The goal of this two-day training is to introduce the participants to both open source ecosystems and to get a good understanding of both languages. However, since both ecosystems are way too vast to be covered in merely two days, the participants will be asked to go through the basics of both languages themselves, prior […]

The actuarial focus has changed significantly over the last couple of years. Computational power is increasing with exponential growth, in addition more and more data is available. This combination puts the actuarial profession into a position where a new understanding has to be developed on today‘s possibilities of actuarial science and its ethical implications. The […]

Insurance companies are quite busy with IFRS17 and devote relatively little attention to IFRS9, its equivalent on the asset side. The complexity of this standard must however not be underestimated. If not only regular bonds, but also some banking products, appear on the balance sheet, IFRS9 poses quite some challenges.   Due to the great […]

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 will become effective on 1st January 2023 and fundamentally change the way on how many […]

During the past decade, supervised classification problems have been identified in several actuarial fields, such as risk management, projection modeling, fraud and anomaly detection, etc. In many of these problems, the respective classification task is subject to a highly imbalanced dataset, i.e., the number of instances of the relevant class is extremely small in comparison […]

These days, nobody disputes the profound impact and yet-untouched potential of Machine Learning and Artificial Intelligence anymore. Yet, in the actuarial sciences, these breakthrough possibilities are hampered by regulation, the need for numerical confidence and insight into model decision making, the latter being subsumed as a "black box problem". Thus, the quest for explainability is […]

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 […]