Description: In this paper, we investigate the dynamics of the Lee-Carter mortality index parameter kt. Specifically, we perform statistical hypothesis tests to examine whether the mortality indexes for Canada, England and Wales and the United States are best described by stochastic trends difference stationary models or deterministic trends trend stationary models. The empirical results favor broken-trend stationary models over difference stationary models, which are used in most previous applications of the Lee-Carter method. The results also give strong statistical evidence that the rates of mortality decline for the three populations have significantly accelerated in mid-1970s.

Description: Transcript of General Session 1:Implications of Longer Life Spans: What Does This All Mean to Us?

Description: This paper focuses on business risks rather than market, credit and operational risks. The author proposes a bottom-up approach for modelling and measuring business risk where the dynamic of the underlying earnings is described in a continuous-time model.

Description: This paper explains the development of the credit derivative market, describes the most common types of credit derivatives, discusses how insurers can and do use these instruments and explains the role they played in the financial market turmoil of 2008.

Description: This paper looks at the problem of valuing and managing the ALM risks associated with insurance liabilities that are too long to be matched by available investments. Two options were explored and the paper concludes by arguing that the Static Control Model leads to more useful ALM strategies for long liabilities.

Description: This paper addresses the issue of the manner in which financial resources are measured within government budgets, how this measurement of resources might affect public budget decisions, and how the interaction of the budget with the actuarial model can lead public budge managers to engage in financially damaging transactions such as pension obligation bonds.

Description: Paper examines some of the underlying issues associated with public pension plan benefits and financing. It reviews concerns related to intergenerational equity and problems in maintaining the funded status of public DB retirement plans.

Description: Paper that discusses a new funding method that would make the recommended contribution for funding purposes for public DB plans subject to an overriding minimum contribution OMC calculation.

Description: The article presents a number of approaches to communicating and discussing risk with employer and retirement board members.

Description: 2011 Enterprise Risk Management Symposium, Chicago. The authors' stated proposal is to keep formal compliance Key Performance Indicators to support Risk Management system implementation and to have a business plan based on risk assessment.