Description: The collective investment in transforming the life insurance proposition exceeds anything seen in the last thirty years — a working lifetime. As one would expect, reinsurers are playing a major role. The past five years have seen global reinsurers raise the bar on client experience to new levels, while also investing, expanding and re-organizing to support the transformation of the primary insurance industry, and in so doing also their own.

Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: Update from International Section chairperson.

Description: SOA Asia-Pacific and China Annual Symposia Held in Guiyang and Bangkok.

Description: Notes on the IAA meeting that took place in D.C. in May

Description: Chairperson's update on the International Section.

Description: Article about lessons learned from working with the Actuaries Without Borders Global Mentorship Program for a year.

Description: The article is an overview of the life insurance business in the Middle-East. It presents the history and culture of the region and the impact on shaping the life insurance products. The article then presents surrounding economic, political and demographic environment as well as business challenges and opportunities. Finally, the article presents the market position on the digital transformation.