As the summer break approaches, the European Actuarial Academy (EAA) is excited to present the professional development opportunities lined up for September and October. These web sessions, will be available after the summer break, offering expert-led learning opportunities.
The EAA looks forward to welcoming you back after the summer break!
Web Session 'Data Science - Completion'
on 3-5 September 2025 | 9:00-17:00 CEST
Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Aktuarvereinigung Österreichs (AVÖ).
This is part four of four courses required to obtain the EAA Certificate in Actuarial Data Science. To earn the certificate, participants must complete all four modules, which include both the seminar and the exam. Members of AVÖ and/or DAV will obtain the additional title Certified Actuarial Data Scientist (by AVÖ and/or DAV) by fulfilling the same requirements. Furthermore, all courses are open to interested actuaries to deepen their knowledge and skills in the field of Actuarial Data Science (without exams).
Based on the building blocks known from the preceding courses, we want to deepen some topics and present further important topics from the field of Actuarial Data Science.
In this three-day training, we deepen techniques and methods of (Actuarial) Data Science and take a rather theoretical tour to complete this course. We will cover important aspects of information theory from coding theory to web computing and close the mathematical foundations of deep learning. Along with insights in relevant aspects of insurance analytics we will investigate use cases in an insurance context. Finally, we will give a prospect of what is probably going to emerge in the future, namely quantum computing.
Web Session 'CERA, Module B: Taxonomy, Modelling and Mitigation of Risks'
on 15 September 2025, 9:00-15:15 & 16-18 September 2025, 9:00-17:00 CEST & 19 September 2025, 9:00-15:30 CEST
The EAA offers a series of four training courses and exams (through DAV) to all actuaries who want to deepen their knowledge in Enterprise Risk Management and gain the international ERM-credential CERA.
This web session is one part in a course that consists of four modules. They can be booked as a whole series to fulfil the requirements for receiving the CERA designation, or individually as CPD training. Written exams on the course are offered subsequently.
The web seminar focuses on quantitative analyses of financial and non-financial risks of an insurance company and the effect and possible applications of risk mitigation techniques. After an introduction to the economic valuation of an insurance company, including stochastic valuation models and approximation techniques for life companies, and the building blocks of its economic balance sheet, the risk measure as well as the relevant regulatory requirements of Solvency II will be discussed. Different concepts of risk modelling covering from standard formula to fully internal models will be presented.
Methods for modelling market, credit, operational and underwriting risks will be presented in detail. The discussion covers the risk definition and identification and how it can be distinguished from other risks. Qualitative and quantitative valuation approaches will be discussed – including scenario analyses, stress tests, deterministic and stochastic assessments. Furthermore, crucial aspects of any model such as assumptions, distributions, calibration and validation are discussed, as well as limitations and criteria for the adequacy of a model for solving a given problem.
Having introduced and discussed the risk modelling, tools and techniques will be discussed that are available in the insurance business to mitigate these risks. That includes the discussion around the implications of reinsurance and securitisation as well as portfolio management. We will also present what life insurance companies subject to traditional with profit business can do to hedge their main risks.
Both elements, risk modelling and measurement as well as risk mitigation, are closely related and interact with each other, what will be reflected in the topics presented and the structure of the seminar.
The consolidated view on risks in a company and an outlook on Group models close the course.
Web Session 'IFRS 17 Risk Adjustment: Practical Approaches & Lessons Learned'
on 23 September 2025 | 10:00-12:00 CEST
The IFRS 17 standard for Insurance Contracts, published in 2017, has triggered significant implementation projects worldwide. One crucial aspect of IFRS 17 is the concept of risk adjustment, which plays a vital role in measuring the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risks of insurance contracts.
As IFRS 17 is intended to be principle based, also for the risk adjustment the standard does not specify a concrete estimation technique to be used compulsory. Accordingly, an entity needs to apply judgement when determining an appropriate estimation technique for the risk adjustment.
As experience shows, the implementation of the methodologies and concepts used to determine the risk adjustment under IFRS 17 requires active involvement of actuaries. In addition, the principle-based requirements of IFRS 17 lead to a number of different measurement and accounting concepts used for IFRS reporting, like Cost-of Capital- and Value at Risk-Approaches.
Actuaries have been responsible for making key fundamental decisions and performing of regular assessments and judgements, that impact the amount of the risk adjustment and accordingly its development. They play a key role in explaining these assessments and judgements, the impact on valuation, and the corresponding consequences for financial statements to top management.
Web Session 'Actuarial Data Science – Advanced'
on 24-26 September 2025 | 9:00-17:00 CEST
This is part two of four courses required to obtain the EAA Certificate in Actuarial Data Science.
Based on the building blocks known from Basic, we want to deepen some topics and present further important topics from the field of Actuarial Data Science.
In this three-day training, we cover a wide range of topics. This includes an advanced introduction to the concepts and terms of artificial intelligence, modern data management concepts (with a special look at insurance companies), aspects of data protection and the mathematical and statistical concepts of data mining. On our way, we touch different use cases in the actuarial environment. To this end, we provide a brief insight into the widely used language Python. The training rounds off with principles for the ethical handling of artificial intelligence in the insurance environment.
Web Session 'Open-Source Tools R and Python: Extending the Actuary's Toolbox'
on 29/30 September 2025 | 9:00-17:00 CEST
The goal of this two-day training is to introduce the participants to both open-source ecosystems and to give them a good understanding of both languages. However, since both ecosystems are way too vast to be covered in merely two days, the participants will be asked to go through the basics of both languages themselves, prior to the web session. During the first three hours of the web session, these basics which will be shortly revised, but at a higher pace. The course material, containing the basics of both languages, will be provided by the organizers several weeks before the beginning of the web session, such that the participants will have plenty of time to go through the material at her/his ease.
As such, less time needs to be spent on the basic elements of both languages, thereby enabling us to organize a three-hour hands-on exercise session to more easily assimilate the course material. Note that the participants need to bring along a laptop on which both R and Python are installed. Instructions on how to do so will be provided by the organizers at the same time as the course material of R and Python basics, hence several weeks in advance.
As a result, a jump-start on how to truly use these languages in practice will be provided to the participants, by focusing on solutions for problems that they will surely regularly encounter in their day-to-day job, by handing over lots of links to online resources and very rich course material and by even organizing hands-on exercise sessions.
Web Session 'Cyber Risk and Insurance'
on 1/2 October 2025 | 10:00-12:00 CEST
In modern economy, cyber risk has become a major challenge across many industries. As every prevention measure is limited, there is an increasing need for cyber insurance. In the last years, there was a strong evolution of cyber insurance.
In this session, the impact of cyber risk on various steps of the value chain is analysed, including (but not limited to) modelling and risk management. The focus of this session is to provide a hands-on approach to actuarial challenges within cyber insurance and to highlight practical solutions. There will be discussions and group interaction, we would appreciate participants willing to actively contribute.
Web Session 'Assets and Liabilities Management Part 1: Introduction'
on 8-10 October 2025 | 9:00-12:30 CEST
This ALM training starts with a first part that is primarily an introduction to main concepts of ALM and is therefore particularly suited for participants coming from different departments (for instance, people dealing with own risk solvency assessment techniques or enterprise risk management) and wanting to develop a broader view on what ALM is and how it works. It is also well suited for newcomers or people wanting to refresh their mind on these concepts. Note that the training is not limited to people working in ALM or treasury departments but is also adapted to other departments.
The second part (bookable separately) is more advanced and intended for those wishing to gain more in-depth expertise on the topics. It includes some mathematical technicity, but nothing that goes further than a solid high school level. The participants can follow a single part or both.
Web Session 'Unlocking Actuarial Data Insights: A Practical Guide on RAG and Advanced Techniques'
15 October 2025 | 9:30-13:00 CEST
In the continuously evolving landscape of Artificial Intelligence (AI), Retrieval Augmented Generation (RAG) has emerged as a disruptive technology transforming how we interact with AI systems. RAG combines the strengths of information retrieval and Large Language Models to create powerful applications that can access and use vast amounts of data to generate contextually relevant and informative responses.
This web session is designed to equip actuarial professionals with a solid understanding of RAG and its practical applications in the actuarial field. The session will be split into a theoretical deep dive and a hands-on session. Participants will discover the theory behind RAG and its core components, including the key role played by vectors and vector stores, and explore advanced engineering techniques that drive superior performance, such as query decomposition, re-ranking, prompt engineering, and agents.
Web Session 'Climate Change Scenarios: Application, Evolution, and Reporting'
21 October 2025 | 9:30-13:00 CEST
Climate Risk scenarios are commonly used in the insurance industry for stress testing, but interpreting and communicating results is often challenging, given strong limitations and complex assumptions. This session will provide practical guidance on stress testing application in the ORSA context, focusing on financial risks, and provide context and foundations necessary in order to communicate and interpret the results. We will discuss key evolutions in recent years with a particular emphasis on NGFS scenarios and the modelling of physical risks.
The session will be based around a case study for a generic insurer, where we calculate impacts on the insurer’s capital position under different climate change scenarios, thereby illustrating the practical elements of stress testing. In this context, we will specifically talk about: Key steps to practical implementation of stress tests, models for key financial variables relevant for insurance stress testing (e.g. interest rates, credit spreads), NGFS scenarios and their recent evolution, impact of scenario updates, modelling of physical risks, as well as key limitations and considerations for reporting.
Web Session 'Intergenerational Fairness and Pensions'
22 October 2025 | 9:00-12:15 CEST
Our aim is to provide pension actuaries and other interested experts with an overview of topics and methods in relation to discussion of intergenerational fairness.
The concept of equity requires that similar careers should result in similar benefits. Or insured persons should get their (socially) agreed level of pensions over long periods under the same conditions. On one end of the spectrum an argument is that the value of the benefits should be equal to the contributions. On the other end, socially agreed needs also should be financed from the fund. These approaches lead to different conclusions from actuarial fairness to social fairness. Both worth valuing their pros and cons.
First of all, this definition focuses on adequacy of the pensions. It is best perceptible from individual perspective. However, the second part of the definition is setting long term feasibility conditions which we usually call financial sustainability, and it should be met at population and economy level.
This situation might be familiar to pension experts. The adequacy and sustainability objectives are contradicting by definition, and we have to balance between them. Pension reforms leading to restrictions start from financing issues and reversals or adequacy measures introduced only after crises or from political reasons. Their cycle is different.
Intergenerational fairness might be discussed during policy dialogue. Most measures focus on one or two aspects of equity or feasibility. In intergenerational context balancing between adequacy and sustainability may be put into the context of intergenerational risk sharing.