Description: This article gives the highlights of the 88-page report including detailed assumptions for products including universal life with secondary guarantees (ULSG), cash accumulation universal life (CashAccum), current assumption universal life (CAUL), indexed universal life (IUL) and variable universal life (VUL). The 29 companies and 83 products represented in the report allow for an interesting perspective on premium persistency assumptions used in pricing, cash flow testing (CFT) and generally accepted accounting principles (GAAP)/international financial reporting standard (IFRS) functions. This article covers some general results and ULSG-specific results.

Description: Risk based pricing addresses some of the shortcomings of traditional pricing methods by providing a framework for understanding the tradeoffs between shareholder risks and rewards using a robust, transparent and objective economic methodology that is consistent across products.

Description: Read the Quo Vadis Reinsurance.

Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The five speakers discuss product development trends for five different types of individual life insurance products: universal life, traditional life, term insurance, variable life, and multiple life plans. From the Record of Society of Actuaries, Volume 17, No. 2.

Description: The last few years have seen a dramatic change in the way that insurance products are priced. If we traveled back in time 15 to 20 years, we would see a world where most insurance products were priced on the basis of a few static scenarios. In the last several years, pricing on a stochastic basis has become more mainstream—at least for contracts with embedded guarantees.

Description: This report describes the results of a survey on reflecting risk in pricing. The survey expands on one conducted in 2003 and was expanded to include life, health, P&C, and non-North American insurance companies.

Description: This article addresses the issues of short-term volatility, the non-equivalency of traders and, how product development is being impacted by market consistency.

Description: Discusses the influence of market-consistent pricing proponents.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: Predictive models can improve the traditional actuarial assumption-setting process. Data science techniques can provide deeper insights into experience through their ability to identify key drivers, rank importance and account for interactions. The presenters will cover ways in which companies can utilize predictive analytics to set assumptions, including the various methods available and practical approaches for implementation. They will also discuss the advantages and challenges of using predictive models for setting assumptions for life, annuity and disability products.