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Webinar on Prudential Regulatory Developments with Respect to Financial Risk Management hosted by the Banking Virtual Forum (BVF) will provide an overview of the key changes to the capital requirements for banks under finalized Basel III – their background, implications and considerations going forward.
Virtual Event
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Virtual Event
The localized nature of severe weather events leads to a concentration of correlated risks that can substantially amplify aggregate event-level losses. We propose a copula-based regression model for replicated spatial data to characterize the dependence between property damage claims arising from a common storm when analyzing its financial impact. The factor copula captures the location-based spatial dependence between properties, as well as the aspatial dependence induced by the common shock of experiencing the same storm. The framework allows insurers to flexibly incorporate the observed heterogeneity in marginal models of skewed, heavy-tailed, and zero-inflated insurance losses, while retaining the model interpretation in decomposing latent sources of dependence. We present a likelihood-based estimation to address the computational challenges from the discreteness and high dimensionality in the outcome of interest. Using hail damage insurance claims data from a US insurer, we demonstrate the effect of dependence on claims management decisions.
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This webinar will present the IAA paper “Sink or Swim: An Actuary’s Primer to Water Risks”, developed by the Water Risk Task Force of the International Actuarial Association (IAA). Authored by Andries Schutte, Hayley Clarke, Sara Goldberg, and Emily Forsyth-Davies, the paper is one of the key deliverable of the Task Force’s mandate to advance awareness, share knowledge, and strengthen the actuarial profession’s role in addressing water-related risks. The session will highlight the paper’s insights into the multi-dimensional nature of water risks, their implications for financial systems and society, and how actuaries can contribute to sustainable solutions and informed decision-making. |
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Virtual Event
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Virtual Event
ASTIN: Constructing Insurable Risk Portfolios Through engaging case studies, viewers will learn how to build optimal insurable risk portfolios.
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Virtual Event
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Virtual Event
This webinar will explore new practice areas for actuaries in the context of climate change. It aims to provide a broad overview of areas where actuaries can apply their skills and expertise to assist with climate change risks and opportunities, and thereby support the transition to a low-carbon economy, whilst also helping to manage the risks associated with such a transition (including not transitioning). The session will draw on current literature, case studies, industry practice and stakeholder interviews. The session covers current and potential areas of practice relating to climate risk management, risk and emissions modelling, insurance, finance and investments, strategy setting, governance, reporting and regulation, government, and other areas of corporate support. The webinar also addresses, at a high level, areas in which actuaries will be required to enhance their technical climate knowledge to enable actuarial practice.
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Virtual Event
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Virtual Event
The additive reserving model assumes the existence of volume measures such that the corresponding expected loss ratios are identical for all accident years. While classical literature assumes these volumes are known, in practice, accurate volume measures are often unavailable. The issue of uncertain volume measures in the additive model was addressed in a generalization of the loss ratio method published in 2018. The derivation is rather complex and the method computationally intensive, especially for large loss development triangles. We present an alternative approach that leverages the well-established EM algorithm, significantly reducing computational requirements.
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This webinar explores the evolving cyber threat landscape, and the steps organizations can take to build resilience. Drawing on insights from simulated sophisticated cyberattacks, we will share key lessons learned, highlight the most common pitfalls that leave businesses vulnerable, and provide actionable recommendations to reduce risk. Framed in the context of current and emerging threats including ransomware, AI-driven attacks, and supply-chain vulnerabilities, this session aims to equip decision-makers with clear strategies to strengthen defenses, improve response readiness, and ensure business continuity in the face of an increasingly hostile digital environment. |
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The purpose of the IAA is to encourage the development of a global profession, which will ensure that the public interest is served. A key component in achieving the goals of the IAA is the work that is carried out through our Council and Committee meetings which take place virtually or in person in various regions of the world. These meetings provide an opportunity for numerous groups to discuss ongoing projects and consider new developments. In bringing together actuaries and other experts from around the world, these meetings are key events for the international actuarial profession and the global financial industry to network and collaborate. |
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Virtual Event
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Virtual Event
Amidst the recent flurry of activity around AI, actuaries will be in good company as they consider how to extract the benefits of AI advancements, while avoiding their downside risks. Actuaries that develop and deploy AI systems must consider how to deliver the potential gains in accuracy and speed, while avoiding risks like biased decision-making. At the same time, they must carefully consider how AI systems will integrate into employee workflows. Responsible AI and human-centric AI offer valuable guidance to address these issues and can assist actuaries in realising the benefits of AI.
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