Description: Models are a staple of an insurance company's operations. However, models that are not appropriately governed may lead to underpriced products, under-funded reserves, unfairly treated customers, and potentially catastrophic operational, legal, and reputational risks. Model Risk Management (MRM), an essential component of an insurer's ERM function, needs to keep pace with the rapidly evolving model ecosystem to limit model risk and produce results that management can trust when employing company strategy. With the adoption of ASOP #56, emerging technologies, and regulatory changes such as PBR, LDTI and IFRS 17, it is increasingly important for MRM frameworks and processes to adapt, upgrade and evolve. Discuss insights on how to embed ASOP 56 into Model Risk Management (MRM) and assess the design, development, modifications, and validation of actuarial models, the advancement of analytics and technology that empower insurers for process optimization and automation, as well as the the key components, stakeholders, best practices, and strategic benefits of a comprehensive MRM framework. Go over use cases on enhancing MRM in the context of ASOP 56, technology, and model governance. Explore how automation and optimization of the MRM process will allow companies to realize the strategic benefits of MRM, ensure successful adoption of regulation changes, and the pros and cons of emerging technology on MRM. By attending the session, you will be able to: - Describe how ASOP 56 can help improve MRM processes. - Describe the key components, stakeholders, best practices, and strategic benefits of a comprehensive MRM framework. - Identify where and how to use technology to automate and optimize the MRM process. - Evaluate the impacts of emerging technology on MRM.

Description: The use of longevity swaps are an area of growing interest in North America for insurers and pension schemes to manage their exposure to longevity risk. This growth is anticipated to continue as a consequence of the increased experience in the market and this maturity will encourage an improved affordability and ability for insurers to be flexible in this space. In Europe and Asia, longevity swaps are a much more established tool for risk transfer and optimizing asset-liability matching. From these markets, we can learn how to establish an effective framework in order to price, implement, and monitor performance of longevity swaps. By attending the session, you will be informed on the typical structure and modeling/valuation approach for longevity swaps including: - Understand longevity swap concepts, their benefits and common use. - Establish a basis for assessment such asmeasurement metrics, risk factors, and benchmarking principles. - Comprehend ongoing management such as basis risk, trigger points/pull-out clauses, potential operational issues, and asset transfer mechanisms. - Understand considerations and approach for valuing under US STAT and US GAAP.

Description: The working life of actuaries has become faster paced, more complex, and potentially more volatile than in any previous period in the history of the profession. Furthermore, actuaries are increasingly being asked to expand their roles into areas that lie beyond the traditional space associated with the actuarial profession. As a result, actuaries are increasingly finding themselves faced with professional and ethical dilemmas for which there is little precedent to rely for guidance. Take part in a guided discussion about three real-world case studies where actuaries were required to make difficult decisions. We will see how by remaining calm and leaning on the ASOPs, actuaries were able to navigate professional and ethical pitfalls despite pressure from key stakeholders. Each case study will highlight actuaries working in different areas within the industry. Some examples may include: - Case study 1: An actuary working for a direct insurer finds a last-minute error during a busy production cycle. - Case study 2: An actuary working for a reinsurer finds themselves under pressure to apply an unrealistic assumption. - Case study 3: An actuarial consultant is under pressure from a non-actuarial client to perform work in a way that would not comply with actuarial standards. By attending the session, you will: - Understand how to lean on the ASOPs to keep cool during stressful situations. - Manage deadlines and expectations. - Balance risk and reward, and remain true professionals, no matter how hot the fire.

Description: ClubVita Session Series Buyouts and indemnity swaps remove all the longevity risk from an underlying population. However, they can be difficult to unwind and are not very flexible or widely tradable. Explore the characteristics and product structures of indexed based longevity swaps, demonstrating how they can cover any term, how they hedge the key component of trend risk and how, with new technology developments, they could lead to a liquid market.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: The most recent U.S. population data released by the Centers for Disease Control and Prevention (CDC) and from the U.S. Census at year-end 2021 includes the first ten months of the COVID-19 pandemic in the U.S. While we know the pandemic has had significant impacts on both the U.S. population and insured population mortality, we also see increased mortality due to many other non-COVID causes of death. Where are the biggest changes and what does this non-COVID excess mortality mean over the next few years? Take part as an expert panel hosts an interactive discussion to examine data from general population as well as from both individual life and group life experience studies to explore how these changes might spur innovation in underwriting, assumption setting and pricing.

Description: Emerging risks are new or evolving, so require novel treatment by risk teams. The results from the 15th annual survey of emerging risks, sponsored by the Canadian Institute of Actuaries (CIA), Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) will be shared. Long-term trends and highlights from open-ended questions will be shared, along with analysis of how the practitioner can use this information. While risk appetite statements profess a stable and consistent process, research shows that companies rotate through methodologies with management teams and that the most successful teams have the flexibility to adjust to current conditions.

Description: As one of the biggest emerging risks of our generation, climate change poses complex and materially unique risks to insurance companies. Limited availability of data is proving to be a challenge to accurately modeling these risks. While climate change poses a major risk to financial institutions it also presents tremendous opportunities to risk managers, risk carriers, and actuaries. Explore recent ESG initiatives from the Biden administration, NAIC, and New York regulators on climate change scenarios and what it means for insurance companies. By attending the session, you will: - Understand recent updates and news surrounding ESG and insurance. - Realize lessons learned globally from other countries shifting to an ESG environment. - Comprehend the unique risks of climate change versus typical stress/scenario testing. - Understand how climate change scenarios are developed.

Description: The Survey of Emerging Risk has been successfully conducted in North America for 16 years, consistently providing reports that track risk managers' opinions on emerging topics transcending the current business cycle, with strategic plans extending over decades. Since 2022, the survey has been specifically introduced to the Asia-Pacific markets with local language support, aiming to gauge actuarial and risk management professionals' opinions on emerging risks in the Asian market.

Description: Both under favorable and stressed conditions, companies heavily rely on reinsurance and the market has seen a number of major transactions enacted in this space over recent months. Reinsurance offers a wider variety of opportunities in order to manage stressed balance sheets and enhance return on capital, upon which insurers must continually reflect in order to capture all the potential value. For example, captive reinsurance, which offers expense or cost reduction advantages in addition to risk management and control, is becoming more widespread as more U.S. jurisdictions allow parents companies to benefit from these captive formations. Upon enacting a transaction, ensuring the implementation of effective reinsurance operations is crucial in order to avoid operational inefficiencies and monitor the transaction's performance. Understanding the potential opportunities and common pitfalls in reinsurance processes is vital for capturing the full value of reinsurance. By attending the session, you will: Explore all the options available where reinsurance can be leveraged to improve capital and tax position, as well as achieving the optimal balance of risk appetite and underwriting profit. Furthermore, the presentation will provide real life case studies on how innovation and operational excellence can improve earnings by reducing costs related to inefficiencies, reducing process timing, improving controls, and reducing reinsurance leakage.