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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:
- Comparing IFRS17 and Solvency,
- Non-Life Reserving,
- How to Read the New IFRS Balance Sheet
for Insurers,
- Climate Day 5.0,
- CERA, Module B: Taxonomy, Modelling and
Mitigation of Risks.
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 'Comparing IFRS17 and Solvency II'
on 29 May 2024
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This session aims at analysing the impact of IFRS17 versus
Solvency II. After a general description of both frameworks, we
highlight the most recent expected changes following the Solvency
II review with a focus on discount rates and risk margin. We will
then explain IFRS17 accounting choices versus Solvency II and
benchmark those. Finally, we will show the impact of IFRS17 on the
management of the contracts when issued and during their lifetime
(profit testing and key indicators).
The purpose of this session is to understand the key accounting
choices under IFRS17 and how they relate to Solvency II. This has
an impact when valuing and managing insurance contracts. This will
also allow users of financial and prudential information to get a
better understanding of the figures depending on the purpose and
methodology used.
further details
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Web Session 'Non-Life Reserving'
on 10-12 June 2024
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As Insurance is being impacted by new and disruptive technology,
how will actuarial reserving techniques be impacted? Whilst
triangle methods have traditionally been seen as the key methods in
the reserving area, this may be challenged in the future by more
complex expectations, improving technology, modelling capabilities,
etc.
Reserving practices are expected to keep changing, as the
influences of big data and regulatory requirements continue to
evolve.
The aim of this workshop is to
- Refresh classical actuarial/statistical
techniques used in non-life reserving (Gaap and Solvency 2)
- Focus on some practical problems faced
by reserving actuaries, by presenting practical examples
- Introduce more advanced techniques used
in non-life reserving in order to open new perspectives on more
granular reserving calculation, case estimates, etc.
further details
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Web Session 'How to Read the New IFRS Balance Sheet for
Insurers'
on 14 June 2024
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In 2017, after more than two decades of debates, outreach, and
Exposure Drafts, the IASB finally published the new IFRS 17
standard for Insurance Contracts. Following additional years of
further debates on several actuarial and accounting-related aspects
the new standard has become effective on 1st January 2023 and
fundamentally changed the way on how many insurance companies
present their obligations and their financial performance stemming
from insurance contracts.
As experience shows, actuaries play a key role in that new
reporting regime: The standard requires many fundamental decisions,
which determine the reporting of the amount and profile of IFRS
results for years to come. Actuaries need to understand the
corresponding consequences for reporting and to be able to explain
it to their top-management. They also play a key role in the
preparation of landmark decisions and need to closely collaborate
and communicate with other functions, i.e. the accounting
function.
Accordingly, a strong focus of this web session is to assist
actuaries to better understand the new key reporting requirements
of IFRS 17, in particular regarding the new IFRS balance sheet and
statement(s) of financial performance (Profit and Loss as well as
Other Comprehensive Income). The web session will be useful for
both finance and actuarial experts involved in IFRS 17 reporting
and analysis or simply interested in the practical application of
this ground-breaking new standard.
further details
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Web Session 'Climate Day 5.0'
on 17 June 2024
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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.
For insurance industry, climate change manifests itself through a
variety of risks on the asset and liability sides of the balance
sheet. In our Climate Day 5.0, we are going to zoom into the
following topics:
- How can we capture the tail dependency
between heat and mortality?
- How climate change impact upon an asset
portfolio can be captured in one KPI?
- How can ESG risks be reflected in the
strategy of an insurance company?
- What is the impact of climate change on
low-income people and what insurers should be doing?
further details
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Web Session 'CERA, Module B: Taxonomy, Modelling and
Mitigation of Risks'
on 9-13 September 2024
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The European Actuarial Academy is one of the main providers of
actuarial education - especially when it comes to Enterprise Risk
Management (ERM). The concept of ERM has gained significant
momentum in the insurance industry and beyond. We offer a
series of four training courses and exams (through DAV) to all
actuaries who want to deepen their knowledge in Enterprise Risk
Management and gain the international ERM-credential CERA.
The web seminar 'CERA, Module B: Taxonomy, Modelling and
Mitigation of Risks' focuses on quantitative analyses of financial
and non-financial risks of an insurance company and the effect and
possible applications of risk mitigation techniques. After an
introduction to the economic valuation of an insurance company,
including stochastic valuation models and approximation techniques
for life companies, and the building blocks of its economic balance
sheet, the risk measure as well as the relevant regulatory
requirements of Solvency II will be discussed. Different concepts
of risk modelling covering from standard formula to fully internal
models will be presented.
further details
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Further Trainings in 2024
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21 February 2024
Web Session 'IFRS 17: Guidance for Risk
Adjustments'
further details
22 February 2024
Web Session 'Volatility Adjustment under Solvency
II'
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
1 March 2024
State of the Art Tech in Actuarial
Science
further details
4 March 2024
Discrimination-Free Pricing: of Limits &
Possibilities
further details
5 March 2024
Computational Support for Liability Forecasting
with Practical Examples
further details
11 March 2024
Using Inflation-Indexed Securities for Effective
Inflation Risk Management
further details
12 March 2024
Credit Risk
further details
13 March 2024
Loss of Nature & Insurers: Implications &
Risk Management Approaches
further details
... and a lot more! Explore our website for more
information.
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