Description: U.K. life insurers writing participating business have, since the end of 2004, been required by their regulator, the Financial Services Authority FSA, to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to explain the new valuation approach based on market-consistent values and its rationale set out the issues faced by life insurers in implementing the new regime and explain how these issues have been addressed by insurers.

Description: Read the December 2018 issue of Small Talk published by Smaller Insurance Company Section. Practical information on trends that impact sections and activities.

Description: Read the Sept. 2017 issue of Small Talk published by Smaller Insurance Company Section. Practical information on trends that impact sections and activities.

Description: The costly, time-consuming and complicated process of enterprise risk management (ERM) can be improved in many companies and made less tedious for managers by using reasonable data and templates obtained from peer group entities. The models used to calculate economic capital (EC) often underestimate its value because they do not consider decision-maker perception about risk. We assume here that managers, as the decision-makers, have appropriate business understanding and they can provide substantial information about risk characteristics regarding all business processes. Therefore we are focused, in this paper, on collecting data from managers across the different businesses to derive the appropriate knowledge about risky events, the importance of particular types of risk, the relationship between the risk outcomes and the level of risk control in a particular industry. We conclude that the collected data has a high potential for use as a benc hmarking reference and analysis for improving ERM models for individual businesses.

Description: Discusses 1. the impact of increased yields on new investments on premiums, dividends and policy values, 2. the criteria of equity which should be observed when different basic assumptions or underwriting standards are employed for different plans, 3. pricing of substandard policies, 4. handling situations where premium payments aggregate more than the face amount, and 5. recognizing mortality trends in pricing settlement options.

Description: New Zealand is about to launch its first variable annuity with guaranteed lifetime withdrawal benefits. The product design is mindful of the lessons from the financial crisis in the United States, Europe and Japan.

Description: Hear from the editor’s on the December 2018 issue of Risk Management published by the JRMS.

Description: Hear from the editor’s on the March 2018 issue of Risk Management published by the JRMS.

Description: Hear from the editor’s on the August 2018 issue of Risk Management published by the JRMS.

Description: Hear from the editor on the March 2018 issue of Risk Management published by the JRMS.