European Actuarial Academy (EAA)

In recent years, insurance companies have been exposed to a lot of challenges. These make them reflect on serving their customers that have been a client for many years and years to come. Life insurance contracts are typically underwritten for a very long duration and in times that technology and legal requirements were very different […]

The supreme body of the pension fund (board of trustees) is responsible for the overall management of the pension fund. The non-transferable and inalienable duties of the supreme body include the following tasks among others: the setting of the financing system and comprehensibly designing, monitoring, and controlling the asset management to improve the returns and […]

The aging population presents serious challenges for traditional pay-as-you-go pension systems. Longer life expectancies increase pension expenses while low birth rates weaken the future contribution base.   A buffer fund can help alleviate these problems. However, this raises questions about how much insured should contribute and how big the fund should be. Ideally, the contribution […]

This session aims at describing the similarities and differences between the financial and prudential frameworks applicable to insurers. After a general overview, we will focus on discount rates and risk margin/risk adjustment including the expected changes from the review of Solvency II. A case study will then illustrate the application of those concepts to an […]

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 […]