In modern economy, cyber risk has become a major challenge across many industries. As every prevention measure is limited, there is an increasing need for cyber insurance. In the last years, there was a strong evolution of cyber insurance.

In this session, the impact of cyber risk on various steps of the value chain is analysed, including (but not limited to) modelling and risk management. The focus of this session is to provide a hands-on approach to actuarial challenges within cyber insurance and to highlight practical solutions. There will be discussions and group interaction.

Participants will gain an overview of current cyber insurance topics from a practitioner's perspective. The following agenda items will be covered:

The aim of this training is to provide pension actuaries and other interested experts with an overview of topics and methods in relation to discussion of intergenerational fairness.

The concept of equity requires that similar careers should result in similar benefits. Or insured persons should get their (socially) agreed level of pensions over long periods under the same conditions. On one end of the spectrum an argument is that the value of the benefits should be equal to the contributions. On the other end, socially agreed needs also should be financed from the fund. These approaches lead to different conclusions from actuarial fairness to social fairness. Both worth valuing their pros and cons.

First of all, this definition focuses on adequacy of the pensions. It is best perceptible from individual perspective. However, the second part of the definition is setting long term feasibility conditions which we usually call financial sustainability, and it should be met at population and economy level.

This situation might be familiar to pension experts. The adequacy and sustainability objectives are contradicting by definition, and we have to balance between them. Pension reforms leading to restrictions start from financing issues and reversals or adequacy measures introduced only after crises or from political reasons. Their cycle is different.

Intergenerational fairness might be discussed during policy dialogue. Most measures focus on one or two aspects of equity or feasibility. In intergenerational context balancing between adequacy and sustainability may be put into the context of intergenerational risk sharing.
 

Due to the recent shifts in capital markets and a stricter regulatory environment, insurers need to rethink their product offerings to stay ahead of the competition and offer life and savings solutions well suited to the various requirements of policyholders. This includes the need for capital guarantees in combination with strong performance engines and the focus on new and alternative asset classes as underlying for insurance policies.

In this web session, we will introduce participants to market-linked insurance products and provide an overview of the developing product landscape across different European countries.

We will focus on an analysis of some major product categories including hybrids, index-linked policies, private market products and market-linked annuities. How can such products be constructed efficiently? What are the current challenges and how can they be addressed? How should these products be positioned to make them attractive to both insurers and policyholders?

The web session concludes with an outlook of where the market will be headed and how insurers need to further develop their product offering.