Events Library

After having reviewed the current state of the cyber-environment, we underline its evolutions and essential characteristics from a social point of view. We then distinguish between cyber-security and cyber-risk management by showing how both approaches are complementary to make society more resilient to cyber-risks. We then review the state of the insurance market for cyber-risk. We show that this market needs to develop a lot to answer the social needs. We end our presentation by discussing the various techniques used to build credible risk models for this risk. We will insist on the need to have multi-disciplinary approaches to tackle the problem. We conclude on the social need for cyber insurance cover.

Phase 2 ASTIN Big Data Working party focused on introducing key Predictive Modeling methods used by actuaries. Phase 2 has a focus on hands-on applications. Because of the focus on applications, the working party work emphasizes applications and examples using publicly available databases and downloadable code. The R open-source software package was used in our examples. The working party output is intended to be used as an educational tool in predictive modelling and machine learning by actuaries. Members of the Working Party identified an insurance database from a 2000 modelling competition. The data set was distributed and to all Working Party members for their modelling work. The following are methods that the working party is introducing: •Unsupervised Learning (Principal Components and Clustering) •MARS (Multivariate Adaptive Regression Splines) •Trees •Ensemble models •In addition, deep learning neural networks, which were introduced by a separate ASTIN Working Party, is applied to the data for comparison to the other methods. •GLMs were used as a benchmark

Topics:

Defined Ambition Defined ambition is the UK term for a new type of risk sharing plan – one where the member shares in certain financing risks of the plan and benefits paid can go up or down accordingly. There is growing interest in risk sharing plans around the world. The Netherlands has been leading in this area in Europe and Canada is also developing its own version of risk sharing plans. Andrew will share with us the work he has been heading with UK Government and industry to issue new legislation to establish and grow risk sharing plans in the UK.

Extra terrestrial Influences on Nature’s Risks

ASTIN Sessions - Mexico City 2012

Episode 1 – Managing Capital of a Reinsurance Group Today Explore the challenges and modern approaches to managing capital within reinsurance groups, focusing on practical strategies for financial strength and regulatory compliance. Presented by Michel Liès.

Episode 2 – The Role of the Actuary in Assuring Sound Risk Management Practices in Financial Services An overview of how actuaries contribute to sound risk management frameworks across financial services, emphasizing their evolving responsibilities and impact. Presented by Patricia Guinn.
Episode 3 – Microinsurance: Some Opportunities and Challenges for Actuaries A discussion on microinsurance products, highlighting the actuarial challenges and opportunities in designing and pricing these products for underserved markets. Presented by Craig Thorburn.

Episode 4 – The Modeling of Rare Events: From Methodology to Practice and Back A deep dive into modeling rare but impactful events, balancing theoretical frameworks with practical implementation in risk management. Presented by Paul Embrechts.
Episode 5 – Valuation and Solvency of Long-Term Insurance Liabilities Insight into current techniques and challenges in valuing long-term insurance liabilities and ensuring solvency under evolving regulatory standards. Presented by Pierre Devolder & Gabriela Piscopo.