It is estimated that by 2050, nearly 70% of the world’s population will live in cities. Anticipated benefits of city life include cultural diversity, improved infrastructure, easier access to cutting-edge technology, jobs, and public health services
The insurance industry is changing rapidly and established firms are seeking tools that will help them take advantage of emerging opportunities while they adapt to disruptive forces affecting the industry. RGAX has combined best practices in the field of
Webinar of the AAE Risk Management Committee; conducted on 5 December 2019 Risk Management in its various forms continues to be an important activity for actuaries across Europe. This webinar will explore ways in which actuaries can contribute to operatio
The webinar was conducted on 17 September 2019 IFRS17 The IFRS 17 valuation of insurance contracts as well as the Solvency II balance sheet valuation of insurance liabilities are based on the present values of future cash-flows. Although the principle bas
Webinar by the Social Security Sub Committee, conducted on 25 July 2019 Early 2019 the AAE published the discussion paper ‘Meeting the Challenge of Ageing in the EU’. This paper summarizes the findings of both the EU Ageing report and the EU A
In this video, RGA's Peter Barrett, Senior Vice President and Head of GST Underwriting, Claims and Medical Support, discusses insurers’ use of policy exclusions, including their impact on risk management today, and their potential role in the future
The presented work covers two tasks, the prediction of policy values up to the maturity of an individual contract and the grouping of contracts, which are combined within our approach. Despite the high importance of grouping in practice, little research o
How can actuaries leverage human-centric design to create new products and services that are relevant to the customer? Learn the design-thinking framework and see how it can be applied to insurance.
Australian financial institutions have been criticised for failing to meet public expectations. However, this is not just a domestic issue. Many modern Institutions do not seem to be effectively managing the risks that come from swiftly changing social at
Covering background & history of VHIS driven by HK Government, launched 1 Apr 19, details of the scheme, risk management and issues surrounding the scheme, early learning, and a comparison between government driven schemes from HK, China & Singapo
Disability Income (DI) is a growing area of need in addressing the gap in protection all across Asia. One third of people will have experienced some illness or accident that prevents them from working before their retirement age. We will take you through
Developing mortality, morbidity and lapse rate tables can be fun! In his presentation, Kai Kaufhold, a recently joined member of the SAS, will demonstrate how statistical analysis at the level of the individual can make the crazy responsive actuary even m
With the ageing population growing faster than ever, especially in Japan (36 million in 2025), many are seeking new and innovative ways to address these unmet elderly needs. Currently, the Japanese government estimates that by 2025, 7 million people in Ja
How can the Life & Health reinsurance market respond to the primary industry challenges? Low interest rates: can reinsurance meet historically unmet needs? How to use reinsurance capital and shift to capital-lighter business?
Speaker: Jeff Heaton, Ph.D., FLMI, Vice President, Data Science, RGA In this video, RGA’s Jeff Heaton discusses advances in AI that have been applied by Google to master the game of chess using simulated data, and how this technology can support lif
In this short video, RGA’s Dr. Daniel Zimmerman discusses the rapidly developing technology of liquid biopsies. He defines what they are, what impact they will likely have on clinical medicine, and how they might impact insurers.
Premature deaths and chronic conditions continue to grow worldwide. In order to reduce these early deaths, it is important to understand how lifestyle behaviors influence health outcomes. In this webcast, Julianne Callaway explains the impact of physical
This paper deals with the measurement of profitability of a life insurance company from the shareholders' perspective under a Solvency II framework. Profitability and solvency capital requirement of life insurance business are exposed to many levels of un
Increases in the life expectancy, the low interest rate environment and the tightening solvency regulation have caused insurers and policyholders to search for new, attractive retirement products. In this context, tontines and pooled annuities have gained
Variable annuities are life insurance products which are particularly attractive in a low interest rate environment. They allow the policyholder to participate in the growth of the economy through the performance of a reference fund, guaranteeing at the s
We discuss a portfolio management problem of the rational policyholder of a variable annuity (VA) with maturity guarantee who aims to maximize the utility of her terminal wealth. We consider a VA contract which allows the policyholder to modify her invest
Annuities constitute a fundamental branch in the life insurance business. To obtain the cost of annuities, Financial and demographic factors are the key inputs for the related mathematical quantitative models. In this work , we adopt and compare differ
We investigate fair (market-consistent and actuarial) valuation of insurance liability cash-flow streams in continuous time. We first consider one-period hedge-based valuations, where in the first step, an optimal dynamic hedge for the liability is set up
Risk measurement models for financial institutions typically focus on the net portfolio position and thus ignore distinctions between 1) assets and liabilities and 2) uncollateralized and collateralized liabilities. However, these distinctions are economi
In our recently submitted paper we employ a lifecycle model that uses utility of consumption and bequest to determine an optimal Deferred Income Annuity (DIA) purchase policy. We lay out a mathematical framework to formalize the optimization process. The
We focus on the initiation option featured in many Guaranteed Lifelong Withdrawal Benefit variable annuity contracts, granting their owner the right to decide the age at which lifetime withdrawals should begin. Such contracts have been successfully analys
Combining the best of drawdown and annuity, the investment returns and the longevity credits, tontines offer a great alternative to current pension products. Tontines are well-understood under the assumption of constant market returns and a perfect pool.
One important point discussed between practitioners in insurance business is how many Monte-Carlo simulations are necessary to estimate the required Solvency Capital. A widespread opinion is that the larger the size of the Monte-Carlo sample is, the more