Description: This report discusses the challenges faced by the insurance industry due to climate change, focusing on availability, affordability, and adequacy of insurance in areas impacted by climate-related risks. It covers expert panel discussions, factors influencing insurers, market gaps, solutions, and funding sources.

Description: As our industry rapidly adopts more advanced technologies, today's actuaries have more data and greater analytical capabilities than ever before. Nevertheless, these advancements come with their own set of challenges.Come explore the tools and techniques to optimize your processes and avoid common pitfalls so that you can get the most out of your experience studies.

Description: This request for proposals for research studies on measuring and modeling climate liability risks outlines the background, objectives, proposal requirements, selection process, submission details, conditions, and other pertinent information for interested researchers.

Description: Global trends in both technology and regulation are causing US insurers to reflect deeper on their model risk management frameworks. The world has seen a rapid proliferation of AI-based tools accompanied with an overall increased usage of machine learning models, exacerbating model risk and reducing transparency in an unprecedented manner. This rising tide of AI means that it is imperative for US-based insurers to address these emerging risks within their Model Risk Management (MRM) frameworks. Regulation also continues to evolve in this space: in Canada, the Office of the Superintendent of Financial Institutions (OSFI) revised Guideline E-23 to instill more detailed model risk management standards; in Bermuda, the Bermuda Monetary Authority (BMA) has published CP2 to add increased scrutiny on the data and models used by insurers. Insurers must react: MRM frameworks require prudent revisions to reflect these ever-changing landscapes of risk. Reassessing the core pillars of MRM frameworks - risk measurement, model development, validation, monitoring, and governance – is key to understanding the consequences of these evolving market changes on insurers’ risk profile. Overall, the inclusion of these new tools into the world of insurance necessitates a thorough examination of insurers’ MRM frameworks in order to align these new risks with core MRM principles. In this session we will: - Reflect on recent drivers of change and how they should be considered in the context of MRM - Explore best practices as it relates to MRM frameworks in the context of current global trends - Describe challenges, success stories, and lessons learned relating to recalibrating and embedding MRM frameworks

Description: The life insurance industry is facing a rapidly changing landscape, with several emerging risks demanding the attention of actuaries and industry professionals. While actuaries commonly examine historical experience to guide our estimates of future outcomes, we are often faced with evidence that some of the forces that dictated past performance no longer persist and in some instances may even turn into contrary forces. This session aims to explore the key challenges and opportunities presented by risks with limited historical context, and discuss strategies to effectively manage them. We will delve into critical emerging risk areas, such as interest rate and asset risk, the rise of AI, climate change, predictive analytics in underwriting, and more. The session will feature speakers who are experts in managing risk, as well as results from interviews with top corporate risk professionals, such as CROs and ERM leads from major insurance and reinsurance companies. Attendees will gain valuable insights into emerging risks and practical strategies to navigate the evolving life insurance landscape.

Description: This is the second of a two-part article introducing and elaborating an “Adaptor” strategy for ERM. Such a strategy is intended to fulfil two purposes: first, switching among four styles of risk-coping strategies in order to track qualitative changes in a business’s risk environment; and, second, to support the business in navigating with resilience through all the seasons of a business-economic cycle, i.e., of boom, bust, moderate, uncertain. This latter requires careful study of the nature of resilience, the familiar idea of bounce back, and the less familiar idea of bounce forward. Part I of our article is underpinned therefore by a supplementary document (available from https://riskviews.wordpress.com/adaptor-exceptionalism/), which addresses the issue of structural change in a business or economy. It draws heavily on ideas taken from the discipline of control engineering, as well as some from ecology, social anthropology, and economics. The entire two-part article is thus an exercise in cross-disciplinary Systems Thinking.

Description: Chairperson's summary of Joint Risk Management Section (JRMS) Council accomplishments during the 2021-2022 Section Council year, as part of the December 2022 Risk Management newsletter. Includes an introduction to new council members, appreciation to those departing the Council, and introduces the new JRMS Council Leadership. Discusses the accomplishments made, areas of focus and activities underway which benefit JRMS Section members.

Description: Enterprise Risk Management incorporates integrated risk management due to the fact that the majority of company failures result from multiple correlated causes. Sites findings from Mercer study

Description: A discussion of the pillars required to build the needed paradigm for insurance company risk management. From The Actuary Magazine April 2005

Description: This is the SOA website page displaying the table of contents for Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications series of essays.