Description: After years of discussion and debate, PrinciplesBased Reserving (PBR) is finally a reality. Small insurance companies have a unique opportunity to decide between electing for the company-wide exemption or adopting the PBR methods. This article discusses the benefits and challenges of the options available to small insurers under VM-20 as well as best practices that have been found along the way.

Description: With coinsurance of an existing block of long-duration insurance contracts, there may be existing reinsurance that remains in force. The new coinsurance is typically net of such “inuring reinsurance.” In this article, we look at approaches that the new reinsurer might apply to account for the effects of inuring reinsurance.

Description: Feature article discussing image recognition and how it may affect actuaries in the future.

Description: The Drake Risk and Insurance Workshop on Catastrophe Risk took place virtually on February 19, 2021, hosted by the School of Actuarial Science & Risk Management in the College of Business and Public Administration at Drake University. The purpose of this article is to share with the actuarial science community some experience in organizing this event amidst the COVID-19 pandemic.

Description: The momentum in value-based care has produced an opportunity for actuaries to become pioneers in health care

Description: This article discusses key considerations and differences in measurement requirements between IFRS 17 and LDTI, leveraging a term insurance example to illustrate potential impacts on liabilities and, ultimately, earnings emergence.

Description: Actuaries can be well suited to provide consulting to both DB and DC plans. We focus on DC design and the important nondiscrimination test requirements that need to be at the core of a plan design project. Plan design for DC plans seems easy, but should not be looked at any less seriously than DB plan design. The key steps are the same as DB plan design. We review key concepts that plan design actuaries want to know.

Description: The growing global recognition of the importance of climate-related risks (transition and physical) has triggered a significant demand for research on the interface between climate and actuarial sciences, for example on the impact of risks from climate change on insurance markets and their operations. Furthermore, the systemic nature of climate-related risks underpins actuaries’ need to engage and work with diverse groups of stakeholders, including clients, communities, governments, regulators, boards, and investors. Contributions are invited for a special issue of the Annals of Actuarial Science featuring research on the topic ‘Managing Climate-Related Risks’. This special issue aims to capture leading interdisciplinary thinking, with clear relevance to actuarial problems in pensions and insurance.