility for the PAA requires certain considerations about the
features of the contract and the measurement deviates in details
from the usual unearned premiums liability as in traditional
insurance accounting.
To enhance the applicability of the PAA, judgment of the details
of the eligibility criteria is needed. We will discuss those
details and the hurdles included. Further, we will discuss the
details of the PAA measurement particularly in comparison with
traditional methods which might be applied as approximation. The
combination of the simplified approach together with the general
model to be applied to the claims liability is a further
topic.
further details
Web Session: "How to Read the New IFRS Balance Sheet for
Insurers" on 23 June 2022
The goal of the two hours web session is to provide participants
with a comprehensive introduction on the new IFRS reporting
requirements for insurance contracts after go-live of IFRS 17.
Focus will be the illustration of the new reporting requirements of
IFRS 17 to "demystify" the new presentation requirements on the
IFRS balance sheet and the statement(s) of financial performance
(Profit and Loss as well as Other Comprehensive Income). The web
session will also briefly compare key aspects of the new reporting
requirements to today's IFRS 4-reporting practice, contain a brief
summary of the main information which can be found within the new
IFRS 17 reporting and cover the different aspects for primary and
reinsurance related business.
Overall, the goal is to enable participants to understand the IFRS
17 reporting and help transferring the reporting requirements into
the specific situation of the participant. It is thus intended to
prepare participants for implementation, testing, reviewing and
consulting with management, accounting and auditors.
further details
Web Session: "Machine Learning: More Art Than Science?" on 8
November 2022
The notion of machine learning is truly omnipresent in these days.
In this web session we thus give participants an introduction to
this interesting field and show machine learning techniques. We
learn how we are able to implement a workflow and give an overview
of several methods such as random forest, gradient boosting, and
neural networks. A vital step of machine learning algorithms is the
development and training phase of models, in particular, in order
to build up powerful applications. Do machine learning models have
to be black box applications or are we able to bring light into the
darkness? This is a vital question from a practical point of view,
which we answer in this web session. Companies are concentrating
more and more on using machine learning for several applications,
and, therefore, it is important to have a closer look at the
current regulatory requirements.
By focusing on all these aspects of machine learning, we give
practical examples from the insurance and banking industry: we
provide Python codes such that participants directly see how
machine learning workflows can be implemented.
further details
Web Session: "Actuarial Data Science
Introplication" on 30 November/1 December 2022
Introplication precisely defines the online program. We intend to
give a basic and somewhat deeper introduction, showing the most
important highlights from Actuarial Data Science and its
applications. We start at the very beginning, so no prior knowledge
is required.
In this two-day web session, we cover a wide range of topics from
the basic concepts of artificial intelligence and machine learning,
through modern data processing technologies and cloud computing, to
the mathematical and statistical concepts of data mining. On our
way, we will touch on important use cases in the actuarial
environment and deepen one or the other business case. To this end,
we provide a brief insight into the widely used languages (R,
Python) and development environments in the data science context
(RStudio, Anaconda) and take a look at innovative insurance
products based on individualized risk assessments (e.g. pay how you
drive). The online training will be rounded off with short and
concise reflections on data protection issues and principles for
the ethical handling of artificial intelligence in the insurance
environment.
further details
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