Description: This study builds on the prior studies, Measures of Retirement Benefit Adequacy and Improving Retirement Outcomes: Timing, Phasing, and Benefit Claiming, with a specific focus on how longevity impacts household financial needs in retirement and which strategies can best address these financial strains. A major conclusion from this research is that the risk of living long should be more carefully incorporated in household retirement planning.

Description: This study builds on the prior studies, Measures of Retirement Benefit Adequacy and Improving Retirement Outcomes: Timing, Phasing, and Benefit Claiming, with a specific focus on how longevity impacts household financial needs in retirement and which strategies can best address these financial strains. A major conclusion from this research is that the risk of living long should be more carefully incorporated in household retirement planning.

Description: It was an honor, for Dr. Tianyang Wang, Co-Eeditor of Expanding Horizons, to have this Fireside Chat had a great conversation with Dr. Guillen Guillen Estany in January 2023, and invited her for this featured Fireside Chat interview which resulted in a great conversation.

Description: Risks is an international, scholarly, peer-reviewed, open access journal for research and studies on insurance and financial risk management. An upcoming special issue is aimed at bringing novel research on quantitative modeling and empirical findings in finance and risk management to a broad audience of academic researchers, industry professionals and regulators.

Description: The Society of Actuaries Research Institute’s Catastrophe and Climate Strategic Research Program is pleased to release the following essay exploring the Actuarial Role in addressing Severe Thunderstorm Risks.

Description: This is the first article in the new "Fireside Chat" series which intends to honor highly accomplised academic actuaries and allow them to share their insights into academic careers with young scholars. This article is mainly based on an interview with Dr. Edward Frees (Jed), one of the most accomplished actuarial professors.

Description: In a well-designed enterprise risk management (ERM) program, the firm integrates risk management into the strategic planning process, addressing strategic risk, financial risk, operational risk and hazard risk under a single overarching process. This is particularly important to large financial firms, such as property and casualty (P&C) insurers, which face a diverse set of risks. In contrast to previous studies that document a significant product line and geographic diversification discount relative to more focused competitors, our analysis suggests that firms with effective ERM programs exhibit a performance premium. Using the Standard and Poor’s (S&P) ERM ratings from 2006 to 2012, we find that product line diversification has a significant positive effect on value for more diversified firms with well-implemented ERM programs, as compared to those with weak ERM.

Description: In a well-designed enterprise risk management (ERM) program, the firm integrates risk management into the strategic planning process, addressing strategic risk, financial risk, operational risk and hazard risk under a single overarching process. This is particularly important to large financial firms, such as property and casualty (P&C) insurers, which face a diverse set of risks. In contrast to previous studies that document a significant product line and geographic diversification discount relative to more focused competitors, our analysis suggests that firms with effective ERM programs exhibit a performance premium. Using the Standard and Poor’s (S&P) ERM ratings from 2006 to 2012, we find that product line diversification has a significant positive effect on value for more diversified firms with well-implemented ERM programs, as compared to those with weak ERM.

Description: Risk management and capital budgeting are two critical components of the corporate decision process. They often need to be considered jointly at the corporate level because of their natural interaction through the dependent risk exposures and other synergetic relationships within an intricate corporate structure in a dynamic business environment. . This paper develops an integrated framework that aligns these two important corporate strategies across business divisions to optimize the streamlined enterprise strategic goal in a multi-period setting. The proposed integrated framework can serve as a practical guideline for corporate executives to optimally coordinate capital budgeting and risk management at the enterprise level.

Description: Summary/Project at a Glance of Challenges and Strategies for Financing an Increasingly Long Life