Description: The SOA is interested in understanding how companies are performing scenario analysis, thinking through how various stakeholders (regulators, general public, competitors) could be reacting to a large-scale large-impact event over a multi-year period.

Description: This is report summarizes the results of a Joint Risk Management Section sponsored study on negative interest rates and the insurance industry.

Description: The introduction and effective application of US GAAP LDTI have increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions and required disclosures. In light of the changes, greater reliance has been put on companies’ model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of their companies’ actuarial models and to assess that the underlying data and process utilized are suitable and appropriate. This article covers a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, then provide insights on common LDTI-related validation observations based on the authors' prior validation experience.

Description: Chairperson's introduction to the Joint Risk Management Section (JRMS) February 2022 Risk Management newsletter. Includes a brief description of the JRMS section, summarizes the portfolio of benefits and continuing education opportunities available for those in the risk management profession, discusses the role of the JRMS Council to lead the efforts to provide those benefits and touches on changes underway.

Description: This report presents the major findings from the eleventh annual Emerging Risks survey.

Description: This is the key findings research report for the sixteenth Emerging Risk Survey.

Description: The Society of Actuaries announces the release of a new report that will provide a resource for the insurance industry to learn about image recognition technology. Authored by Kailan Shang, the report explores the current status of image recognition technology, models for image recognition, and various possible applications of image recognition to insurance.

Description: The article provides a summary of the Drake Risk & Opportunity Forum held on October 21, 2022. The forum was a hybrid conference that attracted more than 200 attendees from 17 states, two countries, 48 employers, and five universities. Following an introduction by the Zimpleman College of Business Dean, the forum held six sessions. First was an insurance company CRO panel followed by a panel of non-insurance company CROs. Gary Zhu shared his outlook for interest rates and capital markets. The fourth panel discussed insurance capital models. The fifth panel discussed environmental, social, and governance (ESG) criteria when building insurance company investment portfolios. The final session of the day was a discussion about the NAIC, how they operate, and their priorities for the coming year.

Description: The Chinese insurance market is grappling with product innovation, business growth and regulatory oversight as it tries to keep pace with a sharp growth in demand across product segments. In this context, the authors have highlighted insurance trends in China, based on available research and literature, with a particular focus on topics that will drive the enterprise risk management (ERM) function of insurance companies. ERM provides an opportunity for insurers to identify and mitigate potential insurance risks by enhancing their policies and risk management activities. This report explores the insurance trends in detail, drawing on findings from interviews of practitioners in the Chinese market, to provide context for the drivers of ERM transformation.