AAE & actuview - CPD for actuaries in Europe
Thanks to AAE's central partnership with the actuarial streaming platform actuview, all AAE Member Associations (MAs) and their members &
students are eligible to using the platform free of charge until 2027.
Since the last report, the AAE has added exciting new content to its channel:
All recordings from ECA 2026
Find the recorded presentations from the successful congress in Paris now on actuview:
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Plenary I: Message from EIOPA and a Strategic Update from AAE with Petra Hielkema and Matthias Pillaudin
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Plenary II: Future-Proofing Insurance for an Ageing Society with Augusto Diaz-Leante, Birgit König, Hélène Schernberg, and Jette Lunding Sandqvist
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Plenary III: Strengthening Trust: Regulation, Risk Management, and Consumer Protection in a Changing World with Evelyne Massé, Flore-Anne Messy, Malcolm Kemp, and Simon Le Dily
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Plenary IV: AI in Insurance: Innovation, Responsibility, and Governance with Bogdan Tautan, Christophe Heck, Cornelius Vogel, Fabrice Staad, and Nivien Shafik
All recordings can be found here: European Congress of Actuaries 2026
Latest AAE Webinars, TEA Interviews and Podcasts
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AI Governance and Risk Management: Perspective from Insurance, Medicine and Space Sectors with Bogdan Tautan, Claudio Senatore, Denise Umuhire, Esko Kivisaari, Ora Buch Kornreich, and Orsolya Eötvös
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Wake-Up Call: How (and Why) People’s Awareness on Pension Issues Should Be Raised? with Diego Valero, Gregorio Gil de Rozas, Maria Economou, Nicolas Barr, Tatiana Bitunska, and Tibor Parniczky
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Insurance Recovery and Resolution Directive – what, why and when with Arjen Prinsen, Lauri Saraste, and Mike Claffey
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TEA No. 46 | Addressing AI Risk in the Industry, Interview with Claudio Senatore
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TEA No. 45 | Using Modelling for a Healthy Future , Interview with Camilla Holm
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The AAE Podcast: Episode 3 on Pension Tracking Services, with André Geilenkothen, Jeroen van den Bosch, and Michael Visser
Education Committee
The AAE Education Committee met on-line on 23 April.
The main topics in the agenda were updates on their progress provided by the Committee’s Task Forces.
Competency Framework Task Force: the Committee reviewed the changes introduced in the document to reflect feedback from the Education Committee and the Professionalism Committee at their September 2025 meetings. The framework does not impose any additional requirements beyond the existing AAE Core Syllabus and AAE CPD Guidelines. – and would not therefore have any direct impact on the AAE Mutual Recognition Agreement. The intention is that the Framework should be used as a supportive tool for both the AAE and member associations when developing their CPD/Education programs.
After discussion in the meeting of the Education Committee, the AAE Competency Framework was presented to the Professionalism Committee and finally sent to the Board, which approved it on 20 May 2026.
An AAE webinar to present the AAE Competency Framework took place on 21 September 2026, aiming to raise awareness ahead of the AAE General Assembly in Málaga.
Education on Sustainability Task Force: this TF is a broad group including members from the Education Committee and the AAE Working Group on Sustainability, with the mandate to create a framework and key topics relevant to actuaries for sustainability education, supporting both CPD and initial education. The TF developed a working draft by reviewing the Core Syllabus and external sources, organizing topics into six main areas inspired by the risk management cycle. The draft aims to provide associations with material to orient their sustainability education efforts. The next phase involves splitting into smaller groups to develop introductions and reference materials for each area.
Student Mobility Task Force: findings from a questionnaire on student mobility - which was circulated to the member associations (MAs) - were presented and discussed. The TF received responses from 18 MAs, revealing low student mobility rates (5–10% typically, with exceptions like Austria and Serbia) and identifying obstacles such as local legal frameworks, language barriers, lack of Erasmus network membership and differences in program structure. The main benefits of student mobility were seen in both study quality and career development. Compliance with the Core Syllabus is typically checked individually before and after mobility, with some universities designing specific tracks for mobile students. The idea of the AAE facilitating a network for universities to coordinate mobility was discussed and supported in the meeting, acknowledging the diversity of systems and the importance of language and program compatibility.
After the meeting, the TF has continued gathering information from Member Associations, trying to identify universities interested in forming a network to promote mobility.
Cybersecurity Task Force: The TF has focused on identifying European institutions, regulations, and methodological frameworks relevant to cyber risk and cybersecurity, as well as compiling a glossary of key terms for the actuarial profession. In the meeting it was emphasized the need for more volunteers to join the TF, either committee members or their colleagues with relevant expertise to participate.
Additionally, at the on-line meeting an update on the review of IAA Education Syllabus which is currently being done by a Task Force of the IAA Education Committee was provided. In particular, the revised syllabus will introduce topics of sustainability (ESG) and a new section on Data Analytics and Artificial Intelligence, with learning objectives reflecting the growing importance of AI in actuarial education and practice.
Insurance Committee
The first half of 2026 was characterised by intensive engagement of the Insurance Committee in several major European insurance policy and regulatory developments. The Committee continued to coordinate actuarial input across Solvency II implementation work, the Insurance Recovery and Resolution Directive (IRRD), insurance guarantee schemes (IGS), consumer protection initiatives, sustainability and climate-risk topics, discrimination and fair treatment discussions, and emerging issues related to artificial intelligence. In parallel, the Committee participated in dialogue with European stakeholders including EIOPA, the European Commission (DG FISMA) and Insurance Europe.
The Committee held a teleconference on 30 March 2026 and a formal spring meeting on 23 April 2026. During the spring meeting, members reviewed ongoing regulatory developments, working group activities and consultation responses. Particular attention was given to succession planning and continuity of committee leadership, including discussing the process for selecting the next Insurance Committee Chairperson as well as the appointment of a new Chairperson for the Solvency II Working Group. Uroš Kovač was unanimously approved as the new Chairperson of the Solvency II Working Group.
The Committee also continued its broader governance work by reviewing future updates required to ESAP2, ESAP3 and EAN1 and began preparations for a more comprehensive review of these actuarial standards together with relevant AAE bodies.
Solvency II remained one of the Committee’s most important workstreams during the period. Following completion of the Solvency II review legislation and delegated acts, the Committee focused on practical implementation issues, supervisory convergence and simplification initiatives. Discussions covered volatility adjustment methodology, interest-rate risk calibration, long-term equity investments and the treatment of several technical interpretation questions arising from implementation.
The Committee coordinated AAE responses to several EIOPA consultations, including:
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Revised Guidelines on Valuation of Technical Provisions.
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RTS on Simplified Calculation of the Risk Margin.
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Simplification and proportionality related consultations.
By June, the newly appointed Solvency II Working Group leadership had initiated a technical paper addressing open issues related to credit spread sensitivity, interest-rate risk modelling and long-term equity treatment. These topics were also discussed with external stakeholders including Insurance Europe and DG FISMA. The technical paper was sent to EIOPA on July.
IRRD became one of the fastest-growing areas of activity during the first half of 2026. Following extensive preparatory work in 2025, the Committee formally launched a dedicated IRRD Working Group under the chairmanship of Mike Claffey. The Working Group focused on pre-emptive recovery planning requirements, resolution planning, supervisory expectations and implementation challenges ahead of the Directive’s application date in 2027.
A major area of attention was EIOPA’s work on minimum harmonisation of Insurance Guarantee Schemes. The Committee organised a European webinar in February 2026 addressing IRRD and IGS topics and contributed actively to consultations and policy discussions. Key issues considered included funding models, cross-border protection arrangements, policyholder protection objectives and interactions between IRRD and existing national frameworks. In addition, several critical questions remain unresolved regarding funding arrangements, home-host jurisdiction issues and policyholder protection objectives.
Consumer protection continued to receive significant attention through the Consumer Protection Working Group. The Committee monitored developments relating to the Retail Investment Strategy (RIS), the evolving Value-for-Money framework, PRIIPs reviews and national benchmark discussions. Particular concerns were raised regarding the practical implementation of benchmarks for insurance-based investment products and the challenges associated with producing meaningful and understandable consumer information.
The Committee followed both legislative and supervisory developments closely and began preparations for further AAE policy work expected during Level 2 and Level 3 phases of RIS implementation. The topic was also discussed extensively with Insurance Europe and identified as a continuing priority for future AAE engagement.
One notable new workstream during 2026 concerned discrimination and fair treatment within insurance. The Committee supported a cross-committee initiative examining the relationship between actuarial risk differentiation, anti-discrimination legislation and social policy objectives. Particular attention was given to the “Right to be Forgotten”, chronic illnesses, disability and health-related underwriting questions.
The Committee actively contributed to EIOPA’s work on fair treatment of consumers with chronic illnesses and participated in stakeholder discussions involving diabetes and HIV-related insurance access. The Committee’s contribution emphasised balancing actuarial fairness, risk-based pricing and consumer protection objectives.
The Committee monitored developments relating to IFRS 17 and the IASB Exposure Draft on Risk Mitigation Accounting. A dedicated working group assessed implications for asset-liability management, macro-hedging and future actuarial contributions to accounting developments. The Committee encouraged broader participation from Member Associations and explored coordination opportunities with international actuarial organisations.
At the same time, the Economics & Finance Working Group resumed activity with a new focus on liquidity risk management, horizon scanning and practical actuarial support for emerging prudential topics. Liquidity risk was identified as a likely future regulatory priority requiring substantial actuarial expertise.
The Non-Life Working Group completed substantial work analysing two pan-European surveys covering agricultural insurance and weather-data availability. The surveys demonstrated increasing demand for actuarial involvement in agricultural insurance and highlighted growing importance of weather and climate data for risk assessment, catastrophe modelling and climate-related insurance developments. In July, a call for candidates for the next non-life WG chairperson was launched with the aim to find a successor to Christoph Krischanitz by AAE 2026 annual meeting.
Pensions Committee
The members of the AAE’ PC performed a number of different activities during the first half of 2026.Topics like regulation of the IORPs and PEPP, the risks provoked by aging population for the public pensions, quality of living and pension adequacy, financial literacy and the value added by developing the PTS systems across Europe have been main focus in our work.
Following the presentation given by the SSSC to Eurostat Pensions Expert Group Meeting in 2025 on "The actuarial perspective of the Table 29 pension exercise", the SSSC received the invitation to attend as well the 2026 meeting.
SSSC decided to proceed with a further analisys on the data published in AR and PAR 2024 reports. On that basis, a Survey among the members of the EC units worked on these reports was organized. The main purpose was to find out the extent of the impact both reports have on the AAE Member States. The important question from actuarial perspective is how such reports potentially could serve the decisions in the area of pension reforms in the Member State’s.The Survey collected 47 responses from 26 different countries.
The questionnaire results indicated that the Ageing Report and the Pension Adequacy Report are widely recognised as important analytical tools within government institutions and expert communities. However, their visibility and impact beyond these circles remain limited in many countries. There is a clear demand for enhanced discussion, improved communication, and stronger links between EU-level analysis and national policy debates. Strengthening dissemination strategies, improving accessibility, and encouraging national engagement could significantly increase the policy relevance of both reports.
The AAE received two invitations, one from the Ageing Working Group (AWG – ECOFIN) and one from the Adequate Social Protection in Old Age group (ADAGE – Social Protection Committee ) to present the survey results in the group meeting.
Meeri Kesälä and Tibor Parnitzski participated in the on line meeting with AWG in May.
On June 25 Meeri presented the survey results in the face to face meeting of the Adequate Social Protection in Old Age group of the Social Protection Committee.
The last discussion paper produced by the SSSC has been presented in the European Congress of Actuaries 2026 in Paris.
Professionalism Committee
Statutes and Governance review:
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The revised AAE Statutes and new AAE Internal Regulations have been unanimously approved by the General Assembly on 26 September 2025. Both have come into force on 1 January 2026. Consequently, all governance documents had to be checked for compliance with this new governance framework.
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The revised Terms of Reference of the Board of Directors and the Nominations Panel as well as the document “Links between Board and Committee Chairs” will be submitted for approval to the next General Assembly, which will take place on 9 October 2026 in Málaga, Spain.
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The documents “Guidelines to appoint vice-chairs of committees” and the “Protocol to establish subordinate bodies” were both unanimously approved by the Board and have already been uploaded to the AAE website.
Actuarial Standards Subcommittee:
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The AAE has issued ESAP 1, the European model standard on general actuarial practice, on 3 October 2014, revised on 11 October 2019, which is basically the same as ISAP 1 issued by the International Actuarial Association (IAA). In addition, the AAE has issued the AAE Glossary including the definitions for specific terms used in ESAPs.
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The IAA has issued a modified ISAP 1 with an updated IAA Glossary aiming for adoption by the IAA Council in November this year. These final exposure drafts were prepared by a joint Task Force of the IAA and the AAE.
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The Actuarial Standards Subcommittee (ASSC) has revised ESAP 1 in line with ISAP 1 and prepared Exposure Drafts for consultation until 15 August 2026. A final electronic approval by the General Assembly is envisaged for late 2026.
AI / Data Science Working Group:
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The AI/DS Working Group continuous to be very active. The AAE Webinar: “AI Governance and Risk Management – Perspectives from Insurance, Medicine and Space” on 13 April 2026 was well received. The recordings are available on the AAE’s YouTube channel and on actuview (log in to actuview required).
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The Working Group has responded to several consultations, in particular on the draft guidelines on the classification of high-risk AI systems published by the European Commission. The WG is also building relationships with the new AI Office.
Engagement of volunteers:
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The task force has continued its work in close coordination with the Communication Panel. Regular meetings have been held to develop a questionnaire for written volunteer interviews and the volunteer survey, both of which shared through the Communication Panel. In addition, the task force prepared a paper for FMAs outlining the benefits of volunteering.
Code of Professional Conduct:
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The revised AAE Code of Professional Conduct has become effective 1 January 2027. Member associations are therefore invited to check their local Codes of Professional Conduct for compliance and, if applicable, discuss necessary amendments. The AAE Code is available here under the Governance section of the AAE website.
Risk Management Committee
General Committee Activities and Main Discussion Points
During the first half of 2026, the Risk Management Committee continued to strengthen its role as a forum for discussing emerging risks, regulatory developments, professional guidance, and thought leadership within the actuarial profession. The Committee maintained active engagement with a broad range of topics including model risk management, sustainability and climate-related risks, pension risk management, artificial intelligence, geopolitical risk, conduct risk and various regulatory consultations.
A significant focus was placed on enhancing collaboration across AAE committees and working groups, strengthening the profile of actuaries as risk managers, and identifying areas where the actuarial profession can contribute to evolving policy discussions. Within the committee a series of exchanges between members associations took place, allowing members to share insights on emerging risks, regulatory implementation challenges, and developments in their local markets. Topics such as AI governance, demographic developments, conduct risk, regulatory proportionality and the growing importance of model governance were part of the discussions.
Model Risk Management Paper
The working group continued to make steady progress. The paper is currently being developed as a discussion document aimed at addressing the limited guidance currently available on model risk management within the insurance and pension sectors and supporting future policy discussions. The group currently refines the paper's structure, clarifying model risk definitions, and strengthening its discussion of international regulatory perspectives. Discussions also considered differences between existing regulatory approaches and the relative absence of dedicated model risk requirements in Europe outside certain Solvency II provisions.
Particular attention was given to the growing relevance of artificial intelligence and machine learning. As AI and digitalisation are highlighted as priority emerging risks, future extensions of the paper might be developed.
Update on the Terms of Reference Discussion
The Committee dedicated effort during the reporting period to reviewing and modernizing its Terms of Reference (ToR). A dedicated working group was established to undertake this work and met regularly to prepare revised proposals for Committee consideration. The revised ToR seek to better reflect the Committee's current activities and strategic ambitions. Discussions focused on improving collaboration with industry stakeholders, enhancing engagement with Chief Risk Officer networks, clarifying the relationship between actuarial and risk management functions, and strengthening the Committee's contribution to education and professional guidance.
Sustainability and Climate-Related Risks Working Group
The Sustainability and Climate-Related Risks Working Group remained highly active throughout the period and continued its work on the protection gap initiative. The working group finalized the discussion paper examining climate-related protection gaps and explored opportunities to align its work with broader European policy discussions and recent publications from EU institutions and supervisory authorities.
An important area of exploration involved the role of parametric insurance and reinsurance solutions in addressing protection gaps. Discussions focused on practical applications, potential benefits and limitations, including basis risk considerations. The topic continues to attract interest as a possible avenue for enhancing societal resilience against climate-related risks. The working group also broadened its scope beyond traditional climate topics to include wider sustainability issues. Discussions included health span and longevity, social sustainability, fairness in insurance and pensions, and discrimination-related matters.
In addition, the working group started to work on the update of their Terms of Reference.
End of August, the group was actively engaging with EIOPA regarding the protection gap work and was considering additional extensions, including the role of parametric solutions and reinsurance mechanisms and the facilitation of a webinar with participants from EIOPA in a panel discussion.
Pensions Risk Management Working Group
The working group continued the development of its Quantitative Risk Management (QRM) for Pensions discussion paper. The initiative aims to address a gap in the available risk management guidance for pension arrangements that fall outside Solvency II frameworks. The group developed a conceptual framework identifying key stakeholders and risk exposures relevant to pension schemes and outlined a discussion paper structure covering definitions, scope, literature review, regulatory considerations, quantitative risk measures and future developments. The working group also prioritised contributions to the European Commission consultation on amendments related to the IORP II framework. The group contributed to discussions on governance, value-for-money considerations and stress testing.
Other Activities, Emerging Risks and Notable Discussions
The Committee devoted considerable attention to identifying and discussing emerging risks affecting the actuarial profession and broader financial sector. AI and digitalisation featured prominently throughout the reporting period. Members discussed risks associated with AI governance, model development, increasing autonomy of AI systems, cyber risk, and the implications of the EU AI Act. The Committee also contributed to discussions surrounding consultations on the classification of high-risk AI systems and the insurance sector's concerns regarding disproportionate regulatory burdens.
Emerging risk discussions also included ageing populations, health-related risks, geopolitical tensions and climate-related challenges. Preparations commenced for interactive workshops dedicated to ageing and health risks and geopolitical risks, reflecting the priorities identified through previous Committee surveys.
The April meeting featured an in-depth session on conduct risk within UK financial services, covering customer outcomes, principles-based regulation and the growing regulatory focus on non-financial misconduct. The Committee also received a case study on business continuity management under extreme geopolitical circumstances, highlighting lessons learned regarding crisis preparedness, operational resilience, and scenario-based decision-making. These discussions provided practical insights into enterprise risk management under conditions of uncertainty.
Finally, the Committee continued to monitor developments across Europe through national association updates. Key topics raised included climate-related catastrophes, cyber risk, AI adoption, DORA implementation, Solvency II reviews, IRRD implementation, demographic trends, and evolving regulatory frameworks. These exchanges reinforced the value of international knowledge sharing with valuable input into the Committee's ongoing assessment of emerging and evolving risks.
