Description: The implementation of the IFRS 17 insurance accounting standard has brought significant changes to the financial reporting landscape of insurance companies. With new disclosure requirements and altered profit analysis, understanding and interpreting future profitability have become a topic of concern for the industry. While stability remains a key objective for insurance companies, the earning patterns might become more volatile especially when the contractual service margin (CSM) is exhausted, and a loss component (LC) needs to be established. Reinsurance, a common risk mitigation tool, can play a pivotal role in managing earnings volatility and minimizing losses for onerous measurement units. In this article, we propose a new key performance indicator (KPI) called “loss recoverability” to assess the performance of reinsurance treaties in achieving these objectives. We explain how this KPI can be utilized in multiple scenarios to evaluate the effectiveness of reinsurance strategies and pursue stability in earning patterns.

Description: This article outlines Georgia State University’s (GSU) innovative approach to actuarial science education in response to the evolving demands of the profession, including data science, AI, and climate risk. It highlights a comprehensive pipeline that supports students from early career exploration through high school outreach, into personalized undergraduate academic paths, and onto professional readiness. Key features include project-based learning integrated into core actuarial courses, hands-on technical training in R and Python, and industry-aligned case studies.

Description: This article provides a summary of the revised ASOP 11 ("Treatment of Reinsurance or Similar Risk Transfer Programs Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports") which was effective December 1, 2022.

Description: Nobody is perfect, and actuaries are no exception. At some point, every actuary is bound to make a big mistake. These kinds of mistakes can have a significant impact on an actuary's reputation — whether that impact is positive or negative depends in large part on the way someone investigates, communicates, and resolves errors they uncover. By approaching mistakes with transparency and honesty, these big mistakes can actually enhance credibility and reputation, rather than harm it.

Description: The Best Article in the Reinsurance News 2023 and News from the Reinsurance Section Council

Description: Joint Risk Management Section chairperson's corner, June 2023

Description: Legacy may seem far away, but for entrepreneurial actuaries, legacy is now. This article shows entrepreneurial actuaries how they can think of their legacy as the breadcrumbs they leave with their teams, their clients, and their community.