20 Jun 2023
Mandatory Sustainability Reporting for Insurers – Actuarial Roles
Up to 2022 additional financial reporting on sustainability has been done on a voluntary basis by insurance companies. The reporting companies, usually larger groups, regularly involve actuaries in the corresponding preparation of information. Early in 2022 relevant institutions have started to prepare concrete financial reporting requirements at European level, which will become mandatory for insurance companies as well.
On global level the International Sustainability Standards Board (ISSB) published In March 2022 its Exposure Draft IFRS S2 Climate-related Disclosures, building on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporating industry-based disclosure requirements derived from SASB Standards. The ISSB expects to issue an IFRS Sustainability Disclosure Standard around the end of Q2 2023.
In November 2022 the European Parliament has adopted the Corporate Sustainability Reporting Directive (CSRD) proposed by the European Commission (EC) in April 2021. Already on 22 November 2022, the European Financial Reporting Advisory Group (EFRAG) submitted its first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC).
Organised by the EAA – European Actuarial Academy GmbH.
European Actuaries who are or will be involved in sustainability reporting activities of insurance companies.
Technical RequirementsPlease check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure that you are joining the web session with a stable internet connection.
Purpose and Nature
The online training is intended to provide participants with basic information on mandatory sustainability reporting of insurance companies located in Europe. The topic of “Green” insurance products will be discussed as well.
The main purpose is to speed up participants own activities.
Dr Dieter Köhnlein, Actuary DAV, CERADieter is non-life insurance actuary and statistician. After his academic career at the University of Bonn, ending with a Ph.D. in probability theory and mathematical statistics he started his work as practitioner as motor insurance statistician for the German motor insurers association (HUK-Verband). Before he entered 1998 into actuarial consulting at Tillinghast-Towers Perrin (Now: Willis Towers Watson) Dieter headed the Non-Life Actuarial department of Alte Leipziger Versicherung, Germany. Since 2006 Dieter has worked for several audit firms as an actuarial and risk management consultant including KPMG and Mazars. In 2020 Dieter has founded an own consultancy firm (Actuarial Risk Consulting GmbH) in Germany. Dieter is member of the German Actuarial Society (DAV) and has served in many committees and the DAV-Board for many years. In particular he is member of the DAV Sustainability Coordination Group.
Dr Ali Majidi, Actuary (DAV)Ali studied mathematics between 1997 and 2003 at the University of Duisburg-Essen in Essen, Germany. He concluded his academic career with a doctorate in mathematical statistics. After graduation, Ali worked for Philips Research in Aachen, Germany on speech recognition. This was followed by entering actuarial consulting at Tillinghast (now Willis towers Watson), where he worked on property-casualty insurance, and reinsurance projects. Other positions in insurance and reinsurance followed, including Solvency Consultant with MunichRE, Chief Risk Officer with Al Fajer Re in Kuwait as well as CRO and Compliance Officer of Emirates RE in Dubai. His current role is the Head of Controlling and Risk Management with the DMB Rechtsschutz (legal insurance arm of the German National Tenants' Association). In his current role, Ali is also the sustainability officer. Ali is a member of the German Actuarial Society (DAV).