Description: Canadian Institute of Actuaries (CIA) and Casualty Actuarial Society (CAS), has annually conducted a Survey of Emerging Risks. As the researcher for this project, I have asked open-ended questions thought to be useful to risk managers. In this article, I will summarize one of those questions from the 2015 and 2016 surveys and provide some perspectives for Canadian actuaries: Are there lessons learned that you would like to share with risk managers developing an enterprise risk management (ERM) framework (e.g., what worked, what did not)?

Description: A table from an article in The Actuary Magazine entitled An Analysis of Risk Management Terminology - Your guide to speaking ERM with different industries.

Description: Highlights from the 8th Intercompany Long-Term Care Insurance Conference held in March 2008, consisting of 56 sessions covering a range of long-term care insurance LTCI topics each with a track-specific focus.

Description: This report looks at identifying drivers of systemic risk to China’s insurance industry and develops a measurement method for systemic risk as well as systemic risk dependence between the insurance industry and other industries.

Description: Early detection and assessment of insurer’s insolvency risk are critically important to regulators, insurers, policyholders, and investors for fiduciary assessment of insurer’s financial stability and for protection of potential financial loss associated with insurer’s insolvency. This proposed study aims to develop a market-based insolvency prediction model to detect financially distressed insurers at an early stage with the information content of higher moments from the market.

Description: This is the key findings research report for the sixteenth Emerging Risk Survey.

Description: Sometimes, rare things happen and the least expected occurs. Indeed, some events occur once or twice in a lifetime leaving little room to learn from experiences. In financial markets, extreme events, no matter how rare, could have a profound impact on a company or even the whole country. Insurers are also not free from the impact of catastrophic large-scale extreme events. As a result, with pervasive economic and financial revolutions sweeping our world and potential devastative catastrophes, the increasing interest in tail risk management is fuelled by practical issues, including investment downside risk and insurance catastrophe risk. Thus, developing statistical techniques to model extreme investment and insurance losses is certainly a major task for risk managers. the purpose of our paper is to apply moment methods to estimate the joint events such as concurrent extreme investment loss and insurance loss. A novel aspect of this article is that it takes into account the correlation between different assets and insurance lines of business.

Description: Because of the growing significance of Enterprise Risk Management, it is critical to consider how ERM responds and relates to circumstances and conditions. In particular, one megatrend currently impacting our world and our understanding of the economy is the emergence of a behavioral economics perspective. This paper describes the nature of behavioral economics, and considers the potential impact of such a perspective on ERM. From Actuarial Research Clearing House, 2012, Vol. 1.

Description: This abstract describes a presentation that gives examples of more successful and less successful communications from the author’s research experience in actuarial risk management.

Description: The present crisis in global financial markets has created an impression that enterprise risk management ERM has failed broadly to protect the safety and soundness of the financial system as well as that of many institutions, including insurance companies.