Description: Full version of The Actuary Newsletter Volume 7, Number 8 - October 1973

Description: In the recent years, Enterprise Risk Management (ERM) has emerged as a new Risk management technique aimed to manage the portfolio of risks that faces an organization in a integrated, enterprise-wide manner. Unlike traditional risk management, where individual risk categories are managed from a silo-based perspective, ERM involves an holistic view of risks allowing to take into account correlations across all risk classes. The academic literature on ERM is focused on two main aspects: the analysis of the factors that influence ERM adoption and the effect of ERM adoption on the firm performance. No studies have been conducted yet to propose robust and rigorous models to evaluate the quality, or maturity, of ERM programs implemented by organizations. The aim of the research described in this paper is to fill this gap in the literature.

Description: Empirical evidence of reported losses suggests that insurance firms are interconnected in a nontrivial way, making them prone to systemic risk. Systemic risk can be viewed as the result of a cascading process, as it unravels throughout a network structure. In response, this work presents a simple analytical model that can simulate this process. The model is subsequently tested upon an empirical dataset via the means of numerical simulations. This work makes three main contributions. First, it provides a novel methodology for quantitatively and objectively assessing the systemic role of individual firms within the insurance domain. Second, it exemplifies the inability of traditional, firm-based information in serving as proxies for mapping these systemic effects. Third, it provides a practical example where network-based information (e.g., Criticality IDX, Sensitivity IDX) can outperform firm-based information (e.g., admissible assets, excess c apital) resulting in increased efficiency in the decision-making process. These findings strengthen the need to account for the interconnected nature of the domain while showcasing some of the potential benefits that can be harvested by doing so.

Description: View the May 2014 Issue 2 Volume 10 of the Taxation Times

Description: Metadata for entire issue

Description: Author provides personal study tips.

Description: This paper discusses the increasing body of demographic, genetic and medical data being generated from studies of centenarians and the increasingly greater genetic contribution to the ability to survive to ages beyond 100.

Description: Review the spring 2017 ERM-GC exam.

Description: Provide users with a demonstration of the 2012 IDEC Claim Incidence and Termination Rate Tables and adjustments to these tables to reflect experience of key segments of the business. Compares active life and disabled life reserves based on the Base Tables and CIDA.

Description: This session at the SOA 2004 Annual Meeting provides updates on statutory reporting issues of current interest, such as state adoption of the 2001 CSO Mortality Table, tax issues related to adoption of the 2001 CSO table, reserving for variable products, and other significant developments at the NAIC.