Description: This article highlights the significant steps being taken by the UK actuarial profession to establish a more focused role in risk management.

Description: The purpose of this article is to provide a high level summary of the paper “Variance of the CTE Estimator” by B. John Manistre and Geoffrey H. Hancock that appeared in the North American Actuarial Journal in 2005. The authors also expanded on some of the results.

Description: Introduces the concept of total risk analysis, a methodology used to answer questions like "what are the chances we will lose more than $1 million"

Description: This article will examine four approaches under two different methods (eight in total) used to combat the non-additivity of key rates and will compare them under a number of rate environments.

Description: The CAS is pleased to present its Research Paper, “Users’ Guide to Economic Scenario Generation in Property-Casualty Insurance”. Although there are cases in the literature about the use of economic scenario generators (ESGs) in the property casualty industry, they are far more commonly used for life insurance companies. Our hope is that this paper will serve as a comprehensive guide to the implementation of ESGs in the non-life space and spark interest in research into new applications of ESGs.

Description: An introductory article describing how Bayesian statistics has evolved over the past 20 years and why it offers the actuarial discipline powerful tools to better understand and manage risk. Compared with traditional (frequentist) and black-box (machine learning) approaches, Bayesian analysis provides explainable models focused on distributions of estimates instad of simply point estimates.

Description: This article examines the emphasis that is currently being placed on assessing, monitoring and managing credit concentration risks.

Description: Important tools used in property & casualty P&C insurance—predictive modeling and data mining—can be applied to more effectively model policyholder behavior risks in variable annuity VA contracts. In this article, a case study is used to demonstrate how a predictive modeling approach can improve upon traditional methods used to model VA lapse behavior.

Description: Duration matching is a risk management strategy, commonly used in the insurance industry, where the duration (price sensitivity to a yield curve movement) of an asset portfolio is adjusted to be made equal to the duration of the liability. However, this approach has flaws. In this essay, I note some key failures of duration matching and offer a potential alternative.

Description: This article discusses the growing exposure of ERM and where it's headed in the future. The author predicts that the ERM discipline will go deeper to reflect better the realities in our enterprises and that the science of ERM will leap forward through combining analytical skills and business knowledge, and through blending the insights of financial economics with the tools of management science.