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+++ Cyber Risk +++
Web Session "Actuarial Modeling for Cyber Risk" on 17
& 24 May 2022
With the rise of digital economy, cyber risk has become a major
concern for all customer segments. Although the development of
"physical" protection strategies against cyber attacks is
fundamental, no protection is perfect and insurers are intended to
play a crucial role in providing financial protection. The
cyber-insurance market is increasingly developing but with
important uncertainties on the real value of the guarantees, due to
the nature of the risk itself. The emerging and evolving nature of
cyber-risk and its potential systemic component make it one of the
most important social and economic risks, and questions its
insurability.
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.
further details
+++ Machine Learning +++:
Web Session "Recent Actuarial Machine Learning
Applications: An Overview" on 31 May 2022
Parallel to the very dynamic development of machine learning
methods in the recent years, the number of applications of the
"learning from data" paradigm in the actuarial area has been
steadily increasing. In this web session we plan to present the
latest implementations of the machine learning methods - primarily
decision tree based models and neural networks - for finding
innovative solutions for the old actuarial problems.
An important criterium for the machine learning applications which
will be presented in the web session is that an actual model with a
company's data has been built.
In the beginning we will give a short introduction of machine
learning and its best known and currently most widely used
algorithms - decision trees derivatives and deep neural networks.
Then we will introduce a few applications by presenting the context
of the actuarial problem and the results. Our intention in this web
session is not to present code or to actually go through the
modelling process, but rather to offer as broad an overview as
possible of the recent applications in the actuarial
departments.
further details
+++ IFRS 17 +++
Web Session "IFRS 17: A Deep Dive Into Revenue from
Insurance Contracts" on 18 May 2022
IFRS 17 will become effective on January 1 2023 and it represents
a step change for all entities that are required to apply its
guidance.
The changes will not be limited to the measurement of contracts -
including their presentation in the balance sheet - but also
substantially change how insurers present their period performance
in the statement of comprehensive income.
This web session takes a closer look on the "top line" item in the
profit and loss account: insurance contract revenue. Depending on
the nature of the business, insurance revenue may be very similar
to the starting point for net income calculation according to
current accounting regimes - or it may substantially differ. In
either case, companies need to prepare for substantial changes to
internal and external processes: Calculation of revenue,
explanations to (and by!) internal and external stakeholders, and
amended key performance indicators (KPIs).
This web session is an updated and extended version of the May
2021 web session on the same topic.
further details
Web Session "Understanding IFRS 17" on 19/20 May
2022
The goal of the two-day web session is to provide participants
with a comprehensive introduction to the new measurement,
presentation and disclosure guidance for insurance contracts. It
will cover life, health and non-life business, including the
special guidance on direct participating contracts and shorter term
non-life contracts and give useful examples.
In the web session, we will first shed a light on the context of
accounting for insurance contracts within the IFRS 17 framework. We
will present and discuss the general concepts behind the new model
and refer to the application of valuation models like the Variable
Fee Approach (VFA) and the Premium Allocation Approach (PAA). The
web session will proceed with a discussion of topics specific to
individual lines of business (highlighting topics still under
discussion) and summarize potential approaches and solutions. We
will close with an overview of methodical hot topics relevant for
technical implementation seen in various European markets, share
emerging market views and discuss these with the
participants.
Overall, the goal is to enable participants to understand the
standard and help transferring the requirements into your specific
situation. It is thus intended to prepare participants for model
development, implementation, testing, reviewing and consulting with
management, accounting and auditors.
further details
Web Session "IFRS 17: The Variable Fee Approach - Basics
and Challenges" on 25 May & 1 June 2022
Starting from the revenue recognition concepts of fee-based
services, we will discuss the qualification criteria of IFRS 17 for
the Variable Fee Approach (VFA), the approach to be applied for
insurance contracts with direct participation features. Basis are
certain contractual features, including the identification of the
underlying items belonging to the contract. Further conditions need
to be met to qualify insurer's share in the surplus as (variable)
fee. Other contractual features like inheritance and mutualisation
may add complexity to the measurement of the cash flows under a
contract and their effect is explained. Changes of the overall
variable fee expected to be received under the insurance
contracts influence the subsequent measurement of the
Contractual Service Margin, the key difference of the VFA to the
general model. The explanation of those differences will be the
main part of the second session. However, the seminar cannot focus
on consequences and solutions for specific jurisdictions.
further
details
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