Description: Fact sheet about the monograph on Managing the Impact of Long-Term Care Needs and Expenses on Retirement Security.

Description: Actuarial modeling has gone through several distinct phases largely defined by the underlying technology platform. Today, cloud computing is again redefining the technology foundations of actuarial modeling and related processes.

Description: This report introduces actuaries and risk managers in the insurance and pension industries to current literature discussing growth rates in the past and future expectations.

Description: The Smaller Insurance Company Section, the Committee on Life Insurance Research and the Product Development Section announce the release of a new report on the impact mortality credibility has on principle-based reserves.

Description: This literature review provides insights on emerging technologies that interact with the actuarial profession within the space of microinsurance for the purpose of establishing a frame of reference for actuaries to use in their work. Furthermore, it intends to spark readers’ interest in, and create a vision for, how microinsurance and its associated technologies may impact the actuarial industry in the future.

Description: This research examines the intersection of US insurance ratemaking and analytics techniques in advanced modern rating systems and associated regulatory considerations in the US.

Description: The Canadian Institute of Actuaries and Society of Actuaries Committee on Life Insurance Research, the Product Development Section and the Financial Reporting Section, sponsored this study investigating how the Canadian life insurance industry is utilizing predictive modelling.

Description: Research material that developed a Liability-Driven Investment (LDI) benchmark framework.

Description: 2019 Student Research Case Study Challenge submission from Drake.

Description: The Society of Actuaries Research Expanding Boundaries Pool, the Committee on Life Insurance Research, the Product Development Section and Committee on Knowledge Extension Research commissioned Ernst & Young LLP (EY) to prepare a literature review based on the material presented at the six symposia. The review provides an overview of the technical material related to data sources, validation techniques and methodologies used by leading practitioners to develop mortality rate estimates for past, present and future periods. It also presents discussions regarding business, policy and social implications of increasing longevity.

Description: Fact sheet describing the report, "New CPP Enhancements: What do they mean for Canadian workers and seniors?

Description: This research report introduces the concept of a preference function, which is a generalization of the utility function.

Description: This report provides information on other mortality and morbidity data sources to consider. Some of these data sources are rich and complex. This report provides an overview of the data sources’ characteristics and a roadmap to delving into their details.

Description: This research report summarizes methodologies used for yield curve extrapolation to value liability cash flows that extend beyond the maximum observavble portion of the yield curve.

Description: Results of the PBITT Working Group annual Variable Annuity Survey.

Description: China’s pension system has transformed from traditional retirement system based on command economy to modern pension system based on market economy.

Description: WeChat is gradually becoming the main force of insurance online marketing for insurance products in China.

Description: The transportation industry is in the early stages of profound changes, due to development of sophisticated driving safety and automation technologies.

Description: Report summarizing the results of the 2018 PBITT UL with Secondary Guarantees Survey

Description: This research addresses how to model different reinvestment strategies to determine which ones maximize the economic results in different economic conditions.

Description: Asia is experiencing changing demographic, social, and cultural tides which threaten to submerge existing retirement-pension systems.

Description: A plain-language, high-level explanation of employer withdrawal liability issues, including how they grew to be large and barriers to their collection.

Description: The SOA and the CIA are pleased to make available a research report assessing the impact of Canadian Pension Plan (CPP) enhancements.

Description: Examines the link between population structure and asset values by generating returns on assets in the presence of demographic change using an OLG Model.

Description: This paper provides actuaries with background and scientific knowledge to understand global climate change and climate model projections for the 21st century.

Description: This is a finalist submission for the 2018 Student Case Study Challenge.

Description: This paper proposes weighted fund style analysis as a better method to hedge market risks of variable annuities.

Description: This report concerns optimal new business written premium mix at the firm and state levels under varying competitive conditions.

Description: The CIA, SOA and Joint Risk Management Section of the CAS, CIA, and the SOA sponsored a whitepaper on the application of ERM at a federal government level.

Description: This Effective Enterprise Risk Management (ERM) Stakeholder Engagement report examines practices for gaining acceptance of a proposed ERM strategy. The researcher has identified the factors, processes and practices that lead to both poor and strong levels of stakeholder acceptance.

Description: This paper summarizes the results of a survey of waiver of premium/monthly deduction rider assumptions and experience.

Description: This report focuses on analyzing and managing climate change and carbon risk in the equity investment portfolios of insurance company and pension fund assets.

Description: A comprehensive literature review on demographics and asset returns plus model specifications relating to housing prices.

Description: Results of the PBITT Working Group annual VA Survey.

Description: This study is intended to educate insurance professionals on historical insurer impairments and insolvencies and possible future prevention indicators.

Description: The Society of Actuaries’ Pension Section has completed a research effort exploring the value of longevity pooling and its implications.

Description: A comprehensive literature review summarizing academic and other papers that draw a connection between population structure and asset class returns (or prices).

Description: This report examines options for analyzing periodic changes in VM-20 reserve amounts.

Description: This research report is the result of a second phase examination of the impact of VM-20 on life insurance product development.

Description: Report summarizing the results of the 2015 PBITT UL with Secondary Guarantees Survey.

Description: This study explores whether public pension plans have contributed enough to reduce unfunded liabilities, absent other influences such as investment returns.

Description: The Society of Actuaries (SOA) and the LIMRA Secure Retirement Institute are pleased to present the results of new research on the retirement market in China.

Description: This report is a collection of sources that deal with how do scientists know and what could actuaries do regarding climate change and environmental risks.

Description: Study of the impact of IRS proposed mortality tables on private sector pension plan costs, including liabilities, contributions and PBGC premiums.

Description: A research report providing a primer on the mechanics and uses of the Hidden Markov Model for actuarial and financial applications.

Description: This research report develops a framework for modeling and pricing cybersecurity risk.

Description: This research report develops a framework for modeling and pricing cybersecurity risk.

Description: This report includes information on variations in wind-up funding levels and examines differences in required PfADs attributable to differences in plan design.

Description: The Human Mortality Database is a unique open‐access collection of detailed mortality and population data for 38 countries.

Description: This policy brief discusses the United Kingdom’s Flood Reinsurance Pool.

Description: This policy brief provides background on the Terrorism Risk Insurance Act.

Description: This policy brief examines the state of the public finance system for residential property catastrophe risk in Florida.

Description: This discussion paper provides a detailed discussion of the operation of the Terrorism Risk Insurance program.

Description: Paper by Max Rudolph for the SOA on historical views on systemic risk and its applications.

Description: This research report is a summary of an online survey and follow-up discussions with survey respondents on the current state of actuarial modeling controls within U. S. and Canadian life insurance and annuity companies. The current state was then compared to the results from the 2012 survey on this topic to examine the evolution in actuarial model controls and governance. The report also provides an industry assessment and proposes considerations for enhancing the current state towards a well-controlled governance framework.

Description: This is a nested stochastic modeling for insurance companies research report that's sponsored by the Financial Reporting and Modeling Sections and Committee on Life Insurance Research. Stochastic modeling is commonly used by financial reporting actuaries whenever financial reporting procedures such as reserving and capital requirement calculation, are performed under various economic scenarios, which are stochastically determined.

Description: This paper investigates techniques for the assessment of model error in the context of insurance risk analysis.

Description: Results of the PBITT Working Group annual VA survey.

Description: This report considers a hybrid portfolio that combines life and general insurance aspects.

Description: This report studies the interrelationships between the general levels of unemployment in the economy and the sale and persistency of insurance products. The report explores whether insurance products have reduced sales and persistency as the level of unemployment increased in a given economic environment.

Description: This SOA report provides an overview and analysis of the mortality models, theories and trends contained in the papers presented at the past four international Living to 100 symposia.

Description: A report that identifies issues based on feedback and lessons learned from companies mid PBA implementation, including going from implementation to production.

Description: This predictive Modeling and Analytics Call for Essays is a collection of articles giving insights into how actuaries use predictive analytics in their work.

Description: This publication is intended to serve as an in-depth primer on economic scenario generators. The first half of the publication provides more general information on the nature of economic scenario generators—what they are, how they evolved, how they address regulatory and business needs in the insurance and pension industries. It also addresses essential features of a good economic scenario generator, and provides some detailed guidance on important aspects of financial market model specification, model calibration and model validation considerations to assure that the ESG will produce simulation results that are relevant, sufficiently robust, and realistically reflect market dynamics. The second half of the publication provides technical discussion of some of the essential financial markets aspects of a comprehensive ESG. Description of arbitrage-free considerations, the role of risk-neutral scenarios, and default-free interest rate models are explored with some of the underlying mathematics necessary to understand these considerations. Final chapters provide some important considerations relating to corporate bond models and equity index models, and how these considerations may extend to international and global interactions.

Description: Report summarizing the results of the 2015 PBITT UL with Secondary Guarantees Survey

Description: In this paper, the authors assess the value of a GSA-type annuity within a retiree's portfolio.

Description: Presentation given to the Chicago Actuarial Association in October 2015 on the activities of the Committee on Post Retirement Needs and Risks.

Description: PowerPoint slides of presentation given at Gerontological Society of America.

Description: The authors of this report have identified three key corporate finance metrics and measures impacted by corporate pension plans that are increasingly being used by corporate decision-makers. The first is corporate leverage. The second is accounting adjustments made by rating agencies to income statements and cash flow statements. The third is the weighted average cost of capital (WACC) where it is felt that the calculation of the WACC from market data may be biased if corporate pension plans are ignored.

Description: A survey report designed to provide an overview of the current state of the industry’s preparedness for implementing PBR.

Description: A primer on extreme event modeling and mitigation for practitioners, it covers the complete cycle of extreme event risk management, from identifying experience data sources, to extreme event detection, to modeling and dependence analysis, and finally to monitoring and mitigation.

Description: This report explores the impact on financial assets as baby boomers enter into retirement. The authors conducted a literature search and then a detailed analysis of two papers supporting the theory demographic factors can have an impact on asset prices.

Description: The objectives of this paper include an assessment of the basis of volatility of experience and financial results, considering the risks and uncertainties associated with long-term policies, especially LTCi. In so doing, it is observed that a properly determined provision for risk and uncertainty is needed in premiums and reserves. It then describes the approaches that can be taken to quantify such a provision in new and re-rated LTCi. The paper discusses possible mitigation approaches that have and should be taken, especially but not limited to the use of policy design features to enhance the alignment of interests of the LTC insurer and its policyholders. It also explores the relationship between historical and expected future risks and uncertainties specific to LTCi. It concludes by pointing out the pervasiveness of the uncertainties involved, the earlier underestimation of the uncertainties involved, although the actual degree of uncertainty may have decreased over time as relevant experience has been obtained. Effective management of LTCi demands incorporation of mitigation approaches in its product design and continuous monitoring of relevant experience.

Description: The purpose of this research is to a) identify regulatory structures and influences in North America, b) provide examples that illustrate regulatory risk, and c) suggest mitigation ideas for both insurers and their regulators. The audiences for this paper are a) actuaries who must price policies, value policies, or manage capital, b) other insurance professionals who deal with operational risk, strategic risk, and capital planning, and c) regulators who protect the interests of policyholders and address the solvency of insurers.