Description: Process risk, estimation error, model uncertainty, trend risk and catastrophe risk are the five main components of longevity risk uncertainty. In the face of this daunting uncertainty, what should the actuarial practitioner do? This session focuses on assessing model uncertainty, process risk and estimation error in mortality modeling. Besides discussing the theory behind methods for performing the assessment, presenters provide attendees with practical examples using R to help them in applying the methodologies and concepts presented.

Description: This fact sheet summarizes the results of a survey analyzing retirees’ and pre-retirees’ concerns on retirement. It also reveals how these groups have prepared or are preparing to face risks and offers personal risk management strategies and tips.

Description: The LTC insurance sector faces a crisis of credibility due to recent company failures. Market evidence indicates reduced confidence in the reserve sufficiency of companies with large legacy LTC exposures. Disclosures show the persistence of problematic actuarial and investment return assumptions. Institutional backstops exist but vary by jurisdiction and have elements which can exacerbate rather than ameliorate problems. Fortunately, LTC liabilities accrue over long time periods. An industry supported incentive structure can be conceived that would establish stronger standards and encourage greater reserving in exchange for a more reliable and rational backstop.