[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-detail-398841-en":59,"doc-seo-398841-105":81},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":5,"data":60},{"doc_id":61,"user_id":62,"nickname":63,"user_avatar":64,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":66,"doc_content":67,"file_id":68,"file_url":69,"file_type":70,"file_size":71,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":72,"language":73,"language_code":74,"site_id":75,"html_lang":74,"table_of_contents":76,"faqs":77,"seo_title":78,"seo_description":66,"update_tm":79,"read_time":80},398841,962085564381,"Bintang","https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","THE EUROPEAN ACTUARY - Issue 32 - DEC 2022","Quarterly magazine of the Actuarial Association of Europe, Issue 32 (December 2022), focusing on solvency regulation and the evolving actuary profession. The publication covers “Getting Under the Skin of Solvency II,” challenges and chances, and revisits IFRS 17, alongside discussions of the future role of the actuary. It includes an interview with Karel Van Hulle on uncertainty, risk measurement, data science’s role in pricing and reporting, and the purpose and approval of internal models under Solvency II.","QUARTERLY MAGAZINE OF THE ACTUARIAL ASSOCIATION OF EUROPE  \n2  \nGETTING UNDER  \nTHE SKIN OF SOLVENCY II  \n12  \nCHALLENGES OR CHANCES  \n23  \nIFRS 17 REVISITED  \nNO 32  \nDEC 2022  \n7  \nTHE FUTURE ROLE OF THE ACTUARY  \nTHEME  \nTHE NEW ROLE OF THE ACTUARY  \n25  \nFIT AND PROPER-AN OPPORTUNITY FOR THE ACTUARIAL PROFESSION  \n9  \nREIMAGINING THE PROFESSION  \n18  \nINFLATION AND INSURERS  \nINTERVIEW  \nGETTING UNDER THE SKIN  \nOF SOLVENCY II  \nINTERVIEW BY  \nJENNIFER BAKER  \nKAREL VAN HULLE  \nKarel Van Hulle, Professor Emeritus at KU Leuven, and honourable professor at Goethe University Frankfurt, was closely involved with the development of Solvency II.  \nAfter his retirement from the European Commission in 2013, he became a member of the Public Oversight Board and serves now as a Director at the Bermuda Monetary Authority. He sat down with The European Actuary to talk about the current state of the profession, the Solvency II review and what we need for the future. >  \nTHE EUROPEAN ACTUARY NO 32-DEC 2022  \n2  \nGETTING UNDER THE SKIN OF SOLVENCY II  \n‘ We need to know what the actuary really  \nthinks both in quantitative and qualitative terms  \nLet’s start with a big broad question. In your opinion, what is the main role of the actuary?  \n‘Actuaries are professionals who have deep expert knowledge about the measurement of risk in a forward-looking perspective. That is the reason why the role of the actuary is particularly important today, in a time of sustainability. Actuaries need to think about duration – about how long things will last in terms of assets and liabilities.  \nSo, for me, the main role of the actuary is to help understand and measure future developments. But it's also important to accept that life includes a lot of uncertainty. And as the future is uncertain, actuaries must avoid giving the impression that they can control the future through their calculations. Their mathematical skills should therefore be combined with qualitative assessments in order to place the data in a proper context.’  \nYou mentioned data. Actuaries deal more and more with data science, especially for pricing new products. Do you think the actuarial function on the reporting side could also benefit from data science? Or should we make reporting simpler, more uniform and transparent?  \n‘That’s a good question. Data science can help actuaries to address future challenges and help them to develop new, innovative technologies and solutions. For instance, actuaries should be involved more in the design and pricing of new insurance products. There is too little innovation in the insurance industry and too little concentration on risks that really matter. Data science and the validation of data might help to increase the  \ninsurability of risks. This is particularly important in ensuring the insurance sector remains relevant. Actuaries should assist in better assessing likely future developments and in finding opportunities for insurers to reduce the expectation gap.  \nIn terms of reporting, data science can certainly contribute to making the reporting more fit for purpose and help actuaries in translating the complexity of data into language which is understandable for decision-makers. I would be hesitant to call for more uniform reporting particularly from the actuarial function. We need to know what the actuary really thinks both in quantitative and qualitative terms.’  \nVery few companies use internal models. Has Solvency II placed too many constraints on their use in your opinion?  \n‘I don't think it's the constraints of Solvency II that result in fewer companies using internal models. Internal models are an essential feature of Solvency II. Under a risk-based solvency regime, it is for the insurers to know and to manage their risks. A standard formula is only a helpful tool and is by definition wrong, as it can never capture the risks of every single insurance undertaking or group.  \nOf course, one can argue that all models are wrong and that it is","cbCaid8CBVqepZcG","https://ap.wps.com/l/cbCaid8CBVqepZcG","pdf",1403990,28,"English","en",105,"# GETTING UNDER THE SKIN OF SOLVENCY II\n# CHALLENGES OR CHANCES\n# IFRS 17 REVISITED\n# THE FUTURE ROLE OF THE ACTUARY THEME\n## THE NEW ROLE OF THE ACTUARY\n## FIT AND PROPER-AN OPPORTUNITY FOR THE ACTUARIAL PROFESSION\n## REIMAGINING THE PROFESSION\n## INFLATION AND INSURERS","[{\"question\":\"What is the main role of the actuary according to the interview?\",\"answer\":\"The actuary’s main role is to understand and measure future developments while combining quantitative skills with qualitative assessments to reflect uncertainty and proper context.\"},{\"question\":\"How does data science relate to actuarial work in the reporting and pricing process?\",\"answer\":\"Data science can help actuaries address future challenges, support innovation in pricing new insurance products, validate data, and translate complex data into language decision-makers can understand.\"},{\"question\":\"Why does the interview argue that internal models are essential under Solvency II?\",\"answer\":\"Internal models are an essential feature because a standard formula cannot capture the risks of every insurer or group; when built with Solvency II safeguards and approved by the supervisor, an internal model better reflects true risk.\"}]","THE EUROPEAN ACTUARY - Issue 32 - DEC 2022 | PDF",1790489212,71,{"code":4,"msg":82,"data":83},"ok",{"site_id":75,"language":74,"slug":84,"title":65,"keywords":85,"description":66,"schema_data":86,"social_meta":140,"head_meta":142,"extra_data":144,"updated_unix":145},"the-european-actuary-issue-32-dec-2022","",{"@graph":87,"@context":139},[88,102,122],{"@type":89,"itemListElement":90},"BreadcrumbList",[91,95,97,100],{"item":92,"name":93,"@type":94,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":96,"name":9,"@type":94,"position":14},"https://docshare.wps.com/document/",{"item":98,"name":40,"@type":94,"position":99},"https://docshare.wps.com/document/research-report/",3,{"item":101,"name":65,"@type":94,"position":19},"https://docshare.wps.com/document/the-european-actuary-issue-32-dec-2022/398841/",{"url":101,"name":65,"@type":103,"image":104,"author":109,"headline":65,"publisher":111,"fileFormat":114,"inLanguage":74,"description":66,"dateModified":115,"datePublished":116,"encodingFormat":114,"isAccessibleForFree":117,"interactionStatistic":118},"DigitalDocument",{"url":105,"@type":106,"width":107,"height":108},"https://docshare.wps.com/thumbnails/the-european-actuary-issue-32-dec-2022/398841.png","ImageObject",300,407,{"name":63,"@type":110},"Person",{"url":92,"name":112,"@type":113},"DocShare","Organization","application/pdf","2026-09-28","2026-09-27",true,{"@type":119,"interactionType":120,"userInteractionCount":14},"InteractionCounter",{"@type":121},"ViewAction",{"@type":123,"mainEntity":124},"FAQPage",[125,131,135],{"name":126,"@type":127,"acceptedAnswer":128},"What is the main role of the actuary according to the interview?","Question",{"text":129,"@type":130},"The actuary’s main role is to understand and measure future developments while combining quantitative skills with qualitative assessments to reflect uncertainty and proper context.","Answer",{"name":132,"@type":127,"acceptedAnswer":133},"How does data science relate to actuarial work in the reporting and pricing process?",{"text":134,"@type":130},"Data science can help actuaries address future challenges, support innovation in pricing new insurance products, validate data, and translate complex data into language decision-makers can understand.",{"name":136,"@type":127,"acceptedAnswer":137},"Why does the interview argue that internal models are essential under Solvency II?",{"text":138,"@type":130},"Internal models are an essential feature because a standard formula cannot capture the risks of every insurer or group; when built with Solvency II safeguards and approved by the supervisor, an internal model better reflects true risk.","https://schema.org",{"og:url":101,"og:type":141,"og:title":65,"og:site_name":112,"og:description":66},"article",{"robots":143,"canonical":101},"index,follow",{"doc_id":61,"site_id":75},1790578504]