Description: This is the R programs used to develop the examples for the research report “Extreme Events for Insurers: Correlation, Models, and Mitigation by Kailan Shang and Marc Vincelli

Description: This paper discusses a theoretical framework for Enterprise Risk Management, risk dynamics within property-casualty insurance companies, empirical findings on widely used risk models, and examples of effective risk models.

Description: Enterprise risk management (ERM) is an orderly or guided conduct of an enterprise to deal with risks. For insurers, ERM requires full support and commitment of the senior management. ERM in the U.S. and Canada has evolved over the years into a complex ecosystem.

Description: Enterprise risk management (ERM) is an orderly or guided conduct of an enterprise to deal with risks. For insurers, ERM requires full support and commitment of the senior management. ERM in the U.S. and Canada has evolved over the years into a complex ecosystem.

Description: This survey attempts to track the thoughts of risk managers about emerging risks across time. It is the 14th survey of emerging risks sponsored by the Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS) and Society of Actuaries (SOA). The researcher thanks the Financial Reporting and Reinsurance Sections for their financial support, and the Joint Risk Management Section for logistics and governance.

Description: Sometimes, rare things happen and the least expected occurs. Indeed, some events occur once or twice in a lifetime leaving little room to learn from experiences. In financial markets, extreme events, no matter how rare, could have a profound impact on a company or even the whole country. Insurers are also not free from the impact of catastrophic large-scale extreme events. As a result, with pervasive economic and financial revolutions sweeping our world and potential devastative catastrophes, the increasing interest in tail risk management is fuelled by practical issues, including investment downside risk and insurance catastrophe risk. Thus, developing statistical techniques to model extreme investment and insurance losses is certainly a major task for risk managers. the purpose of our paper is to apply moment methods to estimate the joint events such as concurrent extreme investment loss and insurance loss. A novel aspect of this article is that it takes into account the correlation between different assets and insurance lines of business.

Description: The Indian market holds tremendous potential for insurance products, especially in segments that remain untapped. The market is evolving in terms of market penetration, product innovation, regulatory changes, government initiatives, capital adequacy and customer experience. In this report, we have highlighted insurance trends in India based on insights gathered from practitioners' interviews, available research and literature, with a particular focus on the enterprise risk management (ERM) function of insurance companies.

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: This report summarizes the major findings from the 14th (2020) emerging risk survey.

Description: Enterprise risk management (ERM) is an orderly or guided conduct of an enterprise to deal with risks. For insurers, ERM requires full support and commitment of the senior management. ERM in the U.S. and Canada has evolved over the years into a complex ecosystem.