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Web Session "IFRS 17 - Derivation of the Adjustment & its Confidence Level" on 18 January 2022
Due to the high demand, our web session "IFRS 17 - Derivation of the Adjustment & its Confidence Level" will be organised in January 2002 for the second time.
Under IFRS 17, the Risk Adjustment is intended to measure the compensation that the entity requires for bearing the uncertainty associated with the amount and timing of the cash flows that arises from non-financial risk. The IFRS 17 Risk Adjustment creates challenges for both life and P&C (re)insurers such as how to estimate it and how to determine the confidence level needed for disclosure purposes.
This web session will first provide a presentation of the challenges related to the derivation of the Risk Adjustment and the fulfilment of the key IFRS 17 requirements related to its calculation. This will be followed by a discussion about the need for a proper confidence level disclosure methodology. The presentation will then provide an overview of methodological solutions and will include applications for both life and P&C companies.
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Web Session "Introduction to Graph Theory for Actuaries" on 26/27 January 2022
Graph theory is not only an important part of mathematical education. Its applications are widespread and of interest for economics, chemistry, Informatics, biology and engineers. Graph theory applies when net-like structures appear. That could be computer networks, traffic systems, electronic circuits, chemical compounds, economic relationships or social networks. In insurance context, graphs occur in operational risk, cyber risk, customer behaviour, reputational risk, natural catastrophes, climate change, and many other contexts. To understand these kinds of networks is essential for valuation of risk, developing measures or calculating scenarios. Actuaries and risk managers are encouraged to learn about these techniques for better modelling of non-linear interrelated risks.
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Web Session "Practical Application of Clustering in Insurance" on 16 February 2022
The following topics will be covered:
- Introduction into K-Means Clustering and variants thereof
- Cluster validation
- Visualization techniques for clustering results such as transformation or perturbation based approaches
- Brief introduction into the imputation of missing values in pre-processing or during clustering
- Clustering of mixed data types (numerical and categorical features)
The theoretical explanations will be accompanied by a practical example in R on a public data set showcasing a typical insurance application.
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Web Session "Operational Risk for Actuaries" on 3/4 March 2022
Operational risk is the risk of loss, arising from inadequate or failed internal processes, people and systems or from external events. That is the definition of operational risk for regulatory purposes. Operational risk management is usually part of ERM and actuaries are typically not involved in these processes. That is often because of poor data related to rare events and some lack of methodologies. The goal of this web session is to provide actuaries with tools and ideas how to better involve in operational risk management and how to use existing actuarial toolboxes to improve valuation of operational risk.
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Web Session "Communication for Actuaries" on 28-31 March 2022
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.
The 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.
The communication topics 9.1.1. to 9.1.8. of the AAE Core Syllabus are sufficiently to fully covered within this course.
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