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BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240220T140000
DTEND;TZID=Europe/Vienna:20240220T153000
DTSTAMP:20260415T225224
CREATED:20230824T193927Z
LAST-MODIFIED:20230824T193927Z
UID:10000346-1708437600-1708443000@avoe.at
SUMMARY:EAA Web Session: Gene & Cell Therapies: Benefits & Challenges from an Actuarial Perspective
DESCRIPTION:The objective of this web session is to provide an educational experience by discussing the benefits\, challenges\, and concerns associated with these therapies. While from a mainly U.S. perspective\, we will also address issues relevant to European countries. We will examine current and future treatments and the financial and non-financial issues at play. We will also highlight the important role of actuaries in addressing these issues.
URL:https://avoe.at/event/eaa-web-session-gene-cell-therapies-benefits-challenges-from-an-actuarial-perspective/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240213T090000
DTEND;TZID=Europe/Vienna:20240216T150000
DTSTAMP:20260415T225224
CREATED:20230919T184159Z
LAST-MODIFIED:20230919T184159Z
UID:10000363-1707814800-1708095600@avoe.at
SUMMARY:EAA Web Session CERA\, Module A: Quantitative Methods of ERM
DESCRIPTION:The 4-day web session assists actuaries in broadening their knowledge about modern quantitative financial and actuarial modelling; these topics form an essential part of the CERA syllabus. At the beginning of the online training we give a brief overview of the EAA-route to the CERA designation. The core part of the web session begins with an introduction to the modern theory of risk measures. Next\, a number of statistical techniques are discussed\, that are highly relevant for the analysis of actuarial and financial data and for the model-building process in risk management. Among others\, we will consider extreme value theory\, dependence modelling\, copulas\, and various aspects of integrated risk management. The training continues with an introduction to the modelling and the management of interest rate and credit risk. In particular\, participants will learn how to price simple interest options or Credit Default Swaps\,  how to account for counterparty risk and how to deal with credit portfolio risk. \n  \nThe web session consists of lectures and exercise sessions. In fact\, exercise sessions\, where various exercises and supplementary examples are discussed\, form an integral part of the seminar: they help the participants to understand the qualitative and quantitative techniques introduced in the lectures\, and they are a key element in the preparation for the CERA exam. \nAnmeldeschluss: 2024-02-09
URL:https://avoe.at/event/eaa-web-session-cera-module-a-quantitative-methods-of-erm-3/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240207T100000
DTEND;TZID=Europe/Vienna:20240207T120000
DTSTAMP:20260415T225224
CREATED:20231030T113209Z
LAST-MODIFIED:20231030T113209Z
UID:10000381-1707300000-1707307200@avoe.at
SUMMARY:EAA Web Session 'Liquidity Risk'
DESCRIPTION:This session aims at explaining the sources of liquidity\, the requirements and supervisory measures under Solvency II\, possible approaches and metrics to monitor and manage this risk. \n  \nWe start the session by illustrating liquidity issues on historical cases in the insurance sector and their propagation in the financial system. After the introduction\, we explain Solvency II requirements on liquidity risk and supervisory powers. Possible metrics and approaches are discussed. EIOPA stress test and risk dashboard on liquidity are then described. We end up with a concrete example and a quiz supporting key takeaways. \nAnmeldeschluss: 2024-02-06
URL:https://avoe.at/event/eaa-web-session-liquidity-risk/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240201T100000
DTEND;TZID=Europe/Vienna:20240201T120000
DTSTAMP:20260415T225224
CREATED:20230919T170129Z
LAST-MODIFIED:20230919T170129Z
UID:10000353-1706781600-1706788800@avoe.at
SUMMARY:EAA Web Session: Socio-Economic Mortality Curves
DESCRIPTION:Mortality curves are a critical ingredient for the valuation of any longevity-related product (for example\, pensions\, life insurance\, reverse mortgages). Typically\, several statistical agencies provide mortality curves differentiated on gender per country. However\, it has been documented that people’s mortality prospects differ beyond their differences in gender. Income\, education\, job type\, etc might all have an impact on mortality. In this online training\, we present 1) how such distinctive characteristics can be considered in a mortality model\, 2) empirical results (based on Belgian data) and 3) the implications for retirement products valuations. Though the empirical results are based on Belgian data\, many results are qualitatively in line with other European countries. \nThe goal of the session is to clarify the impact of various socio-economic factors on mortality and its impact on the valuation and risk-management of retirement products. At the end of the session\, people will have a good understanding of \n1) Impact of socio-economic status on mortality rates \n2) Impact of differences in mortality curves on product valuations \n3) Adjusting mortality models to take socio-economic factors into account. \nAnmeldeschluss: 2024-01-30
URL:https://avoe.at/event/eaa-web-session-socio-economic-mortality-curves-2/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240201T100000
DTEND;TZID=Europe/Vienna:20240201T120000
DTSTAMP:20260415T225224
CREATED:20230824T194133Z
LAST-MODIFIED:20230824T194133Z
UID:10000347-1706781600-1706788800@avoe.at
SUMMARY:EAA Web Session: Socio-Economic Mortality Curves
DESCRIPTION:Mortality curves are a critical ingredient for the valuation of any longevity-related product (for example\, pensions\, life insurance\, reverse mortgages). Typically\, several statistical agencies provide mortality curves differentiated on gender per country. However\, it has been documented that people’s mortality prospects differ beyond their differences in gender. Income\, education\, job type\, etc might all have an impact on mortality. In this online training\, we present 1) how such distinctive characteristics can be considered in a mortality model\, 2) empirical results (based on Belgian data) and 3) the implications for retirement products valuations. Though the empirical results are based on Belgian data\, many results are qualitatively in line with other European countries. \nThe goal of the session is to clarify the impact of various socio-economic factors on mortality and its impact on the valuation and risk-management of retirement products. At the end of the session\, people will have a good understanding of \n1) Impact of socio-economic status on mortality rates \n2) Impact of differences in mortality curves on product valuations \n3) Adjusting mortality models to take socio-economic factors into account.
URL:https://avoe.at/event/eaa-web-session-socio-economic-mortality-curves/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240131T100000
DTEND;TZID=Europe/Vienna:20240131T120000
DTSTAMP:20260415T225224
CREATED:20230919T181253Z
LAST-MODIFIED:20230919T181253Z
UID:10000355-1706695200-1706702400@avoe.at
SUMMARY:EAA Web Session 'SCR Interest under Solvency II'
DESCRIPTION:This session aims at explaining the evolution of the interest rate capital requirement under the current formula versus the new formula following the SII review and how the deficiencies have been addressed. \nAnmeldeschluss: 2024-01-29
URL:https://avoe.at/event/eaa-web-session-scr-interest-under-solvency-ii/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240124T100000
DTEND;TZID=Europe/Vienna:20240124T120000
DTSTAMP:20260415T225224
CREATED:20230919T170842Z
LAST-MODIFIED:20230919T170842Z
UID:10000354-1706090400-1706097600@avoe.at
SUMMARY:EAA Web Session 'Calculation of Life Insurance Products by Means of Markov Chains'
DESCRIPTION:The calculation of life insurance products is traditionally based on the approach of commutation values\, whose table properties enable extensive actuarial calculations even without large computer capacities. However\, especially for modern and more flexible life insurance tariffs\, the calculation by means of commutation values reaches its limits\, so that the calculation approach based on Markov chains is gaining in importance and has been used for some time in the mathematical cores of new portfolio administration systems. \n  \nThis web session will provide an insight into the calculation of common life insurance products using the Markov approach. For this purpose\, first an overview of the best-selling life insurance products in some European countries and their classic calculation will be given. In the following\, the principle of Markov chains is explained and a model for calculating actuarial values is derived. \n  \nFinally\, the seminar also addresses problems that can arise when migrating from classically calculated portfolios to systems with the Markov approach. \nAnmeldeschluss: 2024-01-22
URL:https://avoe.at/event/eaa-web-session-calculation-of-life-insurance-products-by-means-of-markov-chains/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20240122T090000
DTEND;TZID=Europe/Vienna:20240122T123000
DTSTAMP:20260415T225224
CREATED:20230908T125436Z
LAST-MODIFIED:20230908T125436Z
UID:10000349-1705914000-1705926600@avoe.at
SUMMARY:EAA Web Session 'Artificial Intelligence Act: The Insurance Fallout'
DESCRIPTION:The purpose of this session is to introduce the relevant aspects of regulation\, timelines and consequences with respect to the actuarial practice. Starting from the study of relevant articles of the AI Act draft\, we will develop an understanding of the impending consequences and likely interpretations of the legal framework. The seminar is structured as follows: \n  \n\nContents and objects of regulation\nActuarial relevance\nExample cases\nImplementation advice\nOutlook and discussion\n\n  \nKindly take note: This session is intended as information seminar; no legal counselling will take place.
URL:https://avoe.at/event/eaa-web-session-artificial-intelligence-act-the-insurance-fallout/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231215T083000
DTEND;TZID=Europe/Vienna:20231215T130000
DTSTAMP:20260415T225224
CREATED:20231003T165806Z
LAST-MODIFIED:20231003T165806Z
UID:10000375-1702629000-1702645200@avoe.at
SUMMARY:EAA Web Session 'Telematics and Actuarial Pricing'
DESCRIPTION:The web session first gives an overview of current practices of applications of telematics in Europe and outside of Europe. Then best practices in pricing with telematics will be discussed and that leads to an actuarial discussion about the inclusion of big telematics data into the actuarial data-pool. The web session will close with some innovative actuarial approaches and solutions. \nAnmeldeschluss: 2023-12-14
URL:https://avoe.at/event/eaa-web-session-telematics-and-actuarial-pricing-2/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231204T093000
DTEND;TZID=Europe/Vienna:20231204T114500
DTSTAMP:20260415T225224
CREATED:20230414T193952Z
LAST-MODIFIED:20230414T193952Z
UID:10000324-1701682200-1701690300@avoe.at
SUMMARY:EAA Web Session: Experience-Based Insights & Trends in Asset Management
DESCRIPTION:Dr Albert Einstein had a famous quote: “In theory\, theory\, and practice are the same. In practice\, they are not.” Since 1900\, science has tried discovering insights about (institutional) investing. This course discusses learning points and trends of well-known methods such as asset liability management. The approach is based on experience to indicate where theory and practice do not correspond and that techniques are also subject to fashion. \nThe goal of this online web session is awareness of theory versus investment experiences. The course discusses ‘obvious’ shortcomings\, like the fact that we trust models more than human experience\, we rely on the figures from the past instead of the future\, we think in % instead of €\, we weigh loss more than profit\, and we use High School math to arrive at an efficient portfolio. \nInsights and experiences covered are\, for example: \n– The evolution of ALM \n– Unexpected events \n– Pitfalls in assumptions and reporting \n– Coherent economic eras \n– Risk perception \n– Implementation glitches \n  \n  \nAnmeldeschluss: 2023-11-30
URL:https://avoe.at/event/eaa-web-session-experience-based-insights-trends-in-asset-management/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231130T100000
DTEND;TZID=Europe/Vienna:20231130T123000
DTSTAMP:20260415T225224
CREATED:20230919T184440Z
LAST-MODIFIED:20230919T184440Z
UID:10000364-1701338400-1701347400@avoe.at
SUMMARY:EAA Web Session: Cross-Border: One Tariff for 27 EU countries?
DESCRIPTION:Cross-Border business plays an important role in Europe´s insurance industry. For anyone running this business some topics are obvious. These are especially legal issues. Insurance supervision laws have been harmonised by Solvency\, but not (yet) insurance contract laws or tax legislation. \n  \nEven if these laws have substantial influence on the calculation of tariffs\, the online training wants to give insights on how to keep the influence low and puts focus on actuarial issues. \n  \nDo we need 27 different mortality tables for 27 EU- countries? \nWhat about differences in underwriting? \nQuestions like this will be discussed in the web session. \n  \nWithout claiming to have experience from 27 EU countries\, the referent will share his knowledge and experience about calculating same tariffs for more than 10 countries. \nAnmeldeschluss: 2023-11-28
URL:https://avoe.at/event/eaa-web-session-cross-border-one-tariff-for-27-eu-countries/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231127T090000
DTEND;TZID=Europe/Vienna:20231128T154500
DTSTAMP:20260415T225224
CREATED:20230919T183510Z
LAST-MODIFIED:20230919T183510Z
UID:10000362-1701075600-1701186300@avoe.at
SUMMARY:EAA Web Session: CERA 0: A Refresher Course in Financial Mathematics & Risk Measurement
DESCRIPTION:The web session „A Refresher Course in Financial Mathematics“ gives an introduction to modern financial mathematics and derivative pricing. It is designed to prepare actuaries without adequate training in these fields for the quantitative parts of the CERA education. The web session is moreover an ideal learning opportunity for actuaries who want to become acquainted with or refresh their knowledge in these highly relevant fields. \nAnmeldeschluss: 2023-11-23
URL:https://avoe.at/event/eaa-web-session-cera-0-a-refresher-course-in-financial-mathematics-risk-measurement/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231123T090000
DTEND;TZID=Europe/Vienna:20231124T170000
DTSTAMP:20260415T225224
CREATED:20230414T193226Z
LAST-MODIFIED:20230414T193226Z
UID:10000321-1700730000-1700845200@avoe.at
SUMMARY:EAA Web Session: Mathematical Modelling for Actuaries
DESCRIPTION:Actuaries are very experienced in modelling financial risks either stemming from population dynamics or from random events. Probability theory and statistics is their daily bread. But there are many other phenomena out in the world without having a direct financial impact but should be understood by actuaries as well. This web session is about models which typically are not covered in full by actuarial exams\, but which could bring better insights to risks actuaries have to price. We will show very general approaches to set up models with applications from many different areas\, whether it is medicine\, construction\, meteorology\, biology or others. Of course\, this web session can only be seen as an introduction into modelling and cannot cover all interesting models\, but it should enable participants to find more in literature or develop their own ideas. \nThe purpose of the online training is to open the mind for problems which are by nature not actuarial but are very much linked to typical actuarial questions. It should enable actuaries and risk managers to think out of the box and find new ways to solve their challenges. \n  \nThis seminar is very interactive\, participants are required to participate in several break-out sessions. \n  \nAnmeldeschluss: 2023-11-21
URL:https://avoe.at/event/eaa-web-session-mathematical-modelling-for-actuaries-3/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231116T090000
DTEND;TZID=Europe/Vienna:20231117T123000
DTSTAMP:20260415T225224
CREATED:20230414T193821Z
LAST-MODIFIED:20230414T193821Z
UID:10000323-1700125200-1700224200@avoe.at
SUMMARY:Practical Techniques from Asset Management Less Known to Actuaries
DESCRIPTION:Various practical techniques and insights used in institutional asset management are less known to actuarially trained persons. As is often the case with practical applications\, when you have seen an example\, you appreciate a method. \nThe course is divided into two-morning sessions from 9:00 to 12:30 with a half-hour break. \nThe course has two aims. Foremost the goal is to illustrate practical examples of handy techniques. Furthermore\, familiarity with a process or method is only helpful if the background and conditions are elucidated. \nSome techniques covered are: \n\nA method to arrive at a well-considered choice.\nInsight into the application of Chaos Theory.\nAn extended version of the well-known SWOT method.\nVisual aid for a project and progress control.\nParameterization of the yield curve.\nTransforming liability cash flows into an investable portfolio.\nA saddle point as optimum.\n\n  \nAnmeldeschluss: 2023-11-14
URL:https://avoe.at/event/practical-techniques-from-asset-management-less-known-to-actuaries/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231114T100000
DTEND;TZID=Europe/Vienna:20231114T120000
DTSTAMP:20260415T225224
CREATED:20230428T163935Z
LAST-MODIFIED:20230428T163935Z
UID:10000337-1699956000-1699963200@avoe.at
SUMMARY:EAA Web Session: Emerging Risks
DESCRIPTION:Recent developments and events have put some Emerging Risks in the spotlight\, such as geopolitical risk\, artificial intelligence\, and climate change. However\, there is a large number of further topics in the Emerging Risks universe that might warrant equal attention. Their assessment will always have to be specific to the individual company and its activities and requires a good overview and solid understanding of all Emerging Risk as well as their related trends and interconnections. \n  \nAnmeldeschluss: 2023-11-12
URL:https://avoe.at/event/eaa-web-session-emerging-risks/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231110T100000
DTEND;TZID=Europe/Vienna:20231110T120000
DTSTAMP:20260415T225224
CREATED:20230919T182352Z
LAST-MODIFIED:20230919T182352Z
UID:10000358-1699610400-1699617600@avoe.at
SUMMARY:EAA Web Session: Sustainability Risk Management
DESCRIPTION:This session aims at giving an overview of the initiatives taken by EIOPA on Sustainability. We will then focus on ORSA explaining best practices on materiality assessment and scenarios. A summary of existing stress tests will be presented. We end up with a survey on climate ORSA. \nAnmeldeschluss: 2023-11-08
URL:https://avoe.at/event/eaa-web-session-sustainability-risk-management/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231031T093000
DTEND;TZID=Europe/Vienna:20231031T121500
DTSTAMP:20260415T225224
CREATED:20230414T194112Z
LAST-MODIFIED:20231003T192714Z
UID:10000325-1698744600-1698754500@avoe.at
SUMMARY:Introduction to Natural Catastrophe Modelling
DESCRIPTION: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. \n  \nDuring 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. \n  \n  \nAnmeldeschluss: 27.10.2023
URL:https://avoe.at/event/introduction-to-natural-catastrophe-modelling-2/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231030T100000
DTEND;TZID=Europe/Vienna:20231030T120000
DTSTAMP:20260415T225224
CREATED:20230919T182547Z
LAST-MODIFIED:20230919T182547Z
UID:10000359-1698660000-1698667200@avoe.at
SUMMARY:EAA Web Session: Comparing IFRS17 and Solvency II
DESCRIPTION: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 insurance portfolio. \nAnmeldeschluss: 2023-10-26
URL:https://avoe.at/event/eaa-web-session-comparing-ifrs17-and-solvency-ii-2/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231023T093000
DTEND;TZID=Europe/Vienna:20231026T130000
DTSTAMP:20260415T225224
CREATED:20230414T194735Z
LAST-MODIFIED:20230414T194735Z
UID:10000327-1698053400-1698325200@avoe.at
SUMMARY:EAA Web Session: Communication for Actuaries
DESCRIPTION:The Communication for Actuaries course is tailor-made for actuaries and the situations that you encounter. It is an interactive training course that ensures that the theory is immediately applied through various exercises (e.g. exchanges in small groups\, role-plays\, discussions) that relate to terms or situations of your day-to-day work. \n  \nThe course is designed to give you a solid foundation on the topic of communication and to practice what you learn so you can use the gained knowledge in areas that are relevant for your work. The last day offers you the opportunity to make a short presentation specific to your work for which you will be given individual feedback. At the end of the course\, you will know exactly how to tackle your next communication challenge. \n  \n  \nAnmeldeschluss: 2023-10-19
URL:https://avoe.at/event/eaa-web-session-communication-for-actuaries/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231018T090000
DTEND;TZID=Europe/Vienna:20231019T123000
DTSTAMP:20260415T225224
CREATED:20230919T190402Z
LAST-MODIFIED:20230919T190402Z
UID:10000366-1697619600-1697718600@avoe.at
SUMMARY:EAA Web Session: Extreme Risk Analysis
DESCRIPTION:The economic model of insurance is based on mutualization. Roughly speaking\, this consists in considering that the good results of the majority of the insureds compensate for the losses linked to the claims of a minority. Mathematically\, it is based on the law of large numbers and the central limit theorem. But new risks\, on a large scale\, such as cyber\, climatic or epidemiological risks\, can challenge this model. On the one hand\, the scale of the associated disasters\, which takes us away from the hypotheses of the central limit theorem\, and on the other hand\, the statistical ignorance of the phenomena considered\, which makes their anticipation and coverage complicated. The question of the (mathematical) insurability of these risks is clearly raised. \nThe objective of this course is to understand and master the mathematical and statistical tools necessary for the analysis of extreme risks. We will present the main mathematical issues related to the study of these extreme risks and show how mathematical modeling and the relevant use of the (often scarce) data available can be used to build management solutions for this type of risk. \nAnmeldeschluss: 2023-10-16
URL:https://avoe.at/event/eaa-web-session-extreme-risk-analysis-3/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231018T090000
DTEND;TZID=Europe/Vienna:20231019T123000
DTSTAMP:20260415T225224
CREATED:20230414T192506Z
LAST-MODIFIED:20230414T192506Z
UID:10000320-1697619600-1697718600@avoe.at
SUMMARY:EAA Web Session: Extreme Risk Analysis
DESCRIPTION:The economic model of insurance is based on mutualization. Roughly speaking\, this consists in considering that the good results of the majority of the insureds compensate for the losses linked to the claims of a minority. Mathematically\, it is based on the law of large numbers and the central limit theorem. But new risks\, on a large scale\, such as cyber\, climatic or epidemiological risks\, can challenge this model. On the one hand\, the scale of the associated disasters\, which takes us away from the hypotheses of the central limit theorem\, and on the other hand\, the statistical ignorance of the phenomena considered\, which makes their anticipation and coverage complicated. The question of the (mathematical) insurability of these risks is clearly raised. \nThe objective of this course is to understand and master the mathematical and statistical tools necessary for the analysis of extreme risks. We will present the main mathematical issues related to the study of these extreme risks and show how mathematical modeling and the relevant use of the (often scarce) data available can be used to build management solutions for this type of risk. \n  \n  \nAnmeldeschluss: 2023-10-16
URL:https://avoe.at/event/eaa-web-session-extreme-risk-analysis-2/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231010T100000
DTEND;TZID=Europe/Vienna:20231010T120000
DTSTAMP:20260415T225224
CREATED:20230919T183227Z
LAST-MODIFIED:20230919T183227Z
UID:10000361-1696932000-1696939200@avoe.at
SUMMARY:EAA Web Session: NF: How an Imaginary Pension Fund Can Help Steer a PAYG System
DESCRIPTION: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. \n  \nA 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 rate should be stable\, but it also needs to be based on observable quantities and transparent rules. \n  \nNotional funding (NF) provides a coherent solution to this problem. It takes the liabilities of the PAYG system as seriously as those of the funded system. In NF\, the PAYG system is treated as if it were a fund-ed system without assets to cover liabilities. \n  \nIn NF\, the pension contribution consists of two components: the funded contribution (C1) and an additional contribution (C2). The funded contribution equals the present value of the annual accrual. The additional contribution corresponds the imputed re-turn on missing assets. If the total actual contribution equals the sum of these two components (C1+C2)\, the level of unfunded liabilities remains stable. However\, there may be cases where a decreasing unfunded liability is desirable\, such as when the pension system faces declining labour due to low fertility rates. \n  \nThe NF model also provides a consistent basis for automatic adjustment of pension expenditures. In the extreme\, the contribution rate can be fixed\, transferring the need to adjust financing entirely to pension benefits. However\, necessary adjustments can be divided to adjust pension benefits and contributions in the desired ratio. \n  \nIn this web session\, we will illustrate the NF model in the context of a simple old-age pension system\, where the contribution level and/or benefit level are adjusted annually based on different return and birth rate scenarios. The effects of different policies will be examined on a yearly and generational basis. \nAnmeldeschluss: 2023-10-06
URL:https://avoe.at/event/eaa-web-session-nf-how-an-imaginary-pension-fund-can-help-steer-a-payg-system/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20231009T083000
DTEND;TZID=Europe/Vienna:20231009T130000
DTSTAMP:20260415T225224
CREATED:20230919T185712Z
LAST-MODIFIED:20230919T185712Z
UID:10000365-1696840200-1696856400@avoe.at
SUMMARY:EAA Web Session: How Visualization and Computer Science (AI) Could Support Pension Funds
DESCRIPTION: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 benefits for the members of the pension fund. Since being a member of the board of trustees is not a full-time job\, the scope of duties is enormous: meeting the aforementioned legal requirements requires a lot of time and expertise. Pension fund accredited actuaries\, investment consultants\, auditors as well as pension fund management teams should fully support the board of trustees to make proper decisions. \n  \nThe reliable forecast of liabilities is very important for the determination of the pension funds‘ financing system and its control (with risk budgeting). Since many liability parameters depend on the development of yield curves and inflation\, it is worthwhile to prepare the analysis of their historical data\, visualize them and additionally forecast them reliably. \n  \nThe aim of this web session is to show how useful the yield curve and inflation forecasting are with the deep learning approach\, the visualization of the results and the liability forecast based on them. These approaches are implemented using Python (Anaconda/Jupiter) and R-Project. This type of analysis helps the board of trustees to make their decisions and to better understand the forecast results (compared to affine models). In addition\, we will show that such approaches are useful for forecasting international accounting results (IFRS\, US GAAP\, IPSAS) and for preparing asset allocation to be the strong third contributor. \nAnmeldeschluss: 2023-10-05
URL:https://avoe.at/event/eaa-web-session-how-visualization-and-computer-science-ai-could-support-pension-funds/
LOCATION:Online/Streaming
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230913T090000
DTEND;TZID=Europe/Vienna:20230913T154500
DTSTAMP:20260415T225224
CREATED:20230414T194424Z
LAST-MODIFIED:20230414T194424Z
UID:10000326-1694595600-1694619900@avoe.at
SUMMARY:EAA Web Session: How Can Actuaries Tackle Inflation and its Consequences?
DESCRIPTION:Inflation does not come and does not go on its own. Although many actors on financial markets hoped for a temporary inflation caused by supply chain disruptors\, things have changed due to uncertainty from a geopolitical and financial markets perspective. Interest rate curves are now starting to be inverse and recessions are potentially only off the table due to the strong demand on the labour market. \n  \nHowever\, the core inflation is Europe is further increasing\, which is causing concern. Salary increases start to become far higher than in the past\, although it is not compensating for the full inflation losses. \n  \nWhat are the main drivers for the change of opinion? Without being exhaustive the following points can be mentioned: \n\nCentral Bank’s quantitative easing actions 2. Increase of energy prices (esp. oil and gas) 3. Increase of Wheat prices 4. Increase of prices of semiconductors\n\n  \nThese effects were significantly stressed by: \n– The war in the Ukraine \n– The ESG effects (Carbon certificates and pricing increases due to tax effects over CO2  levies). \n  \nInflation comes with many challenges for businesses in general and insurance business in particular. Due to the long term nature of the business inflation can be very toxic. This is especially true for situation of negative real interest rates\, which seems to be over now. The situation has changed since the Ukraine war. The FED and the ECB have increased interest rates  recently. Real rates are still negative. \n  \nWhy should you attend this course? \nIf one of the following descriptions fits to your situation\, the course might be exactly right for you: \n\nYou are responsible in the second line for (financial) risk management and you want a handle on inflation risk\, 2. You have senior management responsibility and you would like to understand your options to mitigate inflation\, 3. You are working in general insurance and you would like to understand where your business is vulnerable to inflation\, 4. You are responsible for product management in your organisations and you would like to understand the impact of inflation on your product settings\, 5. You need to reflect the inflation risk in your ORSA.\n\n  \nWhat approach do we take? \nIn order to have a common understanding of inflation we start with the historic background and pick up recent research on hyperinflation. We also look at the consequences of inflation for our customers\, especially in the retirement age. In the second part we analyse the various impacts of inflation in workshops and discuss potential mitigating actions. \n  \n  \nAnmeldeschluss: 2023-09-11
URL:https://avoe.at/event/eaa-web-session-how-can-actuaries-tackle-inflation-and-its-consequences/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230628T093000
DTEND;TZID=Europe/Vienna:20230630T123000
DTSTAMP:20260415T225224
CREATED:20230414T195227Z
LAST-MODIFIED:20230414T195227Z
UID:10000329-1687944600-1688128200@avoe.at
SUMMARY:EAA Web Session: Assets and Liabilities Management (Part 2: Advanced)
DESCRIPTION: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. \n  \nIn 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. \n  \nThe aim of this training is to: \n– Define what ALM is and describe the typical missions of an ALM department in an insurance company \n– Present the financial risks on which ALM classically focus as well as the requirements of the Solvency II regulation for insurance companies \n– Describe the essential quantitative ALM tools and methods used by insurance companies to evaluate and mitigate the risks \n– Illustrate the different concepts through numerical examples and case studies to make it practical and not just theoretical \n  \nThis ALM training starts with a first part (bookable separately) 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. \n  \nThis 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. \n  \nThe participants can follow a single part or both. \n  \n  \nAnmeldeschluss: 2023-06-26
URL:https://avoe.at/event/eaa-web-session-assets-and-liabilities-management-part-2-advanced/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230626T093000
DTEND;TZID=Europe/Vienna:20230626T113000
DTSTAMP:20260415T225224
CREATED:20230414T195114Z
LAST-MODIFIED:20230414T195114Z
UID:10000328-1687771800-1687779000@avoe.at
SUMMARY:EAA Web Session: Price Walking\, Demand Modeling & Price Elasticity
DESCRIPTION:Price walking\, demand modeling and price elasticity between theory\, regulation and practice \n  \nIn 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. \n  \nFirst 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. \n  \nThat 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. \n  \nFinally\, we will make the concepts discussed above concrete and explore various possible applications in a hands-on case study. \n  \n  \nAnmeldeschluss: 2023-06-22
URL:https://avoe.at/event/eaa-web-session-price-walking-demand-modeling-price-elasticity/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230623T100000
DTEND;TZID=Europe/Vienna:20230623T120000
DTSTAMP:20260415T225224
CREATED:20230414T201918Z
LAST-MODIFIED:20230414T201918Z
UID:10000332-1687514400-1687521600@avoe.at
SUMMARY:EAA Web Session: IFRS 17: Investment Components and Other Non-Service Payments
DESCRIPTION: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. \n  \n  \nAnmeldeschluss: 2023-06-21
URL:https://avoe.at/event/eaa-web-session-ifrs-17-investment-components-and-other-non-service-payments-2/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230614T090000
DTEND;TZID=Europe/Vienna:20230616T123000
DTSTAMP:20260415T225224
CREATED:20230414T195526Z
LAST-MODIFIED:20230414T195526Z
UID:10000330-1686733200-1686918600@avoe.at
SUMMARY:Assets and Liabilities Management (Part 1: Introduction)
DESCRIPTION: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. \n  \nIn 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. \n  \nThe aim of this training is to: \n– Define what ALM is and describe the typical missions of an ALM department in an insurance company \n– Present the financial risks on which ALM classically focus as well as the requirements of the Solvency II regulation for insurance companies \n– Describe the essential quantitative ALM tools and methods used by insurance companies to evaluate and mitigate the risks \n– Illustrate the different concepts through numerical examples and case studies to make it practical and not just theoretical \n  \nThis ALM training starts with this first part that is 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. \n  \nThe second part (bookable separately) 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. \n  \nThe participants can follow a single part or both. \n  \n  \nAnmeldeschluss: 2023-06-12
URL:https://avoe.at/event/assets-and-liabilities-management-part-1-introduction-2/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230613T090000
DTEND;TZID=Europe/Vienna:20230613T163000
DTSTAMP:20260415T225224
CREATED:20230414T202322Z
LAST-MODIFIED:20230414T202322Z
UID:10000333-1686646800-1686673800@avoe.at
SUMMARY:EAA Web Session: IFRS 17: The Variable Fee Approach – Basics and Challenges
DESCRIPTION: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. \n  \n  \nAnmeldeschluss: 2023-06-11
URL:https://avoe.at/event/eaa-web-session-ifrs-17-the-variable-fee-approach-basics-and-challenges/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Vienna:20230505T090000
DTEND;TZID=Europe/Vienna:20230505T123000
DTSTAMP:20260415T225224
CREATED:20230301T223345Z
LAST-MODIFIED:20230301T223345Z
UID:10000302-1683277200-1683289800@avoe.at
SUMMARY:IFRS 17: Guidance for Risk Adjustments
DESCRIPTION:IFRS 17 requires that risks inherent in the cash flows of the insurance contracts are considered in measurement\, differentiating between financial risks and non-financial risks. While the financial risks are measured at their current (estimated) market value\, non-financial risks are measured at “the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk”. \n  \nIdentifying the uncertainties\, for both amount and timing\, factors influencing the uncertainties like random deviations or changes of risk over time and differentiating between financial and non-financial risk for quantifying the risk and identifying the entity-specific risk aversion for associating a value to the estimated quantity of risk demands a deep understanding of the concepts of IFRS 17.
URL:https://avoe.at/event/ifrs-17-guidance-for-risk-adjustments/
CATEGORIES:European Actuarial Academy (EAA)
END:VEVENT
END:VCALENDAR