Announcement: SOA releases April 2022 Exam PA passing candidate numbers.
Announcement: SOA congratulates the new ASAs and CERAs for June 2022.

Policyholder Behavior in the Tail Joint Risk Management Section Working Group Variable Annuity Guaranteed Benefits 2011 Survey Results

Research Projects – Risk Management

The Joint Risk Management Section is trying to develop better estimates of policyholder behavior in the tail (PBITT). The mission of the PBITT working group is to examine and ultimately give guidance to actuaries on how to set policyholder assumptions in extreme scenarios.

As part of its work, the PBITT working group issued a survey that gathered the range of assumptions actuaries use in pricing, reserving, and risk management of UL with Secondary Guarantees.


Policyholder Behavior in the Tail Risk Management Section Working Group UL with Secondary Guarantee 2011 Survey Results

Thank You

Thanks to the members of the PBITT Working Group for their help in issuing and reviewing the survey:

  • Jim Reiskytl, Chair
  • Stephen Hodges
  • Dale Hagstrom
  • Peter Bondy
  • Cliff Angstman
  • Richard Tucker
  • Josh Windsor
  • Jeremy Wang
  • Steven Siegel, SOA Research Actuary
  • Barbara Scott, SOA Research Administrator

Special thanks to Stephen Hodges, Brian Grinnell, and Mark Bergstrom for their analysis and drafting the report. The working group gratefully acknowledges all of the companies that participated in the survey.

Questions Or Comments?

If you have comments or questions, please send an email to