Description: In this fifth issue of International News of 2022, we feature the following contributions: (1) Ruben John John Callo, FSA, FIAA, FLMI, and the SOA’s Ambassador to Australia under the Ambassador Program , presents an illustrative study aimed at helping consumers choose life insurance products using the “customer value per dollar” methodology, and although examples included relate to the Australian market, the methodological principles can be adopted in other markets; (2) Shirley Z. Song, FSA, MAAA, Member of the International Section Council, Josh Dobiac, MS,CAIA, and Yang Jing, deal with the Targeted Improvements to the Accounting of Long-Duration Contracts (LTDI), and the fact that both IFRS and US GAAP frameworks are evolving into a new financial reporting framework. The implications for US insurers are discussed.

Description: In this session, presenters will share the impacts of transition to IFRS 17 on equity and various KPIs across insurance companies (Life & P&C), as well as share some observations of what the IFRS 17 landscape looks like across different global regions. The session will conclude with lessons learned and expectations for emerging practices under IFRS 17 globally.

Description: Describes the risk-based capital measure adopted in Switzerland.

Description: In this translation of an original article by Oscar E. Velandia, the role of the actuary in the Colombian insurance market place in light of regulatory change is examined. A comparison with the rules from the Solvency II Directive puts the actuarial function into context. In addition, the new financial reporting requirements set forth by IFRS 17 and the involvement of the actuary in finance is described.

Description: In this fourth issue of International News of 2022.

Description: The article details the history and educational requirements of the Swiss Association of Actuaries (SAA). The actuarial profession in Switzerland is well-positioned to meet the challenges of regulation, economic capital and insurance financial reporting.

Description: The author explores challenges that actuaries face at work, and the typical response continuum, which includes panic, inertia, striving, coping, and mastery.

Description: Bulgaria, a member of the European Union, is developing fast, and the Bulgarian Actuarial Society is seriously committed to provide education opportunities.

Description: Chairperson's Corner article, briefing of international activity and initiatives

Description: Catastrophic exposure is on the rise owing to extreme weather and economic development of the past few years. Catastrophic claims peaked in 2017, but continue to pose a challenge to insurance markets. Global reinsurers seem to be well-capitalized despite the increase in CAT claims. But emerging insurance markets show a wide protection gap relative to more advance markets. Can reinsurance play a role in helping to narrow the gap? This article examines a few ideas.