Newsletter on EAA Websessions - 6/2022

 

 

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Newsletter on recently published EAA Websessions                 
6/2022

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!New web sessions online!

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Within the last few weeks, we have published three new EAA web sessions on ERM, Inflation and Resilience.
Enjoy reading our sixth EAA newsletter on web sessions in 2022!

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Web Session "Implementation of an Efficient ERMF-Process" on 26/27 October 2022
The world has significantly changed.
Imagine you were tasked with projecting a risk profile for your company for the coming 5 years in 2018. Would you have included a pandemic, a war in Ukraine and the climatological effects we are currently confronted with? Would you have considered the underlying changes in society which may cause some further risk events, we are currently not fully aware of?
It shows us that the way we act as risk managers needs to change. First of all, we need to analyse the allocation of our time to the risk management activities and the value we create for our businesses. Regulation is forcing us to perform activities like risk and control assessments which added value clearly reduces over time. Risk indicators still play a small role in most business and the implementation of these turns out to be difficult. The concept itself, however, is a key to solve other problems.
Except for getting the basis right, we need to bring risk management to all of our colleagues. It needs to be part of our DNA. It should be one aspect before we take decisions and it should enable us to guide through extra-ordinary times.
further details

Web Session "Resilience for Actuaries" on 2-4 November 2022
For more than two years now, we have involuntarily found ourselves often in unknown territory, maybe even too often! Things that had never been imagined in any scenario analysis did happen. We needed and still need to quickly adapt to an ever-changing environment as we don’t know what the future holds for us. While trying to juggle with all that adaptation, it also means that “business as usual” needs to get done.
Needless to say, that “business as usual” can also bring its share of challenges and stress with time-consuming projects (e.g. IFRS 17), ad-hoc queries and analyses and back-to-back meetings.
While actuaries are experts at quantifying risk and uncertainty in their sleep, being awake in the new normal can bring its load of (new) uncertainties that can’t be quantified but need to be managed at a personal level. To build resilience is like to build a robust internal re-assurance program for you! You’ll be in a better position to absorb shocks and volatility, even when things seem out of control.
further details

Web Session "How Can Actuaries Tackle Inflation and its Consequences?" on 16 November 2022
Inflation does not come and does not go on its own.
It is not that long ago that even ECB-Directors were clearly stating that the heightened inflation rates were only temporary. Even shortly before Christmas 2021 this statement was firmly positioned. It did not hold for long in 2022.
What are the main drivers for the change of opinion? Without being exhaustive the following points can be mentioned:

  • Central Bank’s quantitative easing actions,
  • Increase of energy prices (esp. oil and gas),
  • Increase of Wheat prices,
  • Increase of prices of semiconductors.

These effects were significantly stressed by:

  • The war in the Ukraine
  • The ESG effects (Carbon certificates and pricing increases due to tax effects over CO2  levies).

Inflation 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 we have seen for some time now. The situation has changed since the Ukraine war. The FED is now increasing the interest rates and ECB is expected to do so in summer 2022. Real rates are still negative.
further details

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­Coming soon ....

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13 June 2022
Web Session: "Climate Day 3.0: Actuaries & Climate Scientists Join Forces"
further details


14 June 2022
Web Session: "IFRS 17: The Premium Allocation Approach"
further details

23 June 2022
Web Session: "How to Read the New IFRS Balance Sheet for Insurers"
further details

... and a lot more! Explore our website for more information.

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actuarial-academy.com

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