Description: Learn about the industrial practice for constructing the mortality table from 0 to 1 through journeys in Hong Kong and Singapore, including key takeaways. Hear speakers share their biggest challenges during their process, how they resolved them, and discover the most common technical issues faced in conducting the mortality tables.

Description: Best practices for a successful model conversion or transformation. It details the key stakeholders involved and the processes and tasks across various stages of the model conversion.

Description: This is the second of a two-part article introducing and elaborating an “Adaptor” strategy for ERM. Such a strategy is intended to fulfil two purposes: first, switching among four styles of risk-coping strategies in order to track qualitative changes in a business’s risk environment; and, second, to support the business in navigating with resilience through all the seasons of a business-economic cycle, i.e., of boom, bust, moderate, uncertain. This latter requires careful study of the nature of resilience, the familiar idea of bounce back, and the less familiar idea of bounce forward. Part I of our article is underpinned therefore by a supplementary document (available from https://riskviews.wordpress.com/adaptor-exceptionalism/), which addresses the issue of structural change in a business or economy. It draws heavily on ideas taken from the discipline of control engineering, as well as some from ecology, social anthropology, and economics. The entire two-part article is thus an exercise in cross-disciplinary Systems Thinking.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner, and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings including implementation status and model simplifications.

Description: This article is the first installment of a three-part series that aims to provide an overview of ESGs and will focus on the general motivation for stochastic modeling, its advantages and its limitations. Future articles will further break down the key factors of ESGs and the application of these factors to better understand the Academy Interest Rate Generator (AIRG).

Description: Discussion of a newly released LTC experience study, including description of data and its increased scope compared to the prior report, reporting specifications, and findings.

Description: A preview of the details and content of the new Certificate in Climate Risk to be offered by the SOA beginning in early 2023.

Description: The session will feature case study discussion of how insurers can improve their model architecture and data visualization to prepare for the increasing demands of the future. Actuarial data and analysis has long been limited by the complexity and diversity of historical systems. External pressure on insurers is higher than ever before, as new requirements take effect under PBR, GAAP Targeted Improvements, and IFRS17.

Description: This paper evaluates the current practice of operational risk management in the insurance sector. Operational risk is nothing new in insurance, but, because of regulatory requirements, companies have initiated computation of risk capital for their operational losses. The current effort to manage operational risk is not a naturally evolving phenomenon, and operational risk, in the Basel Committee on Banking Supervision’s Basel II definition, is unlikely to be a significant cause of insurers’ failure. In addition, the current Basel II definition of operational risk is not suitable for the insurance sector. Consequently, the invention of models and tools based on the definition is incomplete and illusionary. My findings are based on the analysis of dozens of interviews with insurance industry professionals. I demonstrate the way operational risk is quantified in practice, show that the result obtained from this computation is of littl e use in managerial decision making and propose a set of policy recommendations illustrating the characteristics of operational risk in insurance. This study can be used as a platform for launching dialogues to initiate fresh thinking about operational risk in insurance beyond the current artificial and narrow boundaries.

Description: Discussion of the diversification activities of a number of life insurance companies. This includes the formation of, or acquisition of, property and casualty insurers, variable annuity companies, mutual fund management companies, banks, finance companies, leasing companies, real estate development companies, televisions and radio stations, newspapers, software consultants and other corporate enterprises. Discussion includes: 1. Activities really compatible with the llfe insurance product. 2. Activities otherwise compatible with corporate objectives or offering potentially large profit centers. 3. Activities which can be an excessive drain on corporate earnings and executive manpower 4. The actuary's role in these diversification activities. Then the discussion goes into a discussion of corporate planning models