Description: Feature article that discusses how insurance and banking business models have continued to grow in complexity over the past 50 years—from simple and local risk exposures to the current environment of complex and global exposures

Description: Feature article describing how insurers that see beyond seemingly simple baseline requirements can leverage ORSA compliance to bolster ERM capabilities.

Description: Findings from EY Insurance Risk Management Team's 2016 (annual) Insurance Chief Risk Officer Survey.

Description: This paper introduces a rich stochastic modeling framework for understanding risks in multiple-decrement contracts. The example in the paper is a 20-year Term insurance contract. Not only are mortality and lapsation considered stochastic, but the parameters governing them are. For example, mortality risk is composed of four risk elements, including error generated in the underwriting process, volatility around the best estimate, catastrophic events that impact mortality, and the trend in mortality improvement or deterioration. When stochastically modeled, the relative contribution and risk profile of each risk element can be evaluated. Generating stochastic mortality results provides a distribution of results that an organization faces and the severity and incidence of the tail events.

Description: This report is sponsored by the Society of Actuaries in collaboration with Ernst & Young. It examines the application of stochastic modeling techniques to non-market risks facing the life insurance industry.

Description: This paper is a literature review of available papers, publications, articles, and presentations on the topic of longevity risk.

Description: This report is jointly sponsored by LIMRA International and the Society of Actuaries in collaboration with Ernst & Young. It describes Substandard Annuities and discusses the market opportunity for them, underwriting, the associated risk management issues, and the issues companies need to address when competing in the substandard annuity market. It discusses the single premium immediate annuity, SPIA, in relation to substandard annuities and the differences between the products.

Description: Full version of Risk Management, December 2006, Issue No. 9.

Description: This article focuses on risk quantification at an enterprise level.

Description: This paper is intended to be a resource for actuaries and other professionals interested in learning more about longevity risk. It summarizes the results of the literature review by discussing observed trends and outlook on mortality, development of retirement markets, ways to mitigate risk, summary of products with risk exposure and quantification and management of the risk.