Description: This paper develops the binomial version of the Lee-Carter model and provides a comparative study of simulation strategies for assessing risk in mortality rate predictions and associated estimates of life expectancy and annuity values in both period and cohort frameworks.

Description: Discussion of Living to 100 Session 6A: Projection and Statistical Modeling of Mortality at Late Age

Description: This paper presents a different approach to measuring Health Expectancy, especially as it relates to the elderly population. This new actuarial approach is described and numerous examples are given.

Description: This paper discusses a test of whether ERM influences insurers’ stock market performance. Results show that stock market performance is linked to the characteristic of industry events and specific firm characteristics rather than to the success of ERM.

Description: This paper offers a decision making procedure for solving complex problems step by step. It presents the decision analysis process for both public and private decision making, using different decision criteria, different types of information, and information of varying quality.

Description: The purpose of this paper is to help practitioners and regulators more accurately quantify the potential impact of market risk on insurance products with equity-linked guarantees. To this end, this paper examines time series model selection and assessment based on residuals, with a focus on regime switching models. Also it discusses the difficulties in defining residuals for such processes and propose several possible alternatives. We determine that a stochastic approach to defining the residuals is the only way to generate residuals that are normally distributed under the model hypothesis.

Description: Introduction to the paper that documents the flaws of the current financial model.