Description: Discusses the necessity and the difficulty to take management actions into account in ORSA (Own Risk and Solvency Assessment). If management actions were ignored, multi-period scenarios could be too artificial. On the other hand, it is of course very hard to predict management actions. We propose a certain number of characteristics that the ORSA should feature. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: The essay briefly discussed the impacts from implementing ORSA to the main stakeholders in the insurance industry. Those stakeholders include: insurers, regulators, policyholders, investors, rating agencies, insurance industry employees and general public. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: This paper introduces a re-rating formula which calculates proposed rates directly by means of fully developed and trended loss costs and current class differentials. From 2007 Enterprise Risk Management Symposium, M-AS07-1.

Description: In this paper we give new general criteria for the weak convergence of one-dimensional distributions of generalized risk processes and describe the class of possible limit laws under an infinite growth of stochastic portfolio size and stochastic intensity of insurance payment.

Description: This abstract describes a paper that studies the optimal reinsurance problem when risk is measured by a general risk measure. It is demonstrated that there is a “stable optimal retention” that will show no sensitivity, insofar as it will solve the optimal reinsurance problem for many risk measures, thus providing a very robust reinsurance plan.

Description: This research report studies the social media response to three extreme tornado outbreaks: May 22, 2011 in Joplin, MO, November 17, 2013 in Washington, IL and April 9, 2015 in Rochelle, IL. It uses Twitter data with a 14‐day period for each tornado event with a focus on a 24‐hour period surrounding the event. It starts with an overview of the data followed by analysis of geolocation, insurance related user influence, social network, and sentiment.

Description: Wavelet models are used to analyze risk by time and frequency and provide richer information than time series models.

Description: This paper discusses various types of risks within an Enterprise Risk Management framework, responses to risk, and the implementation of an ERM framework.

Description: This article sees enterprise risk management as a specific application of knowledge in Order to control deviations from strategic objectives, shareholders’ values and stakeholders’ relationships. Before and after a modeling process it is necessary to find insights into how the application of knowledge management processes can improve the understanding of risk and the implementation of enterprise risk management. The article presents a proposed methodology to contribute to providing a guide for developing risk modeling knowledge and a reduction of knowledge silos, in order to improve the quality and quantity of solutions related to risk inquiries across the organization.

Description: ERM has methodology for quantifying the risk to capital, but to determine optimal capital, the impact of capital level on firm value is needed. This gets into the realm of valuation. Also capital allocation provides risk quantification for business units, but comparing return among units is fundamentally a risk-pricing exercise. When considering risk pricing, optimal returns on allocated capital are not necessarily constant across business units. The current ERM methodology, as well as actuarial literature on valuation and pricing, are reviewed, and possible directions for application of pricing and valuation methods to risk management problems are outlined.