Description: Model Risk Management at insurers has been an established practice for well over ten years now. Until recently, a primary focus of model governance was on actuarial models. The Gen AI evolution we’ve experienced in the last two years, has shone a spotlight on “all things AI”. Along with the increased capabilities AI brings, there is increased concern for the proper use of these models, protection of IP, safeguarding of PII, and overall security. This session will bring together a diverse panel to discuss how we can adapt our established practices for these new models to minimize the risks that come with Gen AI and help our organizations optimize the benefits of AI.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: Forming a view on what the tail looks like for various risk factors involves both technical know-how and considerable judgment. The presenters focus on what needs to be addressed when setting financial market risk and insurance risk assumptions, in particular when assessing the question of diversification and the treatment of tail dependencies between risks and lines of business:

Description: This report examines the subprime mortgage crisis and related financial consequences from the perspective of the insurance company.

Description: Reinsurance has been available for VA Guarantees for over 20 years. During that time, the reinsurance market for VA Guarantees has undergone frequent and sometimes violent transformations. Where does the market stand today? What forms and structures of reinsurance are available? Which VA Guarantee designs and features are easier to reinsure? Is reinsurance offered on both newly issued policies as well as in force/legacy books, and which vintages are difficult to reinsure? In an age of sophisticated hedging programs, what role does a reinsurer play in helping a VA writer manage this highly volatile risk? In this session, we will hear from a reinsurer that is actively writing new VA Guarantee reinsurance treaties in the U.S. and around the world, and from a VA writer that has successfully partnered with a reinsurer to enhance its VA product offering.

Description: This article serves as a Solvency II primer by first introducing the Solvency II framework and then identifying several implementation issues that are still being resolved.

Description: Risk based pricing addresses some of the shortcomings of traditional pricing methods by providing a framework for understanding the tradeoffs between shareholder risks and rewards using a robust, transparent and objective economic methodology that is consistent across products.

Description: This article talks about the role that models played in the subprime meltdown and the subsequent crisis in the financial markets in general. The models failed to provide information about the magnitude of potential 'black swans'. Extreme Value Theory [EVT] is described as a potential solution to this error.

Description: The editor of the Risk Management newsletter summarizes the articles in this issue which cover Enterprise Risk Management, Systemic Risk and Variable Annuities.

Description: This roundtable discussion focuses on to what extent the life insurance industry has adopted ERM practices.