European Actuarial Academy (EAA)

The consequences of biodiversity and ecosystem loss for humanity as a whole are potentially devastating. Ecosystems and biodiversity, among others, can be considered a source of defence against the effects of climate change and are closely interconnected with it.   Omitting to consider the importance of these aspects, mitigation and adaptation to the consequences of […]

More than three years into the pandemic, uncertainties still remain about the ongoing and long-term impact on health caused by the Covid-19 infection and the pandemic situation. This includes sequelae of the acute infection such as "Long Covid" as well as cardiovascular risks (e.g., heart attacks and strokes), but also indirect effects such as disrupted […]

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 […]

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 […]

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 […]

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.   […]

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 […]

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 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 […]