13 Nov 2020
Web Session: Enterprise Risk and Quantitative Risk Management in Life Insurance: An Introduction
Risk Management (RM) constitutes a recent achievement for the actuarial culture and profession, especially if compared to the long history of actuarial mathematics. However, RM principles entered into the insurance field without “destroying” the actuarial methods. On the contrary, actuarial methods and relevant applications have been extended in order to properly capture risk-related issues. In this context, Enterprise Risk Management (ERM) provides guidelines for a sound management of risks. At the same time, ERM should improve actuaries’ awareness of corporate issues, for example: capital allocation, creation of value, business models, organization, etc.The objective of this web session is twofold. On the one hand, it aims to provide the participant with the basic concepts of ERM in life insurance, with a specific focus on the quantitative phases of the RM process, i.e. risk assessment, impact assessment and monitoring, which constitute the Quantitative Risk Management (QRM). On the other, the web session stresses the need to extend the (traditional) actuarial toolkit in order to capture in quantitative terms the risk profile of life insurance lines of business.The participant should then recognize a “bridge” between the traditional life insurance mathematics, mainly based on the equivalence principle and hence deterministic, and risk-oriented approaches, based on stochastic models (but also on appropriate deterministic assessments) and allowing for diverse scenarios.
Organised by the EAA - European Actuarial Academy GmbH.
The web session is open to all interested persons. Basic knowledge of actuarial mathematics is appropriate.
Technical requirements and test sessionPlease check with your IT department if your firewall and computer settings support web session participation (the programme Logmein is used for the web session). Please also make sure that you are joining the web session with a stable internet connection. On 6 November 2020, 10:00-10:30 CET, there will be a test session offered to all registered participants to test the software.
Purpose and Nature