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 […]
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. Anmeldeschluss: 2024-01-29
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 […]
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 […]
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 […]
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. Even if these laws have substantial influence on the calculation of tariffs, the […]
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 […]
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. Anmeldeschluss: 2023-11-08
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 […]
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 […]
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 […]
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 […]
