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EAA "Climate Day 4.0" on 19 June 2023
The debate on climate change has rapidly evolved in recent years. It is no longer on whether the evidence of human impact on climate change is real, but on whether key mitigating strategies being adopted are sufficient.
For insurance industry, climate change manifests itself through a variety of risks on the asset and liability sides of the balance sheet.
In our Climate Day 4.0, we are going to zoom into the following topics:
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Web Session "Mandatory Sustainability Reporting for Insurers – Actuarial Roles" on 20 June 2023
Up to 2022 additional financial reporting on sustainability has been done on a voluntary basis by insurance companies. The reporting companies, usually larger groups, regularly involve actuaries in the corresponding preparation of information. Early in 2022 relevant institutions have started to prepare concrete financial reporting requirements at European level, which will become mandatory for insurance companies as well. On global level the International
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Web Session "Introduction to Natural Catastrophe Modelling" on 4 July 2023
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
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Web Session "Recent Developments in Climate Risk Scenario Analysis" on 7 September 2023
Due to its great success in March 2023 and to some requests for a re-run of our session, we are pleased to offer this online training again:
Methodologies on Climate Scenario Analysis for insurers have been developing rapidly over the last years. Ongoing attention by all stakeholders, pilot exercises all over the world and a substantial increase in awareness towards climate-related risks have incited insurers to develop and refine their stress
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Web Session "Extreme Risk Analysis" on 18/19 October 2023
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
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Web Session "Emerging Risks" on 14 November 2023
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
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Web Session "The Integration of the ESG Factors in the Insurance Industry" on 15 November 2023
The insurance sector plays a key role towards a sustainable transformation of the economy, covering two main functions: as investors, insurers may redirect public and private investments through their investment strategies, and as providers of protection and risk managers, they may positively impact the transition through their underwriting policies and product design.
Insurance entities must be fully aware of this pivotal role they play for the
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Web Session "Loss of Nature & Insurers: Implications & Risk Management Approaches" on 5 December 2023
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 the loss of nature, can represent a source
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