Description: In this article the author discusses the many hats an actuary wears and how risk management comes to play in each one. The roles discussed: 1. Pricing actuary. 2. Catastrophe modeling actuary. 3. Ceding reinsurance actuary. 4. Corporate actuary. 5. Loss reserving actuary. 6. Predictive modeling actuary. 7. Marketing actuary. 8. Underwriting actuary. 9. Investment actuary.

Description: This article argues that using Economic Capital as a metric does not capture all of the risks. The author suggests an alternative that better meets a corporation's overall risk management needs. This is value-based ERM, which is an approach that makes the quantification of enterprise value central to all aspects of the ERM process. It is a combination of two techniques—enterprise risk management and value-based management, and it captures all of the risks in a single metric.

Description: The focus of this article is that while Economic Capital can be a valuable component of the ERM process for insurance companies, an over-emphasis on EC, to the point of neglect of other steps in the ERM process, can reduce the effectiveness of an ERM program.

Description: What risks should ERM actuaries be working on?

Description: Article provides a brief summary of the highlights from a survey completed in fall 2018 covering Emerging Risks. This is the 12th iteration of the survey and provides trends and qualitative comments from respondents on a variety of ER and ERM topics. Climate change and cyber risks continue to lead the responses.

Description: Article provides a brief summary of the highlights from a survey completed in fall 2018 covering Emerging Risks. This is the 12th iteration of the survey and provides trends and qualitative comments from respondents on a variety of ER and ERM topics. Climate change and cyber risks continue to lead the responses.

Description: Read the February 2020 issue of Risk Management, published by the Joint Risk Management Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: This article from A Year in the Life of the Strategic CRO series explains how to enhance the risk appetite to better support business planning discussions.

Description: A new project combining survey data from people across the country with data from John's Hopkins and the CDC on COVID cases and deaths. This project provides weekly data for individuals, businesses, and policy makers to understand which COVID mitigation efforts are in place in their area, how they are working, and how different COVID mitigation methods have been working in different parts of the country.

Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.