Description: New chairperson’s column discussing his goals for the Product Development Section.

Description: Regulatory change and increased focus on internal risk management are driving a renewed interest in model efficiency. In this session, we will review several new and existing tools, that show significant promise for advanced modeling of equity linked products. These include: • Clustering • Use of unique--and potentially a different number of--scenarios for each policy • Semi Monte Carlo (SMC) – this is a proprietary technique that is similar to a combination of Monte Carlo and numeric integration • Using a neural network approach to optimize some of the more complex and manual aspects of clustering and improve the fit of the clustered model • Combining SMC with the use of unique scenarios per policy

Description: Retirees will face the societal issue of inadequate savings with likely insufficient time to rectify the situation. They need immediate growth, but also the disciplines of risk management. They typically do not know how to engage with these two aspects in a harmonious manner on their own. Insurance companies are in the business of providing the solution but regulators have been clamping down in favor of simpler and more transparent products. In addition, the market reality over the last decade has been that insurers have stock betas at a multiple to the general markets with PE ratios well below. A panel of senior professionals from writers of retirement product business will present their vision of how the insurance industry can address the above dilemma, including the risks underlying the writing of the business, impact of financial markets, and regulations in the development of the business.

Description: Metadata for entire issue

Description: In this article, the author talks about the Brazilian life insurance and annuity markets.

Description: Provides the actuary with a more satisfactory basis for annuity premiums and reserves. It presents a new mortality basis and offers a description of its construction. It also provides a historical review of past mortality tables for annuities. From the Society of Actuaries 50th Anniversary Monograph, M-AV99-1.

Description: The US market sees hundreds of pension risk transfer (PRT) transactions close each year, with both publicly traded and private equity-backed insurance companies active in the space. This session would cover several topics involved in pricing a PRT deal, including assumption setting, reserve considerations, and the use of Strategic Asset Allocation (SAA) in PRT. The session would also include discussion of technologies, including SAA techniques, that can support rapid and timely pricing for these deals. Participants will gain insight into the PRT pricing framework, as well as a better understanding of the competitive and dynamic PRT market.

Description: Over the past year, the life industry has seen the continued expansion of the Registered Index Linked Annuity (RILA) market. In this session we will take a deep dive into registered index linked products. We will explore common product features and mechanics, key risks, pricing, regulatory, and reserving considerations, and reasons why RILAs have been successful. We will also consider the potential impacts of the rising interest rate environment on product sales and design.

Description: Non-guaranteed elements are parameters of life insurance and annuity polices that are not fixed when the policy is issued but may be changed from time to time by the insurance company.

Description: Learn more about recent updates to the Bermuda Market and how this may impact current and future market players. This session will cover the Bermuda reserving and capital requirements and how the recent Bermuda Consultation Paper may impact the industry. At the end of the session, you will have a better understanding of the status of the proposed changes, the implications and general observation of the industry reactions.