Actuaries should design risk management models that take into account the imponderable consequences of a war, the German Association of Actuaries (DAV) said.
Risk managers have to take appropriate precautions and prepare the models for further factors that are difficult or impossible to assess, said Herbert Schneidemann, chair of the DAV, referring to the conflict in Ukraine.
The consequences of the war in Ukraine certainly pose the biggest challenge for actuaries, but the slowdown of the economic growth, inflation rising at record levels and the war-related reluctance of the European Central Bank (ECB) to exit the ultra-loose interest rate policy would all leave their mark, the association added.
This year will set the course for the insurance industry and thus for actuaries, Schneidemann added.
The EU Parliament will intensify the consultation on the Solvency II review, the German government plans to reform its pension system, and the EU Commission wants to push ahead with its Green Deal.
New business model for Caritas, Kölner Pensionskassen
The Pensionskassen for the catholic aid organisation Caritas and its affiliate Kölner are working on a new business model after liquidating their pension businesses following a restructuring process.
The Pensionskassen have signed a contract with software provider adesso insurance solutions to digitise and modernise their systems. The pension funds are deploying solutions for portfolio management, data management, individual contract reporting and pension accounting.
The implementation started on 1 April and is expected to last for almost two years.
The Pensionskassen have also signed a long-term maintenance contract with adesso.
As part of a new business model, the two Pensionskassen also intend to expand portfolio management as a service for other occupational pension schemes.
Olaf Keese, the liquidator of the Kölner Pensionskasse and chair of the Caritas Pensionskasse, said: “We have found a partner in adesso insurance solutions with the necessary technical and professional expertise in the filed of occupational pension schemes, capable of meeting our requirements and facing the resulting challenges” to renovate the pension business.
The German financial regulator – BaFin – had also revoked the license to operate for both Caritas and Kölner insurance businesses.