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Web Session "Dependence
Between Longevity and Financial Risks" on 4 October
2022
Traditionally, valuation models in life insurance assume an
independence between the financial risks and the mortality or
longevity risks. This orthogonality between insurance and finance
allows for to apply in the valuation procedure, a clear separation
between on the one hand the discount effect and on the other hand
the survival probabilities. We can say that this independence is
really at the heart of the models, from classical actuarial pricing
to more modern stochastic models. This independence principle could
seem reasonable at first sight. However, different circumstances
could lead to correlation between mortality / demographic
evolutions and the financial markets. The recent effects of COVID
illustrate perfectly this point. Ageing is another potential
example of demographic phenomenon with expected consequences on
financial investments. What happens if we introduce in the
stochastic models of valuation used in life insurance a correlation
between interest rates or risky returns and mortality intensities?
This will be the topic of this session.
further details
Web Session "IFRS 17: Scope
and Unit of Account" on 5 October 2022
As first step in applying IFRSs to contracts which potentially
might qualify to be in the scope of IFRS 17, it is necessary to
identify the potential unit of account under IFRS 17, as referred
to as "contract" under IFRS 17, which is the basis of considering
whether it is within the scope of IFRS 17. We will discuss the
considerations to be made in identifying the unit of account,
starting from the legal contract, the need to combine legal
contracts or separate components of a legal contract to achieve a
unit which is in line with substance over form. Further we will
discuss the exclusion of non-substantive rights or obligations,
i.e. cash flows outside the current contract boundary. On that
basis, the scope definition of an insurance contract and other
contracts within the scope of IFRS 17, as well the scope exclusions
are applied.
further details
Web Session "Non-Life
Pricing Using Statistical Techniques with R Applications" on 10-13
October 2022
Non-Life insurance is facing many challenges ranging from fierce
competition on the market or evolution in the distribution channel
used by the consumers to evolution of the regulatory environment.
Pricing is the central link between solvency, profitability and
market shares (volume). Improving pricing practice encompasses
several dimensions:
- Technical: Is our pricing adequate to
cover the underlying cost of risk of my policyholders and the other
costs we are facing? Which are the key variables driving the risk?
Are they adequately taken into account in our pricing? What's the
impact of the claims history of my policyholder on its expected
risk? In which segment are we profitable and in which are we not
profitable?
- Competition: At what price will we
attract the segments that we target and price out those that we do
not want? Is the positioning of our competitors influencing our
pricing practice and our profitability? What's my position with
respect to my competitors in term of pricing? What are the segments
in which I am well positioned and the segments where I am not well
positioned?
- Elasticity: What price (evolution) are
our existing customers prepared to accept? Does the sensitivity to
price evolution depend on the profile of my customer?
- Segmentation: Is our segmentation
granular enough for our purposes?
The aim of this web session is to present some advanced
actuarial/statistical techniques used in non-life pricing or
underwriting. The web session focuses on selected practical
problems faced by pricing actuaries and product managers.
further details
Web Session "Macro-Level
Actuarial Reserving Models" on 20/21 October
2022
Over time, the understanding of all the assumptions behind the
typically used reserving models can have grown a bit stale, and
more recent developments might not have percolated all the way to
the day-to-day practice. This web session will help the
participants to overcome this.
The most widely used deterministic macro-level models, such as the
Chain Ladder and the Bornhuetter-Ferguson model, will be discussed
in full detail during this web session, but also stochastic
macro-level models, such as the OverDispersed Poisson model or ODP
model for example, will be covered. This entails a proper freshing
up of the underlying assumptions and how the model is estimated,
but also checks on determining if the chosen model is appropriate
for the data at hand, and under which circumstances one should go
for one type of macro-level model or the other.
In this web training a detailed overview is provided of the
aforementioned models and during the practical sessions, R code is
provided on how to implement most of the discussed topics, hereby
rendering the participants completely autonomous after the
webinar.
During the web session however, even if practical sessions will be
organized, the main focus will be on the theory.
further details
Web Session "Whistleblowing
- Practical Education for Actuaries" on 24 October
2022
A requirement to speak up, or to blow the whistle, is part of the
ethical, regulatory or professional responsibility of an actuary in
most countries. This can cause situations where an actuary can feel
stuck between a rock and a hard place. If they blow the whistle,
they can face significant personal hardship. And if they fail to
blow the whistle, they can face professional sanction. Preparation
and education are essential for actuaries so that they have the
wherewithal to both protect their career and, if necessary, be able
to speak-up effectively to meet their professional
responsibilities, rather than becoming a needless martyr.
The purpose of this web session is to prepare actuaries for
situations where they might need to speak up or blow the
whistle.
A natural part of professional actuarial work is dealing with
conflicts and dilemmas. The web session is a mixture of theory,
practical examples and lessons from others who have blown the
whistle.
The web session will include breakout sessions to discuss
materials covered and to enable participants to share their own
experiences.
further details
Web Session "Implementation
of an Efficient ERMF-Process" on 26/27 October
2022
The world has significantly changed.
Imagine you were tasked with projecting a risk profile for your
company for the coming 5 years in 2018. Would you have included a
pandemic, a war in Ukraine and the climatological effects we are
currently confronted with? Would you have considered the underlying
changes in society which may cause some further risk events, we are
currently not fully aware of?
It shows us that the way we act as risk managers needs to change.
First of all, we need to analyse the allocation of our time to the
risk management activities and the value we create for our
businesses. Regulation is forcing us to perform activities like
risk and control assessments which added value clearly reduces over
time. Risk indicators still play a small role in most business and
the implementation of these turns out to be difficult. The concept
itself, however, is a key to solve other problems.
Except for getting the basis right, we need to bring risk
management to all of our colleagues. It needs to be part of our
DNA. It should be one aspect before we take decisions and it should
enable us to guide through extra-ordinary times.
further details
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