Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.

Description: Update to the members of the SOA International Section

Description: Spring 2023 Archive Syllabi

Description: View the archived syllabus/syllabi and updates for the Fall 2023 Advanced Topics in General Insurance (GIADV) Exam.

Description: View the archived syllabus/syllabi and updates for the Fall 2023 Funding and Regulation (RETFRC) Exam – Canada.

Description: View the archived syllabus/syllabi and updates for the Fall 2023 Group and Health Risk Mitigation (GHRM) Exam.

Description: Almost half of recent FDA approvals have been for orphan drugs. This trend is expected to continue in 2023. Orphan drugs are priced more than 30 times higher than non-orphan drugs, therefore their cost burden in aggregate has the potential to overwhelm the budgets of payers, especially that of smaller health plans. Hear how the cost impact analysis for smaller health plans require different considerations than for a larger health plan when modeling the impact of rare diseases.

Description: A listing of professional development opportunities in the recent past that have relevance to general insurance actuaries.

Description: SOA Names Morgan State University to its University-Earned Credit Diversity Extension Program

Description: The SOA announces the evolution of the Fellowship of the SOA (FSA) pathway. The SOA is making enhancements to help meet the growing global demand for actuarial talent. These enhancements will improve the candidate learning experience and provide more flexibility and global relevancy in the curriculum while maintaining the rigor that has earned respect for the FSA designation worldwide.