Description: Excerpts from Yee's presentation on the S-Curve reserve for Universal life. The S-Curve represents a distribution of amount of assets needed under 550 scenarios which, together with future premiums, will fund all future policy benefits and expenses. The reserve is a specific point on the Curve.

Description: This paper shows how the results of copula based capital aggregation models can always be locally approximated by relatively simple formulas. The paper defines the concepts of diversification factor and tail correlation matrix and describes methods for estimating these quantities from simulated data. We show how these ideas can be put into practice as both computational shortcuts and presentation tools.

Description: Description of new regulatory risk disclosure for private fund advisers.

Description: The author provides an overview, from a banking perspective, of Value at Risk VAR and its use as a risk management tool. This article originally appeared in the August 1997 issue of Financial Engineering News and is reprinted with permission.

Description: This study note focuses on actuarial applications and loss distributions for insurance products.

Description: Read the February 2017 issue of Risks and Rewards published by the Investment Section.

Description: This paper reviews the Value At Risk concept, a financial risk management tool and discusses its application to insurance. Difficulties with this application are described and modifications suggested. An alternative tool, expressed as a risk adjustment to economic value, is suggested as an additional measure.

Description: Property and casualty insurers face risks in many key areas, such as operations, natural catastrophes and underwriting. Among the underwriting risks is the potential financial impact of adverse loss reserves development.This paper illustrates a model of loss reserve risk that will incorporate how risk evolves over time at annual time horizons.

Description: This article discusses risk transfer and how difficult it is to define and describe. For actuaries, the challenge is to develop an analytical framework under which the presence of insurance risk can be identified and assessed.

Description: The financial industry has become increasingly interested in understanding and managing financial risks as well as business risk. While often perceived in terms of risk reduction or mitigation in the past, todays focus has expanded to improve performance and add to the value of the firm. Many banks and securities firms have built risk management areas to better manage their financial risks. Some insurance companies are moving in a similar direction, This session focuses on quantification of various financial risks insurers take on. From the Record of the Society of Actuaries, Vol. 24, No. 1. Maui Spring Meeting, June 15-17, 1998, Session 87PD.