Description: Where once an insurer's chief investment officer (CIO) reigned supreme over assets-aided and sometimes hindered by the involvement of a chief risk officer (CRO)-these days managing portfolio risk and return seems to be an altogether more complex affair. No less of this complexity has come from the expansion by insurers into illiquid assets in the last decade. Moving away from traditional assets has raised scrutiny of liquidity risk management, but how do insurers tackle this? In a world 'brimming with large and growing portfolio allocations to illiquid private assets,' liquidity management concerns are distinct from a typical CRO's portfolio or asset risk orientation. There's a need to look at all aspects of a fund's liquidity demands and sources, such as top-down asset allocation, bottom-up private market deal-making activities, and internal and external operations. A dedicated liquidity management function should also be able to identify both explicit and potential liquidity demands and sources and, in particular, stay in touch with market movements and the regulatory environment. It should identify, evaluate and keep at-the-ready possible external liquidity facilities-for example, the secondary market for private equity stakes, a collateralized portfolio liquidity line, a repurchase agreement or a futures program. A high-quality liquidity management team can also identify when a fund has too much liquidity, the cost of being overly cautious and how to put excess liquidity to work.

Description: The world of climate risk disclosures has seen dizzying levels of change in the last few years. In 2023, many regulators have publicly issued guidance on what insurance companies and other FIs should look to disclose. So what are we seeing in these disclosures and how do we use this information? Join our panel of experts to learn about the evolution of U.S. life insurance industry's climate disclosures and how insurers of all sizes and complexities are responding to NAIC's requirements.

Description: Supporting excel file for September 2021 weather extremes.

Description: Organizations representing the actuarial professions in Canada and the United States have updated the Actuaries Climate Index (ACI) with data from the winter of 2018–19, with the 1.00 value for the season contributing to an upward trend in the average ACI value for winter.

Description: 2020 and 2021 presented numerous challenges to life and annuity product development actuaries. External forces required carriers to rethink underwriting requirements and risk assessment in real time. Alterations in regulatory frameworks and statutory requirements forced changes to product development priorities while alterationsin the work environment forced changes in how work routines were structured. This session will bring together a group of life and annuity stakeholders to discuss how they addressed these and other challenges, and how their work will be impacted going forward.

Description: This report examines weather extremes for daily maximum temperature (TMAX) and severe drought conditions. The heat extremes were most impactful in the Western U.S. and Canada, and the severe drought conditions are a continuation and worsening of the most extreme condition statuses in the Western U.S.

Description: Catastrophe & Climate Strategic Research Program Newsletter - October 2021

Description: The Society of Actuaries Research Institute’s new report examines how inland flood risk and loss may change across the U.S. in the future because of climate change. The AIR Inland Flood Model for the U.S. and the AIR Hurricane Model for the U.S. were used to evaluate how changes in flooding will impact insurable losses in the future.

Description: January 2021 update on activities of the Catastrophe and Climate Research Program.

Description: Excel file supporting weather extremes report.