Description: This paper examines different objectives in managing credit concentration risk. The suitability of different measures and presentation techniques is discussed and illustrated in the context of a case study.

Description: S&P Global published a revised insurance capital model in November 2023. The revisions add considerable complexity to their insurance capital model and rely more on companies to fill out the detailed model inputs. In return, the new model allows for better risk differentiation and an overall better assessment of insurance company risk-adjusted capitalization. In this session we will review the new capital model in-depth, considering its implications for capital management and product development. By the end of the session, attendees should have a deeper understanding of the revised criteria of the S&P insurance capital model, including its most important risk drivers and how it relates to the AM Best 'BCAR' and the NAIC RBC capital models.

Description: This article will examine four approaches under two different methods (eight in total) used to combat the non-additivity of key rates and will compare them under a number of rate environments.

Description: Insurers have long relied on scenario analysis to understand the long-term impacts of potential business decisions, but the advent of rapidly changing market environments and a growing desire to optimize capital has spurred business leaders to leverage new tools in order to explore potential options.

Description: How insurers can include a liquidity score and liquidity stress scenarios as part of their asset liability management (ALM) protocol.

Description: The article introduces a cashflow matching strategic asset allocation (SAA) framework for life insurers. Given the recent shift to higher interest rates after two decades of persistent low interest rates, insurers have an opportunity to enhance their asset liability management by rebalancing asset portfolios to narrow duration gaps and attain higher risk-adjusted yields. The framework aims to align investment objectives with economic, regulatory, and rating agency requirements. It prioritizes cashflow matching as the primary optimization goal and incorporates security-level asset information to assist portfolio managers in executing SAA seamlessly. The article highlights the benefits of the cashflow matching SAA framework, including greater attention to cashflow matching, unbiased results, readily executable strategies, and stable economic reserves. A case study is included to demonstrate the effectiveness of the framework in improving risk-adjusted return and cashflow matching for a representative liability block.

Description: An article about how to determine the best time to retire

Description: Attend this webcast to learn more on how to navigate managing ESG principles in the new normal of a post-COVID world. Enhance your ESG insights in a post-pandemic landscape.

Description: Where once an insurer's chief investment officer (CIO) reigned supreme over assets-aided and sometimes hindered by the involvement of a chief risk officer (CRO)-these days managing portfolio risk and return seems to be an altogether more complex affair. No less of this complexity has come from the expansion by insurers into illiquid assets in the last decade. Moving away from traditional assets has raised scrutiny of liquidity risk management, but how do insurers tackle this? In a world 'brimming with large and growing portfolio allocations to illiquid private assets,' liquidity management concerns are distinct from a typical CRO's portfolio or asset risk orientation. There's a need to look at all aspects of a fund's liquidity demands and sources, such as top-down asset allocation, bottom-up private market deal-making activities, and internal and external operations. A dedicated liquidity management function should also be able to identify both explicit and potential liquidity demands and sources and, in particular, stay in touch with market movements and the regulatory environment. It should identify, evaluate and keep at-the-ready possible external liquidity facilities-for example, the secondary market for private equity stakes, a collateralized portfolio liquidity line, a repurchase agreement or a futures program. A high-quality liquidity management team can also identify when a fund has too much liquidity, the cost of being overly cautious and how to put excess liquidity to work.

Description: Address issues in value-based contract accounting from an actuarial perspective. In Medicare and ACA business, what issues does risk adjustment present to value-based contract accounting? In Medicare, what issues do Part D present in value-based contract accounting and what are possible solutions? What are the issues in the use of provider stop loss in value-based contract accounting? Are there issues in the timeliness of claims in value-based contract accounting? Are we giving providers enough information for them to manage their population? How do we deal with deficit accounts? What are the pros and cons of capitation, gainshare, and full risk in value-based accounting?