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Newsletter on EAA Websessions - 3/2022

Newsletter on recently published EAA Websessions
3/2022

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!New web sessions online!

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Within the last few weeks, we have published six new EAA web sessions on several up-to-date topics like IFRS17, Cyber Risk, Machine Learning and Actuarial Data Science.
Enjoy reading our third EAA newsletter on web sessions in 2022!

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Web Session "Actuarial Modeling for Cyber Risk" on 17 & 24 May 2022
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.
After completing this course, you will be able to

  • Identify the specificities of cyber risk
  • Identify the factors that may jeopardize the mutualisation of cyber risk
  • Identify extreme events and convey a risk segmentation
  • Construct accumulation scenarii on a cyber portfolio
  • Quantify the impact of protection measures on the risk of saturation in the insurer response capacity.

further details

Web Session "IFRS 17: A Deep Dive Into Revenue from Insurance Contracts" on  18 May 2022
The purpose of this web session is to discuss both conceptual and practical aspects regarding revenue from Insurance Contracts. The conceptual part aims to provide participants with a solid understanding of the IFRS 17 revenue guidance in order to prepare them for relevant discussions with management, auditors, clients, analysts etc. In particular, the web session will cover:

  • How does the revenue concept for insurance contracts align with the general guidance in IFRS 15 Revenue From Contracts With Customers for other industries, especially non-financial businesses - and does IFRS 15 affect the presentation of insurance contracts in some kind of "non-actuarial" sense?
  • How does revenue calculation for insurance contracts differ between the different measurement models in IFRS 17?
  • Which constraints exist for revenue recognition and how can insurers make sure that they meet these constraints?

further details

Web Session "IFRS 17: The Premium Allocation Approach" on 14 June 2022
The IASB issued 2017 the new comprehensive insurance accounting standard IFRS 17, with amendments issued 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 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.
further details

Web Session: "How to Read the New IFRS Balance Sheet for Insurers" on 23 June 2022
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.
further details

Web Session: "Machine Learning: More Art Than Science?" on 8 November 2022

The notion of machine learning is truly omnipresent in these days. In this web session we thus give participants an introduction to this interesting field and show machine learning techniques. We learn how we are able to implement a workflow and give an overview of several methods such as random forest, gradient boosting, and neural networks. A vital step of machine learning algorithms is the development and training phase of models, in particular, in order to build up powerful applications. Do machine learning models have to be black box applications or are we able to bring light into the darkness? This is a vital question from a practical point of view, which we answer in this web session. Companies are concentrating more and more on using machine learning for several applications, and, therefore, it is important to have a closer look at the current regulatory requirements.
By focusing on all these aspects of machine learning, we give practical examples from the insurance and banking industry: we provide Python codes such that participants directly see how machine learning workflows can be implemented.
further details

Web Session: "Actuarial Data Science Introplication" on 30 November/1 December 2022
Introplication precisely defines the online program. We intend to give a basic and somewhat deeper introduction, showing the most important highlights from Actuarial Data Science and its applications. We start at the very beginning, so no prior knowledge is required.
In this two-day web session, we cover a wide range of topics from the basic concepts of artificial intelligence and machine learning, through modern data processing technologies and cloud computing, to the mathematical and statistical concepts of data mining. On our way, we will touch on important use cases in the actuarial environment and deepen one or the other business case. To this end, we provide a brief insight into the widely used languages (R, Python) and development environments in the data science context (RStudio, Anaconda) and take a look at innovative insurance products based on individualized risk assessments (e.g. pay how you drive). The online training will be rounded off with short and concise reflections on data protection issues and principles for the ethical handling of artificial intelligence in the insurance environment.
further details

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Coming soon...

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28-31 March 2022
Web Session "Communication for Actuaries"
further details

1 April 2022
Web Session "Machine Learning and Anomaly Detection"
further details

5 April 2022
Web Session "Reinsurance under IFRS17 for Life & Health"
further details


2-5 May 2022
Web Session "Understanding the Performance of an Insurance Company (Introduction)"
further details


... and a lot more! Explore our website for more information.

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actuarial-academy.com

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