Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).

Description: The Observatoire actuariel de la crise du coronavirus (Actuarial Observatory of the Coronavirus Crisis) is a unique initiative of the Institut des actuaires (Institute of Actuaries) consisting of the establishment of a process of qualitative sociological surveying during the confinement and the two weeks following it. Implemented by a PhD sociologist, the Actuarial Observatory of the Coronavirus Crisis aimed to collect, in real time, the perceptions and analyses of actuaries, women and men of all generations and from all professional backgrounds, of this unprecedented crisis. Its first report reproduces the observations made with respect to operational matters: • How did the companies continue to operate? • What are the consequences for the sectors? • How will they manage the induced risks? • What are the expectations for the future?

Description: Risk adjustment is needed under IFRS 17 to reflect the compensation that a company requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Companies are also required to disclose the method and confidence level used for the calculation of the RA. However, IFRS 17 doesn’t specify a method and a confidence level, nor does it provide a list of specific risks that are considered to be non-financial risk. Companies need to define them based on their own preferences or existing practices. This article will introduce available approaches and discuss the confidence level approach with potential consideration stemming from industry preferences and illustrative examples.

Description: The academy generator is widely applied in actuarial practice. Initially confined to regulatory reserving, companies are increasingly using the AAA/SOA generator over an ever widening range of applications testing the limits of the academy generator's intended function. The session will give a brief overview of the academy generator and the asset classes it can be used to model. It will also analyze the statistical properties of the academy scenarios and discuss the scenarios relative to standard validation criterion. Some of the challenges that actuaries face in using this framework will be reviewed and options for addressing these challenges will be offered.

Description: Today's actuarial teams dedicate substantial time and resources to maintain strong frameworks for risk management and control. Current practices typically endure this as a sunken cost, yielding minimal value beyond SOX/MAR/COSO compliance and basic error prevention. With a small up-front time investment, and a willingness to approach these activities with an open mind, the functionality of existing compliance activities can be completely transformed. Compliance activities, once a sunken time cost, can be elevated to deliver more insightful analysis to stakeholders.

Description: This is the full research report for the thirteenth Emerging Risk Survey which summarizes the results of the survey.

Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).

Description: The presenters describe the process payers and employers can use to evaluate emerging medical device technologies, recent or pending FDA submissions for prescription drugs and experimental treatments that impact patient care, resource utilization and health care expenditures. Learn the process of identifying and selecting impactful treatments (Horizon Scanning) and quantifying the financial cost of new technologies before they arrive in the market. These workflows can be leveraged by actuaries, healthcare economists, clinicians and pharmacists from a payer (Commercial and Medicare) and employer perspective for self-funded plans. Walk through sample models that illustrate how costs for emerging technologies and treatments can be modeled.

Description: Note from the Council Corner providing an update to our JRMS members on recent / upcoming activities.

Description: Actuarial activity in Azerbaijan commenced in 2008 with the enactment of the insurance law. The Actuarial Association of Azerbaijan was created in that year. The insurance law prescribes an official roster of actuaries who qualify after passing an exam. There is also the position of “appointed actuary” who reports directly to the board of directors of the insurance company. However, due to the relatively fast development of the insurance market, there is an urgent need of qualified actuaries. Actuaries Without Borders and the International Actuarial Association have thus helped in the capacity building process. This article describes the workshop that was held in Baku, in December 2019.