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EAA Newsletter
Stay Updated with our latest Web
Sessions
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Welcome to the latest edition of our newsletter! In this issue,
we're thrilled to unveil our recently released EAA web sessions, a
comprehensive collection tailored for actuaries:
- SII-Review: From Commission's Request to
an Adapted Framework,
- IFRS 17: Special Issues with Reinsurance
Contracts,
- Climate Risk Stress Testing for Physical
Risk from Natural Hazards,
- Emerging Risks,
- EAA e-Conference on Data Science &
Data Ethics,
- The Scientific Basis of Climate
Change,
- 50 Shades of Product Development -
Reloaded (Business Game Included)
We invite you to seize the opportunity to enrich your knowledge
by participating in these upcoming web sessions. Be sure to keep an
eye on our continually expanding lineup for 2024.
Dive into the content, and stay informed with EAA!
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Web Session 'SII-Review:
From Commission's Request to an Adapted
Framework'
on 21 March 2024
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Solvency II-Review was initiated in February 2019 with
Commission's request for technical advice to EIOPA. This advice
constituted the basis for Commission's proposal for an amendment of
the SII-framework and the proposal to deal with recovery and
resolution in a separate Directive. Council and later Parliament
proposed numerous amendments to these proposals. These have been
discussed by the trialogue parties since September 2023. The
agreement achieved in December 2023 on the reform of the framework
was an important milestone.
This agreement paves the way for the adaptation of the Solvency
II-framework and for the introduction of the new Insurance Recovery
and Resolution Directive (IRRD).
Some relevant details of previously discussed issues are shifted
to Delegated Regulation or Technical Standards and are not
finalised. The Commission's empowerments together with EIOPA's
previous technical advice allow already by now a first assessment
of the outcome.
This web session will deal with the following topics:
- Proposed amendments of the
SII-Directive
- Expected amendments of Delegated
Regulation and Technical Standards
- Fundamental components of the IRRD
further details
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Web Session 'IFRS 17: Special Issues with Reinsurance
Contracts'
on 12 April 2024
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IFRS17 requires to account for reinsurance contracts, both held
and issued, applying the same principles as for insurance contracts
in general. However, there is some special guidance for reinsurance
contracts held, particularly regarding the risk adjustment and the
CSM and Loss Recovery Component. Applying the general guidance to
reinsurance contracts, both held and issued, implies challenges due
to the often complex character, retroactive coverage and
risk-attaching features. Notably, the guidance referring to
contract boundaries and investment components causes issues, as
well as the incorporation of reinsurance contracts in the risk
management of consolidated groups of companies. The challenges
often bring the interpretation of the accounting guidance,
developed traditional direct insurance contracts in mind, to its
limits.
The web session will cover the guidance of IFRS 17 specific for
reinsurance contracts, explain their meaning and background, and
discuss practical challenges in implementing the guidance. Further,
some exemplary challenges arising from applying the general
guidance to reinsurance contracts, particularly more complex forms,
are explained. The session will focus mainly on risk cessions, i.e.
P&C coverage.
further details
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Web Session 'Climate Risk Stress Testing for Physical
Risk from Natural Hazards'
on 30 April 2024
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Methodologies on Climate Scenario Analysis for insurers have
been developing rapidly over last years. Ongoing attention by all
stakeholders, pilot exercises all over the world and a substantial
increase in awareness towards climate-related risks have incited
insurers to develop and refine their stress testing capabilities on
climate-related risks.
In this session, we will focus on the practical aspects of
physical climate risk modelling and scenario analysis for insurers,
providing a step-by-step walkthrough on key elements of such an
analysis based on a case study. Specifically, we will discuss and
illustrate hands-on approaches on modelling damages on
location-based portfolios, such as real estate asset or property
insurance portfolios. We will present results from case studies on
damages from flood, wildfire, and tropical cyclones for selected
countries, leveraging peer-reviewed public data. Furthermore, we
will discuss the challenges on application for insurers, and also
highlight key assumptions, limitations and uncertainties
accompanying this assessment.
further details
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Web Session 'Emerging Risks'
on 6 May 2024
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Recent developments and events have put some specific Emerging
Risks in the spotlight, such as geopolitical risk, artificial
intelligence, and climate change. However, there is a large number
of further topics in the Emerging Risks universe that might warrant
equal attention.
Their assessment requires a solid process for identification and
analysis, using industry-standard resources and tools, to gain a
good overview and solid understanding of all Emerging Risks
relevant to a company as well as their related trends and
interconnections.
Gaining this overview is precisely the aim of this web session. To
achieve this, the training will cover the various approaches to
define (Emerging) Risks and the motivation for including them,
followed by the presentation, discussion, and analysis of industry
standard publications on the subject, such as the CRO Forum
Emerging Risks Radar. A case study for an emerging risks process at
an insurance company will be shared. Selected risks and trends will
be covered in depth to understand their relevance for
actuaries.
further details
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EAA e-Conference on 'Data Science & Data
Ethics'
on 14 May 2024
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We are thrilled to announce our already 5th e-Conference,
centred around the captivating theme of 'Data Science & Data
Ethics'.
In an era marked by unprecedented technological advancements, the
actuarial landscape has experienced profound transformations. The
exponential growth of computational power and the abundance of data
have converged and provide an exciting opportunity for the
actuarial profession to redefine its boundaries and explore the
ethical implications of this new field.
The role of actuaries is evolving at an incredible pace but
remains incompletely defined. We are at a crucial point where a new
understanding of the possibilities of actuarial science and its
ethical obligations needs to be created. Best practice experience
sharing, and exchange of ideas is needed. We are delighted to offer
all interested actuaries and other experts a forum for knowledge
exchange:
On 14 May 2024, the virtual EAA e-Conference on 'Data Science
& Data Ethics' will take place. The programme will blend
keynote speeches featuring insights from renowned experts with
selected talks delivered by professionals participating through
the
CALL FOR SPEAKERS, providing a diverse range of
perspectives and food for thought.
further details
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Web Session 'The Scientific Basis of Climate
Change'
on 15 May 2024
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An introduction into the physical and chemical basis of climate
change will be given, which comprises both radiation equilibria and
atmospheric processes that lead to global warming, commonly labeled
as climate change. We will discuss feedback loops, which are
capable of changing earth's surface temperature and related
quantities in a disruptive and irreversible manner, with a focus on
timescales of these changes. Consequences of temperature and
precipitation changes on damage scenarios, public health, and life
expectancy issues will be discussed.
The consequences of human made climate change on ecosystems and
societies are closely intermingled. These consequences cannot be
fully understood, without the knowledge of their chemical and
physical basis. We aim to an understanding of this basis, without a
deep knowledge in chemistry or physics and the implications for the
insurance sector.
further details
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Web Session '50 Shades of Product Development - Reloaded
(Business Game Included)'
on 22-24 May 2024
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Product development is multifaceted, and the related activities
are quite diverse. Depending on the organization of a life
insurance company, these activities may include topics ranging from
actuarial to IT, from law to sales, from marketing to customer
services, from accounting to investments - and beyond.
In addition, life insurance business is under threat. Different
topics and issues put pressure on business in force as well as on
new business, and thus finally on product development: rising
interest rates, new regulations, new requirements from (new) sales
channels and retail clients, environmental and social aspects, the
advent of the technological movement in insurance («InsurTech»),
and many more.
Thus, the complexity of product development in combination with
today's requirements demand for a holistic view on products and
their development. It became obvious now that current best practice
in developing products is not sufficient anymore.
Insurers need to change their product development fundamentally.
It needs to be faster, more innovative, sustainable, more flexible,
and pretty much closer to sales and clients.
In this web session, we will discuss different aspects of modern
product development and put together the puzzle of different
activities, aspects, and perspectives.
In a Product Development Business Game, participants face some of
the challenges of a product development project. In a realistic
situation, they develop in several groups a new life insurance
product while competing with all other groups for limited
distribution channels.
further details
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Further Trainings in 2024
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22 January 2024
Web Session 'Artificial Intelligence Act: The
Insurance Fallout'
further details
24 January 2024
Web Session 'Calculation of Life Insurance
Products by Means of Markov Chains'
further
details
31 January 2024
Web Session 'SCR Interest under Solvency
II'
further details
1 February 2024
Web Session 'Socio-Economic Mortality
Curves'
further details
20 February 2024
Web Session 'Gene & Cell Therapies: Benefits
& Challenges from an Acttuarial
Perspective'
further details
21 February 2024
Web Session 'IFRS 17: Guidance for Risk
Adjustments'
further details
28 February 2024
Web Session 'IFRS 17: The Premium Allocation
Approach'
further details
29 February 2024
Web Session 'Cash Balance Pension
Schemes'
further details
... and a lot more! Explore our website for more
information.
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