Description: This session will consider how catastrophic gaps in risk management practices contributed to the failure of regional banks in the first half of 2023. Panelists will explore ERM practices and potential corrective actions, based on insurance industry and pension plan best practices, that could have mitigated against the failures.

Description: The CIA, SOA and Joint Risk Management Section of the CAS, CIA, and the SOA sponsored a whitepaper on the application of ERM at a federal government level.

Description: ClubVita Session Series Longevity trend risk still exists even for the largest portfolios. Explore the differences in longevity improvements between different populations, how to categorize subpopulations with different trend risk characteristics, and how to use this categorization to reduce longevity trend basis risk.

Description: This is a synopsis of a report that actuaries have been participating in regarding insurer risk assessment for solvency purposes.

Description: Come discuss how reinsurers can work side by side with insurer to better develop products, and lift in the areas that reinsurers have more experience, help matching products with distributions (or vice versa) and provide advanced technologies associated with tools and software. The speakers will also present Direct to Consumer plan from various points of view, i.e., distributors, carriers, and reinsurers. Some case studies will also be presented where traditional reinsurers and asset-intensive reinsurers helped insurers bring products to life.

Description: The Actuaries Climate Index has been updated with new quarterly data, revisions to initial data for previous periods, and annually updated values for the index’s drought and sea level components.

Description: An introductory article describing how Bayesian statistics has evolved over the past 20 years and why it offers the actuarial discipline powerful tools to better understand and manage risk. Compared with traditional (frequentist) and black-box (machine learning) approaches, Bayesian analysis provides explainable models focused on distributions of estimates instad of simply point estimates.

Description: This is the second of a two-part article introducing and elaborating an “Adaptor” strategy for ERM. Such a strategy is intended to fulfil two purposes: first, switching among four styles of risk-coping strategies in order to track qualitative changes in a business’s risk environment; and, second, to support the business in navigating with resilience through all the seasons of a business-economic cycle, i.e., of boom, bust, moderate, uncertain. This latter requires careful study of the nature of resilience, the familiar idea of bounce back, and the less familiar idea of bounce forward. Part I of our article is underpinned therefore by a supplementary document (available from https://riskviews.wordpress.com/adaptor-exceptionalism/), which addresses the issue of structural change in a business or economy. It draws heavily on ideas taken from the discipline of control engineering, as well as some from ecology, social anthropology, and economics. The entire two-part article is thus an exercise in cross-disciplinary Systems Thinking.

Description: Global life insurance companies started to utilize both external and internal reinsurance for a holistic group-wide capital and risk management. This is more evident in increasing use of reinsurance affiliates in Bermuda and/or reinsuring business to Bermuda-based external reinsurers.Come explore how varying and often competing objectives of capital and risk management is balanced or optimized through the use of internal and external reinsurance from a view of global direct life insurance and annuity writers who will present cases and share their objectives, concerns, and experience in a relatively comparable structure. Presenters will have a brief panel discussion on a couple of hot topics such as on-going enhancement of Bermuda's capital and reserve regulatory framework and use of internal reinsurance.Get ready to learn practical and emerging views of insurers on the effective use of internal and external reinsurance for risk and capital management.

Description: The recent global pandemic, coupled with a rising interest rate environment, has emphasized the need for life insurers to be well-prepared for challenges on multiple fronts. Join industry experts in actuarial science and asset-liability management (ALM) as they discuss the significance of incorporating comprehensive pandemic modeling, mortality modeling, lapse modeling, liquidity analysis, and ALM strategies into the risk management framework of life insurance companies. Through case studies and interactive discussions, learn how to utilize systems and APIs from disparate risk models to integrate into an overall analysis to assess the short and long term impacts of the confluence of risk factors on your business, identify vulnerabilities, and implement proactive risk management strategies to enhance resilience and maintain long-term profitability.