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Newsletter on EAA Web
Sessions - Benefit from our Early Bird Rates
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Book now and save
money!
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Benefit from discounts for many EAA web sessions taking place in
June 2022 with early bird rates in May 2022. These online
trainings cover topics such as
- Climate Change,
- IFRS 17 and
- Neural Networks.
Furthermore, you are invited to visit our website for all
published online trainings here.
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Web Session: "Neural
Networks Meet Least Squares Monte Carlo at Internal Model Data" on
8 & 15 June 2022, 10:00-12:00 CEST
Early Bird Rate until
today!
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Solvency II aims at implementing a set of robust solvency rules
for insurance companies, which takes the most material risks into
account in an adequate way. In principle, the Solvency II framework
requires the derivation of the full loss distribution of the
available Own Funds, with the goal of deriving its correct
Value-at-Risk. This particularly does not only involve a market
consistent calculation of the economic balance sheet items at the
valuation date but also its re-evaluation for each possible
scenario at the risk horizon (one year within Solvency II).
Most insurance companies avoid this enormous effort by applying
the standard formula approach to calculate the Solvency Capital
Requirement (SCR). But the largest life insurers usually stick to
the original Solvency II requirement and develop a full-scale
internal model which allows them to calculate the economic balance
sheet for thousands of one-year scenarios. The focus of this web
session is on presenting a regression-based Monte Carlo approach in
order to estimate the SCR. By doing so, we challenge the
state-of-the-art Least Squares Monte Carlo approach based on
polynomials by the most promising machine learning technique,
namely ensemble of neural networks.
Your early-bird registration fee is € 200.00 plus
19% VAT until 27 April 2022. After this date, the
fee will be € 270.00 plus 19% VAT.
further details
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EAA's Climate Day 3.0:
Actuaries & Climate Scientists Join Forces on 13 June
2022, 9:00-17:00 CEST
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The debate on climate change has rapidly evolved in recent
years. It is no longer on whether the evidence of human impact on
climate change is real, but on whether key mitigating strategies
being adopted are sufficient.
It is becoming increasingly evident that the actuarial community's
understanding of climate risk is not yet as developed as its
expertise on traditional insurance risks such as mortality risk.
However, we have no good excuse to continue operating actuarial
projection models over horizons of 40 years and beyond, without any
allowance for climate change impacts. Yet how can we bridge the gap
between complex climate models and complex actuarial models?
In our Climate Day, we address this challenge by leveraging
actuarial know-how as well as that from climate science and data
science in order to discuss the following questions:
- Which climate data challenges are we
facing and how can we overcome them?
- How are atmospheric circulation, surface
weather and climate extremes linked?
- Why does Net Zero represent a unique
investment opportunity?
- How can we measure alignment of an asset
portfolio with Net Zero?
Your early-bird registration fee is € 300.00
plus 19% VAT until 2 May 2022. After this date,
the fee will be € 400.00 plus 19% VAT.
further details
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Web Session: "IFRS 17: The
Premium Allocation Approach" on 14 June 2022, 9:30-12:45
CEST
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In 2017, the IASB issued the new comprehensive insurance
accounting standard IFRS 17, amendments followed 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 the 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.
Your early-bird registration fee is € 150.00 plus
19% VAT until 3 May 2022. After this date, the fee
will be € 305.00 plus 19% VAT.
further details
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Web Session: "How to Read
the New IFRS Balance Sheet for Insurers" on 23 June 2022,
10:00-12:00 CEST
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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.
Your early-bird registration fee is € 100.00 plus
19% VAT until 12 May 2022. After this date, the
fee will be € 140.00 plus 19% VAT.
further details
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