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Newsletter on EAA Web Sessions - Benefit from our Early
Bird Rates
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Book now and save money!
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Benefit from discounts for many EAA web sessions taking place in
June and July 2023 with early bird rates in May 2023. These online
trainings cover topics such as
- IFRS 17,
- Assets and Liabilities Management,
- Climate Change and its consequences for
the insurance industry,
- Mandatory Sustainability Reporting for
Insurers,
- Price Walking, Demand Modeling &
Price Elasticity and
- Introduction to Natural Catastrophe
Modelling.
Furthermore, you are invited to visit our website for all
published online trainings here.
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Web Session: "IFRS 17: The Variable Fee Approach -
Basics and Challenges" on 13 June 2023, 9:00-16:30
CEST
Early bird discount until 2 May 2023!
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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 modified approach, usually
referred to as Variable Fee Approach (VFA), for a specific class of
participating insurance contracts. Both the identification of such
contracts and the application of the approach require a number of
accounting decisions based on interpretations of the sophisticated
criteria provided by IFRS 17.
Starting from the revenue recognition concepts of fee-based
services, we will discuss the qualification criteria of IFRS 17 for
the VFA. 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 will be
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 afternoon. However, the
web session cannot focus on consequences and solutions for specific
jurisdictions.
Your early-bird registration fee is € 300.00 plus
19% VAT until 2 May. After this date, the fee will
be € 400.00 plus 19% VAT.
further details
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Web Session: "Assets and Liabilities Management (Part 1:
Introduction)" on 14-16 June 2023, 9:00-12:30 CEST
Early bird discount until 3 May 2023!
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For an insurance company, ensuring the proper coordination
between assets and liabilities in order to achieve targeted
financial objectives is of paramount interest. A strategy used to
reach such objectives is "asset and liability management" (ALM in
short). ALM can therefore be viewed as any ongoing process that
defines, implements, and monitors financial strategies to manage
assets and liabilities together.
In recent years, the modelling tools used in ALM strategies have
become increasingly sophisticated and the technical aspects of
current insurance regulation have increased. As a result, some ALM
aspects have become more and more difficult to understand and
master.
The aim of this training is to
- Define what ALM is and describe the
typical missions of an ALM department in an insurance company,
- Present the financial risks on which ALM
classically focus as well as the requirements of the Solvency II
regulation for insurance companies,
- Describe the essential quantitative ALM
tools and methods used by insurance companies to evaluate and
mitigate the risks,
- Illustrate the different concepts
through numerical examples and case studies to make it practical
and not just theoretical.
Your early-bird registration fee is € 500.00
plus 19% VAT until 3 May 2023. After this date,
the fee will be € 650.00 plus 19% VAT.
further details
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EAA Climate Day 4.0 on 19 June 2023, 9:00-17:00
CEST
Early bird discount until 8 May 2023!
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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 4.0, we are going to zoom into the
following topics:
- How can we capture the tail dependency
between heat and mortality?
- How can climate scenarios be navigated
for ORSA purposes?
- How does global warming impact health
insurance claims?
- How to construct an investment portfolio
under climate constraints?
While the actuarial community works on developing new ways to
measure the economic impact of the risk posed by global warming, it
is exceedingly important for actuaries to gain an understanding of
how to work with climate data, how to bridge the gap between
climate models and actuarial projection models and how to produce
relevant KPI.
The first part of the talk is introductory, reviewing the idea of
portfolio temperature alignment metrics and the concept of EU
Paris-aligned Benchmarks (PABs). The second part is based on recent
research highlighting the necessity of uncertainty quantification
in temperature alignment metrics. In the third part of the talk, we
present practical approaches for climate investing.
Your early-bird registration fee is € 300.00 plus
19% VAT until 8 May 2023. After this date, the fee
will be € 400.00 plus 19% VAT.
further details
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Web Session: "Mandatory Sustainability Reporting for
Insurers - Actuarial Roles" on 20 June 2023, 10:00-15:30
CEST
Early bird discount until 9 May 2023!
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Up to 2022 additional financial reporting on sustainability has
been done on a voluntary basis by insurance companies. The
reporting companies, usually larger groups, regularly involve
actuaries in the corresponding preparation of information. Early in
2022 relevant institutions have started to prepare concrete
financial reporting requirements at European level, which will
become mandatory for insurance companies as well.
On global level the International Sustainability Standards Board
(ISSB) published In March 2022 its Exposure Draft IFRS S2
Climate-related Disclosures, building on the recommendations of the
Task Force on Climate-Related Financial Disclosures (TCFD) and
incorporating industry-based disclosure requirements derived from
SASB Standards. The ISSB expects to issue an IFRS Sustainability
Disclosure Standard around the end of Q2 2023.
In November 2022 the European Parliament has adopted the Corporate
Sustainability Reporting Directive (CSRD) proposed by the European
Commission (EC) in April 2021. Already on 22 November 2022, the
European Financial Reporting Advisory Group (EFRAG) submitted its
first set of draft European Sustainability Reporting Standards
(ESRS) to the European Commission (EC).
The online training is intended to provide participants with basic
information on mandatory sustainability reporting of insurance
companies located in Europe. The topic of "Green" insurance
products will be discussed as well.
The main purpose is to speed up participants own activities.
Your early-bird registration fee is € 200.00 plus
19% VAT until 9 May 2023. After this date, the fee
will be € 270.00 plus 19% VAT.
further details
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Web Session: "IFRS 17: Investment Components and Other
Non-Service Payments" on 23 June 2023, 10:00-12:00
CEST
Early bird discount until 12 May 2023!
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The IASB issued 2017 the new comprehensive insurance accounting
standard IFRS 17, with amendments issued in 2020. In line with IFRS
9, IFRS 17 does not permit to present receipts and repayments of
deposits, in IFRS 17 referred to as investment components, in
P&L. In general, all payments which do not represent the
provision of services are excluded from presentation in P&L.
The identification of such payments requires judgment and the
proper exclusion of those amounts from P&L is a challenge for
the accounting systems.
The needed identification of cash flows not related to services
introduces new considerations in the accounting process. Those will
be discussed and approaches to achieve an adequate reflection in
presentation. That does not only apply to contracts with savings
elements, as in life insurance. As well non-life insurance
contracts and reinsurance contracts often contain investment
components and premium refunds. As well examples from those areas
are presented and discussed.
Your early-bird registration fee is € 100.00 plus
19% VAT until 12 May 2023. After this date, the
fee will be € 140.00 plus 19% VAT.
further details
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Web Session: "Price Walking, Demand Modeling & Price
Elasticity" on 26 June 2023, 9:30-11:30 CEST
Early bird discount until 15 May 2023!
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Price walking, demand modeling and price elasticity between
theory, regulation and practice
In recent years, a lot of progress has been made in predictive
modeling in theory and practice. This leads in particular to
stronger technical models in pricing, but related issues such as
demand modeling are also receiving more and more attention.
First and foremost from the regulatory side: so-called price
walking, which is characterized by the targeted setting of
different prices for new and existing customers in order to exploit
different price elasticities, has been banned by the British FCA
and is under consultation with EIOPA.
That is only one reason to look at demand and price elasticity
from an actuarial perspective. In doing so, we will distinguish
between different modeling approaches, solve extrapolation problems
and fundamentally think about inference from observed data to
derive price elasticity. Precisely because this price elasticity is
an effect of second order, which cannot be considered without the
offered price and the base demand, which also needs to be
estimated, approaching the problem with a traditional regression
mindset will not work.
Finally, we will make the concepts discussed above concrete and
explore various possible applications in a hands-on case
study.
Your early-bird registration fee is € 100.00 plus
19% VAT until 15 May 2023. After this date, the
fee will be € 140.00 plus 19% VAT.
further details
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Web Session: "Assets and Liabilities Management (Part 2:
Advanced)" on 28-30 June 2023, 9:00-12:30 CEST
Early bird discount until 17 May 2023!
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This ALM training starts with a first part (see
above) primarily an introduction to main concepts of
ALM and is therefore particularly suited for participants
coming from different departments (for instance, people dealing
with own risk solvency assessment techniques or enterprise risk
management) and wanting to develop a broader view on what ALM is
and how it works. It is also well suited for newcomers or people
wanting to refresh their mind on these concepts. Note that the
training is not limited to people working in ALM or treasury
departments but is also adapted to other departments.
This second part is more advanced and intended for those
wishing to gain more in-depth expertise on the topics. It
includes some mathematical technicity, but nothing that goes
further than a solid high school level.
The participants can follow a single part or both.
Your early-bird registration fee is € 500.00 plus
19% VAT until 17 May 2023. After this date, the
fee will be € 650.00 plus 19% VAT.
further details
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Web Session: "Introduction to Natural Catastrophe
Modelling" on 4 July 2023, 9:00-12:15 CEST
Early bird discount until 23 May 2023!
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Natural Catastrophe Models are a key ingredient for the
assessment of Nat Cat risk. Questions like "What losses do we
expect from catastrophic events on average?" and "What losses do we
need to expect in the worst case?" are becoming more and more
relevant, in particular considering climate change. Natural
Catastrophe Models try to answer these questions in a statistical
sense, and have for many years now become an important tool for the
assessment of (re-)insurance contracts. In this web session, we
will give a basic introduction to Nat Cat Modelling and its
applications.
During the web session, the basic components of a Nat Cat model
will be explained: Exposure data, the hazard, vulnerabilities, and
the financial model. Additionally, sources of uncertainty will be
discussed together with methods for quantification. After the first
part, we will build our own simple Nat Cat model in a hands-on case
study. Lastly, we will look in more detail at the results a model
can produce and how to use them for pricing in the reinsurance
context.
Your early-bird registration fee is € 150.00 plus
19% VAT until 23 May 2023. After this date, the
fee will be € 205.00 plus 19% VAT.
further details
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