Research Projects
Research Projects in Risk Management
Policyholder Behavior in the Tail Risk Management Section Working Group Variable Annuity
Guaranteed Benefits Survey Results
The Joint Risk Management Section is trying to develop better estimates of
policyholder behavior in the tail (PBITT). The mission of the PBITT working group is to examine and ultimately give
guidance to actuaries on how to set policyholder assumptions in extreme scenarios.
As part of its work, the PBITT working group issued a survey that confidentiality gathered the
range of assumptions actuaries use in pricing, reserving, and risk management of minimum guarantees on Variable
Annuity products, such as death benefits, income benefits, withdrawal benefits and maturity benefits. The results
of the survey can be accessed at the following link: