Description: This article describes the impact of the global acceptance of the SOA’s Chartered Enterprise Risk Analyst credential.

Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: The Survey of Emerging Risks has been successfully conducted in North America for 15 years, which provides a consistent report by tracking the opinions of risk managers on the emerging topics beyond the current business cycle with strategic plans over decades. For the first time the survey is also being specifically introduced in China and Greater Asia, with the aim of surveying the actuarial and risk management professionals' opinions on emerging risks in the local market. In relation to the Society of Actuaries, Greater Asia is defined as markets that participate in our Greater Asia Committee. These are additional areas outside of mainland China that include markets such as Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. The survey is sponsored by the Society of Actuaries (SOA) Research Institute and comprises both quantitative and qualitative questions in English and Chinese (Simplified). With a wide range of response options and allowing for anonymous comments, the survey results serve as a platform to share the risk views of local actuaries and risk managers in China and Greater Asia.

Description: Gross Domestic Product (GDP) has been our chosen metric for growth since the Great Depression, but expectations are for lower GDP growth going forward than we are accustomed to. Its two components, population and productivity, face headwinds—population from a declining birth rate and longevity, and productivity from increased climate events, energy costs, global conflict and raw materials shortages. Comparing demographic results from the U.S., China and Nigeria, representing countries with varying population growth rates, illustrates the potential economic growth issues of aging populations and high dependency ratios. The demographic challenges can be turned into opportunities to broaden prosperity; productivity can be improved by providing a level playing field and helping those in the lowest socioeconomic classes find opportunities. These topics and more will be discussed and enhance foresight about them.

Description: This article provides an introduction to group supervision and group capital and its importance in today's increasingly global insurance market. Additionally, the article examines the various methods used in practice for calculating group capital and the factors that companies should consider as they develop their group capital management strategy.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This is the abstract of the entitled paper.

Description: In this article, the author discusses the global ERM credential.

Description: This session from the 2003 SOA Orlando Meeting covers insolvencies of insurance companies in the U.S., developments within the IAA with respect to solvency assessment and risk measurement. From the Record of the Society of Actuaries, Volume 29, No. 3.

Description: background history of the insurance industry and the role of actuaries within it, followed by the current environment and anticipated future environment.

Description: Note developed by the IAA for insurers to support the ERM Standards and Guidance materials developed by the International Association of Insurance Supervisors for supervisors.