Description: The research provides a modeling framework for assessing the inundation risk of properties and their expected flood damages, thereby laying a foundation for flood insurance pricing. The researchers studied over 50 years of claims data from the National Flood Insurance Program with 2.5 million records and identify property characteristics that predict flood damages for inundated properties. The development of a private flood insurance market hinges on insurers’ ability to better understand and price flood risk. This research takes a closer look at flood risk modeling and flood insurance pricing.

Description: Article looks at various catastrophic events in past years specifically around insurance claims and the negative impact this has had on the insurance/reinsurance industries. It suggests better communication strategies for companies when dealing with the public.

Description: In this Society of Actuaries (SOA) Research Institute report, authored by consultants from Milliman, Inc. (Milliman) we aim to study the effects of hurricanes on human health: whether there is a relationship between hurricanes and the observed prevalence of healthcare utilization or certain health conditions among the affected population, whether this relationship can be observed through a healthcare utilization dataset, and whether there is an interaction between this observation and metrics of socioeconomic vulnerability.

Description: The research provides a modeling framework for assessing the inundation risk of properties and their expected flood damages, thereby laying a foundation for flood insurance pricing. The researchers studied over 50 years of claims data from the National Flood Insurance Program with 2.5 million records and identify property characteristics that predict flood damages for inundated properties. The development of a private flood insurance market benefits from insurers’ ability to better understand and price flood risk. This research takes a closer look at flood risk modeling and flood insurance pricing.

Description: Discuss a comparison of the U.S. general and insured population mortality experience and how COVID-19 and non-COVID-19 excess deaths impacted the populations differently. Discover the population mortality experience in the UK with a focus on the recent emergence of excess deaths for non-COVID causes. The long-term implications on the insured population will also be explored. Wrap up with a discussion of different conditions of long COVID, including organ impairments.

Description: The strategic plan of the Society of Actuaries (SOA) Research Institute includes several important research goals. One goal is to support emerging issues and topics in established practice areas and encourage the development of research projects that have a strong impact on the actuarial profession. The primary purpose is to select and fund high-quality research projects that directly educate members on applicable topics. Additionally, the SOA Research Institute desires to develop additional intellectual capital that serves the interest of the public and the profession’s stakeholders. The Research Executive Committee (REC) of the SOA Research Institute oversees the funding of the Emerging Issues Pool. This key source of research funding is used to sponsor projects that are beneficial to the entire profession, across practice area boundaries that may require funding levels beyond the normal annual funding budgets of research committees and sections. The REC is issuing this Request for Proposals (RFP) to fulfill the strategic goals of the organization through the use of this pool for funding new projects.

Description: Excel file supporting weather extremes report.

Description: Excel supporting spreadsheet.

Description: Actuarial weather extremes, November 2020

Description: This report examines three extreme weather phenomena in December 2020: Continuing drought in the Western United States, heavy precipitation, snowfall, and flood in the Eastern U.S., and ranking 2020 global land and ocean temperature vs previous annual averages of the last 141 years.