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Transformation of Actuarial Functions
Recent developments in the insurance sector in Canada and indeed globally – most notably the International Accounting Standards Board’s International Financial Reporting Standard 17, or IFRS 17 – have provided an opportunity for actuarial functions to go through a process […]
How to Manage Capital Volatility under IFRS 17 and LICAT 2023
By FCIAs Robert Berendsen and Catherine Sun Effective January 1, 2023, insurers that report on an International Financial Reporting Standards (IFRS) basis are required to apply IFRS 17 Insurance Contracts (IFRS 17). In adapting to IFRS 17, the Office of […]
An Alternate View of Future Mortality
A seemingly inexorable trend of mortality improvement has emerged over the past century. Declining rates of population mortality in the developed western world have been variously attributed to several causes.
Final notes in the countdown to IFRS 17
With only a few weeks remaining before the implementation of IFRS 17 on January 1, 2023, we revisited the topic with FCIAs and Co-Chairs of the IFRS 17 Steering Committee, Sati MacLean and Les Rehbeli.
Finding the balance: Personalization of risk and risk pooling
The latest buzz phrase in the insurance industry is “embedded insurance,” which presents an opportunity to seamlessly offer protection in real time given a proactive approach to risk management. Underpinning embedded insurance is the ability to personalize insurance. This requires that customers understand the necessity of sharing more data with their insurance providers.
Capital frameworks in Canada are ready for IFRS 17
With implementation of IFRS 17 on the horizon, the Office of the Superintendent of Financial Institutions (OSFI) has released its final insurance capital guidelines. Learn the key points of the guidelines and prepare for the changes coming on January 1, 2023.
Alternative mortality table construction methods
Construction of mortality tables has been a skill practiced by actuaries since the beginning of the profession. Major innovations in how these tables are built, however, have been uncommon. In this episode, Sylvain Goulet, FCIA, joins our host Ping-Teng Lin, FICA, to discuss a new research paper that uses a generalized additive model and a neural network model to rework the data that underlies the CIA 2014 life mortality table.
A Lesson in Assumptions: Shock Lapse Experience Report
Read the report Prior to RGA completing its first Post Level Term lapse and mortality study with the SOA in 2009, a wide range of assumptions was in use by actuaries with little industry-wide late-duration level term experience available to […]
Individual life and health insurance: products and underwriting during a pandemic
Jing Lang, Vice-President, Product Manager at iptiQ, provides an overview of various products and underwriting processes, and speaks on the impact of COVID-19 on the risk assessment process.
Considerations for selection of adverse scenarios given the COVID-19 pandemic
In this article, Bruce Langstroth, Michael Wang, and Valerio Valenti discuss the considerations for the selection of the adverse scenarios, their potential ripple effects, and corrective management actions, given the COVID-19 pandemic.