Policyholder Behavior in the Tail Risk Management Section Working Group Variable Annuity Guaranteed Benefits 2019 Survey Results
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 its annual survey to gather the range of assumptions actuaries use in pricing, reserving, and risk management of minimum guarantees on Variable Annuity products, such as death benefits, income benefits, withdrawal benefits and maturity benefits.
Thanks to the members of the PBITT Working Group for their help in issuing and reviewing the survey:
Jim Reiskytl, Chair
Steven Siegel, SOA Sr. Research Actuary
Barbara Scott, SOA Sr. Research Administrator
Special thanks to Dale Hagstrom and Meina Viruthasalam for their analysis and drafting the report. The working group gratefully acknowledges all of the companies that participated in the survey.
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