Media Advanced Wider Fields: A Challenge for Actuaries Part I

Advanced Wider Fields: A Challenge for Actuaries Part I

uploaded November 23, 2022 Views: 12 Comments: 0 Marked favorite: 0
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  •  Welcome and Introduction: The Italian Long Term Actuarial Project: Towards the Global Actuary (Giampaolo Crenca, President ISOA)
  • 9.20 Cyber Risk Management and Solvency Assessment (Salvatore Forte)

The aim of the work is to quantify the cyber risk for the Italian insurance market by means of an actuarial model to capture the effects of the dependence between the various cyber risks. Dependence among different cyber risk classes is a fundamentally underexplored topic in the literature. However, disregarding the dependence structure in cyber risk management leads to inconsistent estimates of potential unintended losses. 

To bridge this gap, this paper adopts a regulatory perspective to develop a vine copula to capture dependence. Both the price of an coverage to cover the cyber risks of the Italian insurance companies and the additional capital requirement for the cyber risk in S II framework are calculated. 

Customer Insurance: The other Side of the Coin 

(Paola Scarabotto)

The traditional actuarial approaches and techniques, consider everything related to the policy, while the "customer" approach has been only for Marketing and Sales department. 

 

This approach will be disrupted by the new "hybrid" insurance provider who are coming from other market where the approach is based on the customer analysis in an integrated point of view. This is the moment for actuaries to integrate their traditional model with the new ones, where everything needs to be referred to the customer. 

 

I will share our experience and what we have found out and changed in our data management techniques and processes, sharing a common view at Customer level overall in the Company. Because a customer isn’t only a summary of a portfolio policies and guarantees - he/she the final decision maker. 

Round Table (Giampaolo Crenca, Stella Garnier, Salvatore Forte, Raffaello Marcelloni, Paola Scarabotto, Claudio Senatore)

 

 

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