Update on Insurance Topics
Announcements from the Actuarial Association of Europe organiser:
PURPOSE:
Solvency II
The current review initiated by a request from the European Commission can lead to significant changes of the Solvency II framework. Because of the Covid-19 pandemic the due date for EIOPA’s opinion on the Solvency II – review 2020 has been switched to end of December 2020. The two Consultation Papers on EIOPA’s opinion and the scenarios tested in the holistic impact assessment deliver nevertheless first insights into EIOPA’s tentative proposals. We will present some topics affected significantly thereby.
COVID-19
The impact of Covid-19 across the world has been enormous and it will have significant long term social and financial implications for economies, governments, corporate entities and individuals. It has affected many areas of exposure for (re)insurance companies and pension schemes through features such as lower and more volatile asset prices, impacts on mortality and morbidity rates, operational risk, etc. This session will look at the key impacts, ways in which actuaries can provide inputs and considerations for regulatory authorities. It will also look at actuarial insights to wider areas in which Covid-19 has impacted.
IFRS17
IFRS 17 is expected to be endorsed in the EU by 1 January 2023. An effective implementation of the new reporting standard requires stronger coordination and cooperation between actuaries and accountants than before.
Sustainable finance
An overview will be provided on the EU’s sustainability plans and its green deal and what is required from the insurance sector. Also included will be what can be expected in the next years in this field.
To make a reservation, click here
Registration closes on 30 August cob 2020.
Participation is free of charge and open only to actuaries who are members of one of the AAE Member Associations.
It is mandatory to attend the test session scheduled for 2nd September 2020 from 9.00 am - 10.00 (GMT)
Moderator’s welcome and introduction
Tony O’Riordan, Chairperson of the AAE Insurance Committee
Solvency II 2020 review
Speaker: Siegbert Baldauf, Solvency II Project Leader
Siegbert will present the current status of the review process and some of EIOPA’s
tentative proposals to change Solvency II.
The Consultation papers on the Solvency II review and the holistic impact assessment
conducted in 2020 serve as a basis for these proposals.
COVID-19
Speaker: Tony O’Riordan, Chairperson of the AAE Insurance Committee
Tony will talk about the key impacts, ways in which actuaries can provide inputs and
considerations for regulatory authorities. He will also look at actuarial insights to wider
areas in which Covid-19 has impacted.
AAE insights to IFRS17
Speaker: Kristoffer Bork, Chairperson of the AAE IFRS17 Working Group
Kristoffer will talk about the roles of actuaries in the reporting process under IFRS17.
Actuaries can contribute to the reporting, and often will be involved. Kristoffer will
discuss potential formal and statutory roles of actuaries as well as actuaries’
coordination and cooperation with accountants and auditors.
Sustainable finance
Speaker: Lauri Saraste, Vice-Chairperson AAE Insurance Committee
Lauri will provide an overview on what will be required from the insurance sector stay
aligned with the EU’s sustainability plans and the “Green Deal”. Moreover, Lauri will
outline the expectations within this field for the upcoming years. Many of these
requirements on sustainability can already be seen as something that requires
actuaries’ involvement, skills and thinking around the developments. This presentation
identifies some of the areas where actuaries could contribute in answering to these
new requirements.
Q&A
Tony, Lauri, Kristoffer and Siegbert will respond to participants’ questions