09 July 2020 - By Neil Christy, Emma Hutchinson, Amy Nicholson, Sihong Zhu
This paper summarises the key feedback from the Prudential Regulation Authority to general and life insurers following their participation in the Insurance Stress Test 2019 exercise and the more recent COVID-19 specific stress test exercise, and discusses the potential implications this feedback could have for life insurers in the United Kingdom in 2020 and beyond.
08 July 2020 - By Neil Cantle
What is the value of risk registers and why might we need to reconsider how we use them in the future?
07 July 2020 - By Quincy Hsieh
This article shows our software development experience and test benchmark on Microsoft Azure Storage Account to optimise the disk IO of the API on the cloud.
07 July 2020 - By Eamon Comerford, Paul Fulcher, Rik van Beers, Rosemary Maher
This research paper explores a range of reinsurance strategies that could be utilised by life insurers for capital management purposes.
06 July 2020 - By David Bahlinger, Paul M. Fedchak, William G. Mehilos
Milliman received responses from 30 carriers for the follow-up Milli-Byte Survey of Life Insurance Product Management and the COVID-19 pandemic.
06 July 2020 - By Eliott Pradat , Hinarii Pichevin, Fabrice Taillieu, Jean-Philippe Boisseau
The experience of COVID-19 will probably trigger a new system for covering operating losses in the event of a health crisis.
01 July 2020 - By Kendall Carolissen, Judith Houtepen
This article describes the application of two methods for the detection of potential fraudulent claims in healthcare provider invoices.
01 July 2020 - By Andrew B. Groth
Widespread implementation of autonomous vehicles could be realized within the next decade, and even though there will be fewer driver-induced accidents and truck driver fatalities, that doesn’t mean there won’t be a need for auto liability insurance.
26 June 2020 - By Stacy Koron
Because insurance regulation moves slowly and innovation moves fast, a more flexible framework is needed for insurers to rapidly bring innovative products and services to market.
26 June 2020 - By Emma Hutchinson, Fred Vosvenieks, Paul Fulcher
Solvency II matching is no longer just a theoretical concept but rather a common strategy used by UK insurers with material blocks of unit-linked business to help improve liquidity and balance sheet stability, and better manage market risks.
25 June 2020 - By Manikant Prasad
This paper tries to solve the problem where a system or application, built over R, can communicate to a database with massive data volume, residing on a remote system, to retrieve only the chunks of data needed for current analysis to gain scalability and speed by leveraging the data management and querying speed of the databases.
22 June 2020 - By Floriane Moy
In a rapidly changing work environment, this article provides an overview of the analytics challenges in the insurance industry.
22 June 2020 - By Susan J. Forray, Chad C. Karls, Joe Mawhinney
Prior to March 15, defense attorneys attended about 47 depositions weekly for every 1000 open claims, but in the second half of March, this decreased to about nine per week.
15 June 2020 - By Susan J. Forray, Eric P. Krafcheck, Richard F. Riley, Jr.
Beginning in late March, shortly after stay-at-home orders were widely imposed nationwide due to the COVID-19 pandemic, many insurers began voluntarily paying partial premium refunds to personal auto policyholders.
15 June 2020 - By Susan J. Forray, Chad C. Karls
The year 2019 marked a turning point for the medical professional liability industry.
11 June 2020 - By Stephen R. DiCenso
Even before the coronavirus, obstacles existed that slowed the uptake of insurtech solutions that targeted the reduction of customers’ losses.
08 June 2020 - By Paul Fulcher, Sihong Zhu
The Solvency II Prudent Person Principle, Article 132 of the Directive, sets out rules and principles to be followed by (re-)insurers when carrying out asset investment activities.
05 June 2020 - By Stacy Koron, Taylor McKinnon, Stephen Tabachnick
State Departments of Insurance have issued special rules, regulations, and guidance for insurers related to the COVID-19 pandemic. The scope of this report is limited to such information applicable to accident and health insurance only and focuses the impact that COVID-19 regulatory actions have on product administration.
04 June 2020 - By Donal McGinley, Bridget MacDonnell, Eamon Comerford
This briefing note gives a high-level overview of how insurers can make better use of internal data to gain insight and drive competitive advantage.
03 June 2020 - By Joy A. Schwartzman
COVID-19-related costs as a percentage of surplus by company will cover a broad range, depending on the business written, policy terms, reinsurance in place, and leverage of premium to surplus, among other factors.
01 June 2020 - By Robert Eaton
In order to provide insureds with more options than a full lapse after being informed of premium increases (i.e., dropping coverage because it is unaffordable), long-term care insurance companies often present reduced benefit options within policyholder notice letters.
29 May 2020 - By Dominik Sznajder, Matthew McIlvanna, Freek Zandbergen
This briefing note summarises the new design of the Volatility Adjustment (VA) and presents an impact analysis on the effectiveness of the VA under this approach.
28 May 2020 - By Brian Colgan, David Kong, Halim Gunawan, Richard W. Holloway
Developments in the Indonesian life insurance industry for the period 1 January 2020 to 31 March 2020
26 May 2020 - By David Bahlinger
Research into the behavioral economics, marketing, and psychology of insurance products is business-critical for insurers.
26 May 2020 - By Susan J. Saip, Carl A. Friedrich
In 2019, Milliman conducted its 13th annual comprehensive survey aimed at addressing universal life and indexed universal life issues to provide carriers with competitive benchmarking to evaluate where they stand relative to their peers.
18 May 2020 - By Stephen R. DiCenso
The P&C insurance industry would benefit from more direct collaboration and communication with its customers.
18 May 2020 - By Thomas Peplow
This article offers a software engineer’s perspective on keeping pace with both the actuarial and software industries.
18 May 2020 - By Claire Booth, Neil Christy, Emma Hutchinson
The year 2019 and the first quarter of 2020 have seen a range of new issues and trends across the unit-linked market.
15 May 2020 - By Patricia L. Renzi
Pat Renzi discusses the impact of COVID-19 on the life insurance industry and its digital transformation.
15 May 2020 - By Eoin O'Baoighill, Mike Claffey
Based on our analysis of road traffic data, there has been a 70% drop in vehicle volumes since this time last year.
15 May 2020 - By Michael C. Schmitz, Jonathan B. Glowacki, Andrew Netter
This paper discusses COVID-19’s impact on the credit risk transfer market and reflects on the use of capital markets executions and reinsurance executions to meet government-sponsored enterprises’ goals.
14 May 2020 - By Dominic Clark, Jeremy Kent, Ed Morgan
This white paper considers the potential impact of International Financial Reporting Standard 17 on insurance product design and pricing in the European markets and contrasts the expected impact on a range of life insurance products.
13 May 2020 - By Alexandre Boumezoued
The analysis of cohort effects has long fascinated the actuarial community.
11 May 2020 - By Sinéad Clarke, Eóin Stack
This briefing note explores the potential impact of the COVID-19 pandemic on Ireland’s insurance industry and how regulatory authorities have responded.
11 May 2020 - By Susan J. Forray, Chad C. Karls, Joe Mawhinney
The liability insurance industry experienced a widespread delay in litigation stemming from court closures as stay-at-home orders were implemented in March due to the COVID-19 pandemic.
07 May 2020 - By Michael C. Meehan
The onset of the COVID-19 pandemic has forced risk managers to throw their plans out the window and rethink how to manage their exposures.
07 May 2020 - By Alexandre Boumezoued
This white paper proposes two alternative and complementary views to the EIOPA’s final technical set of advice on the mortality and longevity shock calibration: a prospective approach in the spirit of one-year calculations and a retrospective analysis based on historical data from corrected mortality tables.
06 May 2020 - By Tony F. Bloemer, Timothy C. Vosicky, Matthew Murray
This white paper is a compilation of key findings from Milliman’s workers’ compensation database.
06 May 2020 - By Christine M. Fleming, Travis J. Grulkowski
Black lung disease presents a significant, long-term liability exposure for coal companies, risk pools, and governments, as Milliman consultants Christine Fleming and Travis Grulkowski discuss in this episode of Critical Point.
05 May 2020 - By Robert Eaton
The 2019 Long-Term Care (LTC) Medical Symposium was a one-day conference that extracted the thinking of leading experts on historical and future trends that will influence LTC insurance claims expectations.
04 May 2020 - By Job Prince, Freek Zandbergen
This briefing note summarizes the alternative method to extrapolate long-term interest rates and presents the impact on hedging strategies and an analysis of the main dynamics in comparison to the use of the Smith-Wilson methods and an approach without an Ultimate Forward Rate.
04 May 2020 - By Mohamed Benkhalfa
Due to the COVID-19 pandemic, trade credit insurance is being affected adversely on both premiums and claims.
01 May 2020 - By Judith-Anne Brelih, Jonathan B. Glowacki
Quarterly publication will evaluate default risk of U.S. mortgages delivered to Freddie Mac, Fannie Mae, and Ginnie Mae.
30 April 2020 - By David Bahlinger, Paul M. Fedchak, Ian Laverty, William G. Mehilos
This survey examines how life insurance carriers are currently reacting to the COVID-19 pandemic.
29 April 2020 - By Ken Qian, Ben Johnson, Jenny Jin
This report discusses findings from Milliman’s research on predicting lapse and mortality rates for 10-year and 15-year premium term insurance products from the Milliman Industry Study and Analysis data set.
29 April 2020 - By Tony Dardis, Chloe Lau, Ariel Weis
At the heart of effective risk management is the ability to manage the tail events, and the COVID-19 pandemic is raising some quite profound questions for risk practitioners in the life insurance industry, as Milliman consultants discuss for this episode of Critical Point.
27 April 2020 - By Brian Colgan, David Kong, Halim Gunawan, Richard W. Holloway
Developments in the Indonesian life insurance industry for the period 1 October 2019 to 31 December 2019
27 April 2020 - By Stephen J. Koca, Anne C. Kallfisch, Patricia Kinghorn
The personal auto insurance market has taken a unique response to the COVID-19 pandemic and how it has chosen to reflect the impact of the short-term change in driver behavior.
22 April 2020 - By Josh Dobiac, Bill Matczak, Jeff Greco
This white paper examines the process of constructing discount curves in accordance with Long Duration Targeted Improvements, including the criteria that should be used, and assesses the quality of the different algorithms used to build out a complete curve (including interpolation, extrapolation, and smoothing).
22 April 2020 - By Susan J. Forray, Stephen J. Koca
Modeling medical professional liability costs affected by the COVID-19 pandemic is exacerbated by tort law changes, variation in effect among specialties, and an apparent reduction in current claims that may prove to be only a delay contributing to an increase in future reported claim frequency.
17 April 2020 - By Paul Anderson, Andrew B. Groth
With the COVID-19 pandemic, commercial trucking regulations have been eased while other drivers have been mandated to stay off the road.
15 April 2020 - By Jamie Shooks
COVID-19 stands to have an impact on the pet insurance industry, but at this point, it is unclear whether that impact is going to be positive or negative.
15 April 2020 - By Farzana Ismail, Natasha Su Sivarajah, Queenie Chow
This is Milliman’s first Microinsurance Supply-side Study of Asia, gathering the perspectives of the insurance industry regarding the importance of microinsurance, current practices and the enabling environment.
15 April 2020 - By Thomas Bulpitt, Paul Fulcher, Russell Ward
The economy after COVID-19 may look very different from before the crisis and may involve the use of hitherto unfamiliar fiscal and monetary tools.
15 April 2020 - By Neil Rees, Thomas Peplow
Milliman is donating idle compute time to Folding@home, a computing project that simulates protein dynamics, including the process of protein folding associated with a variety of diseases.
13 April 2020 - By David M. Lang
COVID-19 mandates will require companies with self-insured or high-deductible programs to take a new look at their operations, which may vastly reshape their risk profiles at least for the time being.
13 April 2020 - By Anne C. Kallfisch, Adam Blais
Due to the ongoing economic challenges that businesses are facing due to COVID-19, staffing needs and levels have changed, at least for the short term, and modifications might be needed for the tracking of workers' compensation exposure depending on the level and type of furlough.
10 April 2020 - By Mark Goldburd
While many in the insurance industry have concluded that standard policy language does not provide coverage for coronavirus-related business income losses, insurers should brace for court battles ahead.
10 April 2020 - By Andrew H. Dalton, Jeremy Hamilton, Allen J. Schmitz, Juliet M. Spector
This article examines COVID-19 implications on current long-term care (LTC) populations, short-term (2020) and long-term (beyond 2020) projection assumptions, and the effects on the LTC industry as a whole.
09 April 2020 - By Adam Blais, Christine M. Fleming
The COVID-19 pandemic is raising many questions regarding what is a compensable workers’ compensation claim.
08 April 2020 - By Jeff Anderson, Mike A. Bergerson
This paper examines COVID-19 implications on current long-term care (LTC) insured populations, short-term (2020) and long-term (beyond 2020) projection assumptions, and the effects on the LTC industry as a whole.
07 April 2020 - By Eric P. Krafcheck, Paul Anderson
After many failed attempts, Michigan legislators finally passed a historic piece of legislation in 2019, Senate Bill No. 1, which will bring sweeping changes to auto insurance in the state starting July 1, 2020.
07 April 2020 - By Sihong Zhu, Paul Fulcher
This briefing paper summarises key amendments made to the updated Supervisory Statement 3/17, and provides our view on how an internal credit assessment framework used by an insurer for examining illiquid and unrated assets, such as equity release mortgages or private debts, can be improved to better align with the regulator's expectations for the Matching Adjustment calculation.
07 April 2020 - By Heerak Basu, Philip Jackson, Sanket Kawatkar, Richard W. Holloway
The onset of COVID-19 and the impact on capital markets pose several challenges for Indian life insurers.
07 April 2020 - By Isabel Stansfield, David Burston, Emma Hutchinson, Stuart Reynolds
This paper summarises the three main delays that EIOPA recommends regulators offer to provide operational relief to undertakings if so needed during the COVID-19 pandemic.
07 April 2020 - By Allen M. Klein
This article examines early mortality experience related to COVID-19 and includes a discussion about the difficulties in using this data.
06 April 2020 - By Michael Leitschkis, Russell Ward
This paper provides a brief introduction to proxy modelling and contributes to the current debate around validation via a discussion of a number of the tests that might be contemplated and an illustration of a potential “validation dashboard.”
03 April 2020 - By Rachel Soich
With the addition of the global COVID-19 pandemic, an already tumultuous D&O insurance environment has the potential to get much worse.
01 April 2020 - By Lori E. Julga, Anne C. Kallfisch, Adam Blais
COVID-19 is changing our work environment, and the impacts not only affect our working environment on the job, but also the normal course of existing workers’ compensation claims.
31 March 2020 - By Robert Eaton, Tim F. Kempen, Stephanie Moench, Amy Pahl, Allen J. Schmitz
This report explores key risks and considerations for product innovation using the long-term care insurance industry as a case study.
30 March 2020 - By Alexandre Boumezoued, Eve Titon
This paper discusses actuarial perspectives for the calculation of the capital requirement related to catastrophic pandemic mortality as required by the Solvency II regulation.
27 March 2020 - By Joy A. Schwartzman, Philip S. Borba
With the unprecedented challenges presented by the current and future effects of COVID-19, management and directors will need to be cautious with their decisions and consider consequences not presented in prior difficult times.
27 March 2020 - By Paul Anderson, Eric P. Krafcheck, Katherine A. Pipkorn
As a result of the coronavirus pandemic, auto insurers may likely see short- and possibly long-term effects in their claims experience.
19 March 2020 - By Matthias Kullowatz
This report discusses findings from Milliman’s research into policyholder behavior for variable annuity contracts with guaranteed lifetime withdrawal benefit riders.
19 March 2020 - By Tim E. Hill, Susan J. Saip
Milliman conducted a new broad-based survey on multi-year guaranteed annuities, capturing historical data for key industry competitors, as well as company perspectives on a range of issues pertaining to these products into the future.
17 March 2020 - By Susan J. Forray
Healthcare providers, facilities, and MPL writers can expect direct and indirect impacts from the coronavirus pandemic—with the indirect impact possibly proving more impactful over the long term.
13 March 2020 - By Stephanie Moench, Shawn Stender
This article explores three possible future paths for long-term care (LTC) insurance funding and the associated implications for the private LTC industry.
13 March 2020 - By Jeff Anderson, Mike A. Bergerson
What are the advantages and disadvantages of long-term care policy buyouts from various stakeholder perspectives?
11 March 2020 - By Jonathan B. Glowacki, Edem Togbey, Zach Prieston, Arthur Prieston
In the wake of the 2008 global financial crisis, many risk managers were caught flat-footed with representations and warranties exposure, also commonly known as repurchase exposure.
09 March 2020 - By Chris Harner, Chris Beck, Blake Fleisher
Cyber is proving to be the ultimate enterprise risk, encompassing not only information technology but also risks involving vendors, people, legal questions, and reputation, all while moving with stealth and a velocity that is extremely difficult to cope with.
03 March 2020 - By Safder Jaffer, Asad Irshad
The UAE insurance market continued its trend for a third consecutive year with an overall increase in profitability along with premium growth in 2019.
03 March 2020 - By Matthew McIlvanna, Aisling Barrett
(Re)insurance undertakings completing their Solvency II reporting are required to submit four reporting templates analysing the variance over the year. EIOPA’s explanatory note on these templates was updated most recently in July 2018 with the updated Implementing Technical Standards and LOG files published in November 2018. In this briefing note we discuss these templates and provide insight on how to approach them.
21 February 2020 - By George Barrett, Claire Booth, Tanya Hayward
How has automation affected—and how will it continue to affect—the nature of insurance companies’ processes and the nature of their clients’ needs?
20 February 2020 - By Neil Dissanayake, Paul Fulcher, Emma Hutchinson, Peter Lin, Dmitry Zamkovoy, Sihong Zhu
The European Insurance and Occupational Pensions Authority recently published its first discussion paper on IBOR transition.
19 February 2020 - By Takanori Hoshino, William C. Hines
This briefing note illustrates potential differences between the International Financial Reporting Standard for insurance contracts and US GAAP long-duration contract targeted improvements using a traditional level premium endowment contract.
18 February 2020 - By Eoin O'Baoighill, Gillian Tucker, Divey Hiranandani, Gavin Maher
Non-life (re)insurers are continuing to take a growing interest in data science. Here we discuss the results of a recent survey of activity in this area.
14 February 2020 - By Heerak Basu, Philip Jackson, Sanket Kawatkar, Richard W. Holloway
On 4 February, Milliman hosted an event on the forward perspective of the life insurance industry in Bangladesh. At the event, participants were polled on various aspects of the life insurance industry in Bangladesh.
12 February 2020 - By Susan J. Saip, Carl A. Friedrich
In 2019, Milliman conducted its second biennial broad-based survey on term life insurance.
04 February 2020 - By Judith-Anne Brelih, Jonathan B. Glowacki
The latest monthly estimate of the lifetime default risk of U.S.-backed mortgages.
04 February 2020 - By Matthew McIlvanna, Sinéad Clarke, Aisling Barrett
This briefing note highlights some interesting information published in the Solvency and Financial Condition Reports of life insurance companies in Ireland at year end 2018, focussing on premiums, investments and solvency coverage.
28 January 2020 - By Grace Chang, Li Feng, Bill Matczak, Karthik Yadatore
This paper focuses on the cash flow modeling aspects of Market Risk Benefits on fixed indexed annuities contracts, especially the methodology for projecting indexed account growth.
24 January 2020 - By Jessica Crowson, David Burston, Neil Christy, Stuart Reynolds, Aisling Barrett, Eoin King, Bridget MacDonnell, Kendall Carolissen, François de Wouters, Luca Cavaliere, Aldo Balestreri, Dominic Clark, Jaroslaw Lech
On 15 October 2019 EIOPA issued a second wave of consultation covering a wide range of areas.
23 January 2020 - By Eoin King, Bridget MacDonnell, Aisling Barrett
This briefing discusses an overview of the Solvency II 2020 review, the latest risk management developments and an overview of 2018 SFCR information for the Irish insurance industry.
10 January 2020 - By Christine Jello, Suzanne Norman, Patricia L. Renzi
Women face unique obstacles in securing the necessary roadmap for retirement.
09 January 2020 - By Rob Frize, Bridget MacDonnell
On December 24, 2019 the Isle of Man Financial Services Authority announced its latest consultation on changes to the Corporate Governance Code for Insurers. This briefing note summarises the changes which relate to governance requirements for captive insurers, recovery planning and enterprise risk management frameworks.
07 January 2020 - By Neil Cantle, Claire Booth
This client briefing describes the proposals of the 2021 biennial exploratory scenario.
07 January 2020 - By Neil Christy, Stuart Reynolds, William Smith
This report focusses on the Solvency and Financial Condition Reports published in 2019 which refer to year-end 2018.
07 January 2020 - By David Burston, Stuart Reynolds, Philip Simpson, Lyndsay Wrobel
This publication focusses on assessing various shareholder metrics as at year-end 2018, based on publicly disclosed information, that could be used by interested parties - such as investors or market analysts - to form a view on the profitability of a firm’s business.
20 December 2019 - By Paul Sinnott, Michael Daly, Richard W. Holloway, Wing F. Wong, Chihong An, Wen Yee Lee, Stephen H. Conwill, Sanket Kawatkar, Shamit Gupta
This report provides a summary of the mid-year 2019 embedded value results disclosed by Asian insurers.
13 December 2019 - By Hyunsu Kim, Michael Leitschkis
This paper considers a technique called the Isolation Forest, which overcomes the shortcomings of classic anomaly detection algorithms.
12 December 2019 - By Sheri Lee Scott
With the peril of California wildfires growing, what's ahead for the insurance industry?
12 December 2019 - By Patrick Meghen, Ellen Matthews
The full slide deck from the Solvency II Compliance Assessment Tool User Seminar on 26th November 2019.
11 December 2019 - By Michael C. Meehan
Michael Meehan discusses the current captive marketplace in Cayman.
09 December 2019 - By Joseph Sloan , Rik van Beers, Andrew Kay
This briefing note discusses considerations when determining the Fair Value of insurance liabilities.
03 December 2019 - By Brian Colgan, Halim Gunawan, Richard W. Holloway, David Kong
Developments in the Indonesian life insurance industry during the period 1 July 2019 to 30 September 2019.
02 December 2019 - By Eamonn Phelan
In this paper, we look at the central role that can be played by an Expert Judgment Register.
02 December 2019 - By Derek Newton, Marc Smillie , Flavien Thery
The analyses underlying this research report focus on the quantitative information contained in the Quantitative Reporting Templates within the Solvency and Financial Condition Reports and draw conclusions about the balance sheets and risk exposures of European non-life insurers.
25 November 2019 - By Sinéad Clarke, Ellen Matthews
To help prepare for Solvency II reporting throughout 2020, we have prepared a briefing note detailing Solvency II reporting deadlines in 2020 and the changes in the reporting framework relative to the previous year.
25 November 2019 - By Clement Bonnet, Michael Daly, Pingni Eng, Wen Yee Lee
Accelerated growth in Vietnam? Forty senior leaders from different functions of life insurance respond to questions about interest rates, regulatory change, insurtech, and more.
22 November 2019 - By Jeremy Hamilton, Allen J. Schmitz, Ali M Yeager
How does spousal contagion influence long-term care needs?
22 November 2019 - By Eamon Comerford, Cormac Gleeson
This briefing note discusses how the use of external data can complement wider data science initiatives and looks at some of the challenges posed by working with external data.
19 November 2019 - By Heerak Basu, Richard W. Holloway, Philip Jackson, Sanket Kawatkar
In recent years, capital has become more of a constraint for Indian life insurers. This survey of a majority of Indian insurers asks how they're managing risk.
19 November 2019 - By Heerak Basu, Shamit Gupta, Richard W. Holloway
The (re)insurance industry in Asia has recently seen signs of increased actuarial outsourcing. Is it a new trend?
18 November 2019 - By Heerak Basu, Shamit Gupta, Richard W. Holloway
Milliman conducted a survey to assess trends in life insurance actuarial outsourcing.
18 November 2019 - By Mark R. Shapland
Under Solvency II, non-life reserving risk takes on a meaning based on the change in the estimated ultimate loss over a one-year time horizon, which accounts for the payments during the one-year time horizon and the consequences for future payments after the one-year time horizon.
15 November 2019 - By Mark R. Shapland
This paper focuses on the closed form model developed by Mack, modified by Merz and Wüthrich to address the one-year horizon under Solvency II, and on its extension for two-year, three-year, etc. time windows that can be reconciled back to the original Mack formulas.
15 November 2019 - By Mark R. Shapland
Under Solvency II, reserving risk takes on a different meaning, based on the change in the estimated ultimate loss over a one-year time horizon, which accounts for the payments during the one-year time horizon and the consequences for future payments (i.e., the change in reserves) after the one-year time horizon.
14 November 2019 - By Gillian Tucker
This briefing note provides an introduction to data visualisation.
13 November 2019 - By François Dauphin, William C. Hines, Daniel D. Skwire
This paper illustrates the potential impacts of Accounting Standards Updates 2018-12, Targeted Improvements for Long-Duration Contracts, relative to current US GAAP accounting with respect to products with long claim periods such as individual disability insurance and highlights some practical implementation challenges.
12 November 2019 - By Mike Claffey, Rob Frize, Patrick Meghen
This briefing discusses Irish SFCRs in 2017 and 2018 and ORSA processes and outcomes.
11 November 2019 - By Aisling Barrett, Eoin King
This briefing note summarises EIOPA’s October 2019 consultation paper on its opinion on the Solvency II 2020 review.
11 November 2019 - By Eamon Comerford, Cormac Gleeson, Eoin King, Kevin Manning, Daniel McAleese, Matthew McIlvanna
The potential role of pooled investment funds in helping alleviate Ireland’s affordable housing crisis.
28 October 2019 - By David D. Evans, Cody Webb, Eric J Xu
Wildfire risk has become a key focus of California property insurers.
24 October 2019 - By Claire Booth, Tanya Hayward, Peter Moore, Thomas Peplow
This paper discusses the areas which should be assessed before, during and after embarking on an outsourcing agreement with a cloud provider.
22 October 2019 - By Thomas Bulpitt, Andrew Kay, Henny Verheugen
This note summarises some of the key points and remaining issues raised during the consultation period for the Exposure Draft, particularly those raised by the European Financial Reporting Advisory Group and the European Insurance CFO Forum.
10 October 2019 - By Demosthenis Demosthenous, Ed Morgan
The Greek insurance market contracted every year between 2009 and 2016, and even with improvement in the last couple of years, is still nearly 30% below the peak level reached in 2009.
02 October 2019 - By Divey Hiranandani, Eoin King, Ellen Matthews
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding the Quantitative Reporting Templates.
02 October 2019 - By Jean-Baptiste Coulomb, Adeline Maulet, Eliott Pradat , Badis Zeghmar
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding Financial Stability Reporting.
02 October 2019
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding Insurance Guarantee Schemes.
02 October 2019 - By David Burston, Neil Christy, Jessica Crowson, Stuart Reynolds
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding the Solvency and Financial Condition Report (SFCR).
02 October 2019 - By Jean-Baptiste Coulomb, Adeline Maulet, Eliott Pradat , Badis Zeghmar
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding general issues on supervisory reporting and public disclosure.
02 October 2019 - By Derek Newton, Marc Smillie , Flavien Thery
This report summarises the third set of Solvency II public reports, the Solvency and Financial Condition Reports, as they relate to non-life insurers in the UK or Gibraltar.
01 October 2019 - By Utku Cagatay Arslan, Ayse Pinar Coban, Halil Kolbasi, William Smith , Jennifer Strickland
This report focuses on the preparedness of Turkish insurers and reinsurers for the new accounting standard, International Financial Reporting Standard 17.
01 October 2019 - By Thomas Poinsignon
The recent increase in the amount of data generated, stored and analysed by insurers to establish their pricing and underwriting policies has led to the emergence of new needs both from a regulatory point of view, with the recent implementation of the European framework of the General Data Protection Regulation and with a view to offering new services on the market (cyber risk).
30 September 2019 - By Eoin O'Baoighill, Eamonn Phelan
This briefing note discusses some of the tools and techniques that can be used to validate and understand black box models.
23 September 2019 - By David D. Evans, Nancy P. Watkins
This article provides an overview of the trends in the U.S. private flood market.
20 September 2019 - By Anne C. Kallfisch, Dana S. Ryan
Insurtech presents unique opportunities for new and established insurers in the title space to innovate and gain market share.
18 September 2019 - By Heerak Basu, Richard W. Holloway, Philip Jackson, Sanket Kawatkar
This e-Alert provides background on the emerging Bangladeshi life insurance market.
17 September 2019 - By Aisling Barrett, Eamon Comerford, Joseph Sloan
A breakfast briefing on investment strategies under Solvency II.
16 September 2019 - By Molly Barth, John W. Rollins
The visibility of climate’s impact on property hazard is increasingly leading individuals and their chosen leaders to ask: how might an increase in hazard affect the desirability of living in various communities, and how do we manage the socioeconomic impacts?
13 September 2019 - By Chihong An, Stephen H. Conwill, Michael Daly, Richard W. Holloway, Wen Yee Lee, Paul Sinnott, Wing F. Wong
The Milliman 2018 Embedded Value Results: Asia report provides in-depth analysis of the embedded value methodologies and assumptions adopted as well as the impact of key regulations and other market developments in the region.
12 September 2019 - By Patrick Meghen
With the recent increase in regulatory focus on outsourcing, (re)insurers need to ensure that their system of governance, risk management and monitoring of outsourcing arrangements all satisfy the expectations of the regulator.
09 September 2019 - By Chihong An, Stephen H. Conwill, Michael Daly, Richard W. Holloway, Wen Yee Lee, Paul Sinnott, Wing F. Wong
This report compares and contrasts the various different approaches taken to embedded value reporting across Asian markets and insurers.
30 August 2019 - By Rachel Soich
Due to the growing instability of directors and officers coverage, insurers have their eyes on three rising risks: increased securities action lawsuits, heightened awareness to social issues, and growing cyber risks and data protection laws.
29 August 2019 - By Clement Bonnet, Scott Chow, Michael Daly, Janice Wang
The Milliman Fulfillment Ratio Index covers Hong Kong life insurance companies representing a significant market share as measured by in-force premiums.
23 August 2019 - By Raji Bhagavatula, Mark Goldburd, Manyi Luo , Jason L. Russ
The U.S. property and casualty insurance industry as a whole has experienced significant deterioration in loss ratios for general liability in calendar years 2015 to 2018.
23 August 2019 - By Dana-Marie Dick, Natasha Singhal
This paper considers the current and developing regulation, in the UK and Europe, surrounding climate change-related risks, the risk identification and risk management practices available to insurers and examples of the key challenges faced by insurers in response to climate change.
22 August 2019 - By Clement Bonnet, Scott Chow, Michael Daly, Paul Sinnott
This e-Alert gives an overview of the latest Quantitative Impact Study (QIS) 3 specifications and highlights some of the key differences with QIS 2.
21 August 2019 - By Chris Beck, Chris Harner
There is a significant need in the market to transform cyber assessments, information technology metrics, and information security into the common language of risk management.
20 August 2019 - By Robert Eaton
Combination products provide valuable, and often substantial, health insurance coverage in the framework of a life insurance or annuity policy.
19 August 2019 - By Brian Colgan, Halim Gunawan, Richard W. Holloway, David Kong
Developments in the Indonesian life insurance industry during the period 1 April 2019 to 30 June 2019
01 August 2019 - By Tim F. Kempen, Allen J. Schmitz
This report presents the results of our sixth triennial long-term care insurance valuation survey.
26 July 2019 - By Charlie Howell, Michael Leitschkis, Russell Ward
This paper introduces ESG Rebase, a technology capable of accurately translating a baseline risk-neutral Economic Scenario Generator file representing an entirely different set of market conditions, such as nominal yield curve, equity volatility vector or fixed interest volatility surface.
25 July 2019 - By Aaron C. Koch
An interview with Aaron Koch about the current state of affairs in the insurance-linked securities market and how captives are using this segment.
24 July 2019 - By Sinéad Clarke
This briefing note looks at the Year End 2018 Solvency and Financial Condition Reports (SFCRs) of a sample of life insurers based in Ireland and includes analysis of key information included in the Quantitative Reporting Templates published with the SFCRs.
23 July 2019 - By Patrick Meghen
The amendments to the Solvency II Delegated Regulations resulting from the 2018 interim review have now been published in the Official Journal of the EU.
23 July 2019 - By Van Beach
Understanding the business versus the operational skills and activities related to modeling holds the key to the new actuarial operating model.
22 July 2019 - By Heerak Basu, Richard W. Holloway, Philip Jackson, Sanket Kawatkar
This e-Alert highlights the key changes in regulations regarding non-linked and linked insurance products from 2013 to 2019 and discusses the business implications for insurers.
16 July 2019
How will rain and lingering flooding in the Midwest farm belt affect farmers’ choice of planting and insurers’ crop insurance losses?
09 July 2019 - By Clement Bonnet, Brian Colgan, Michael Daly, Sharon Huang, Farzana Ismail, Philip Jackson, Wen Yee Lee, Atsushi Okawa, Wing F. Wong
This report covers the capital regimes in 10 markets in Asia plus the 2018 International Capital Standard field test.
08 July 2019 - By Matthew McIlvanna, Eoin O'Baoighill, Eamonn Phelan
This briefing note summarises EIOPA’s recent report on its thematic review of the uses of big data analytics in motor and health insurance.
19 March 2019 - By Joy A. Schwartzman
As corporate officers reevaluate their current directors and officers coverage, it is important to thoroughly understand the type of coverage purchased and to quantify a board’s potential risk or “claim severity.”
01 March 2017 - By Jeffery T. Dukes
Discounted accelerated benefits, where the accelerated benefit paid is a present value of expected claims less a present value of future premiums, are often believed to be cost neutral.
11 June 2012 - By Aldo Balestreri, Luca Cavaliere, Christophe Vallet, Takanori Hoshino, Takahiro Kinoshita
This report introduces modeling practices currently observed in France, Italy, and Japan in order to illustrate various issues that many companies are facing when modeling policyholder dividends under a market-consistent framework.
26 May 2007 - By Wayne E. Blackburn, Derek A. Jones, Joy A. Schwartzman
This paper explores the concepts underlying the valuation of an insurance company in the context of how other (noninsurance) companies are valued.
14 December 2006 - By Gary Finkelstein, Takanori Hoshino, Rikiya Ino, Ed Morgan
This report endeavors to answer questions as well as to look at a few illustrative cases of how economic capital can be practically applied. The report will help decision-makers formulate an approach to economic capital that will align with their larger corporate strategies.