Description: Articles address why longevity risk is of interest to US life insurers but not necessarily a priority and what might happen that could change that perspective. It also presents attractive options for managing longevity risk. Provides real life scenarious of how a longevity swap works.

Description: A framework to measure and evaluate the risk-adjusted investment performance given the characteristics of the insurance liability.

Description: Insurance companies are not immune to liquidity risks.

Description: Credit ratings have played an essential role in the financial system and have been used extensively by market participants. Despite their wide use in the financial services industry, they are actually insufficient for pricing and risk management of fixed income securities.

Description: The article discusses modeling of variable annuity behavior risk, with a particular focus on how interaction between different behavioral assumptions complicates modeling. The article gives a brief overview of variable annuity behavior risk, discusses the challenges that behavioral interactions pose for VA modeling, and discusses three potential solutions for dealing with this complexity.

Description: The editors provide highlights of the articles included in the August 2015 issue of Risk Management.

Description: Institutional investors seeking to hedge have no shortage of choices, and need the right framework to manage the different risks in portfolios as they arise. This article analyzes performance of different equity hedging strategies over the last 15 years, and lays out a potential hedging framework that takes into account types of risks being hedged, fundamental views, and current market pricing of protection.

Description: Update of the activities being carried out by the Joint Risk Management Section

Description: An excerpt from the SOA-sponsored research report of the same title. This article describes three elements of a strategic pension risk management framework: adjusting corporate financial metrics for corporate pension plan; the trade-off between pension risk and capital; empirical evidence of how corporate pension plans impact stock prices or credit spreads

Description: This report reviews the academic literature on risk aggregation and diversification as well as the regulatory approaches. We will point out the advantages and disadvantages of the different approaches with a focus on model risk issues.