Description: This paper is a literature review of available papers, publications, articles, and presentations on the topic of longevity risk.

Description: Appendix 2 from the research report entitled 'Exploration of Reputational Risk from the Perspective of a Variety of Stakeholders.'

Description: Research report describing an analysis of experience transition rates between Long Term Care insurance claim settings over the course of a claim. Examples of such transitions are from an assisted care facility to home health care or from home health care to a nursing home.

Description: This report describes a simple way to construct a bivariate copula with specified marginals and partially specified dependence. For example, the method allows one to model tail behavior scenarios while holding the core of the joint distribution fixed. An Excel workbook named CopulaExample.xls is provided to illustrate the method, including its use in Monte Carlo simulation.

Description: The Society of Actuaries announces the release of a new report that will provide a resource for the insurance industry to learn about image recognition technology. Authored by Kailan Shang, the report explores the current status of image recognition technology, models for image recognition, and various possible applications of image recognition to insurance.

Description: The Product Development Section, the Financial Reporting Section, the Modeling Section and the Committee on Life Insurance Research are pleased to present new research on modeling and forecasting cause-of-death mortality. Authored by a Milliman team led by Alexandre Boumezoued, the report develops a framework for forecasting cause specific death rates. Included also is a Cause of Deaths Forecasting Tool and a user guide for the tool.

Description: In the classical risk theoretic model with Poisson claim arrival and exponential claims, consider the discounted value of claims nos. 3, 6, 9, and so on. [To risk theory specialists, considering every third claim in a Poisson arrival process is the same as assuming waiting times are Erlang[3] in a Sparre-Andersen model.] The distribution of the discounted value of future claims can be found. It turns out that this is the same as the distribution of the product of two independent variables, one having a gamma distribution, the other a 'complex-parameter beta product distribution'. The latter will be defined, it involves extending the usual beta distribution.

Description: There has been a growing demand for crop insurance in third world countries to combat poverty among farmers. Farmers in these countries could greatly improve crop yields if they had access to higher quality inputs, such as seeds and fertilizers. However, in order to buy these higher quality inputs the farmers need to obtain loans from microfinance institutions. These institutions are reluctant to extend loans to farmers due to the risk of loan default resulting from crop failure. With increasing abnormal weather patterns due to climate change, the concern for crop failure is on the rise and the need for such insurance is becoming more significant. Motivated by a non-governmental organization’s unsuccessful attempt to buy a crop insurance product for the farmers they serve, this paper proposes a design for rainfall indexed crop insurance for maize farmers in Kakamega, a western region of Kenya.

Description: This presentation discussed the Copula Methodology, which is the most popular methodology in multivariate modeling in finance and insurance. The definition, advantages, limitations, and uses of the Copula Methodology were presented. Some other multivariate models were discussed as well. From Actuarial Research Clearing House, 2012, Vol. 1.

Description: The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries' Joint Risk Management Section and the Joint Risk Management Research Committee are pleased to make available a new report on the application of ERM. Authored by Bonnie-Jeanne MacDonald, Sim Segal, Michael Wolfson and Heidi Walsh, the report provides a novel demonstration on how ERM can be applied to serve the Canadian public by informing decision makers on the risks facing the current and future delivery of long-term care.