23 July 2021 - By Clement Bonnet, Brian Colgan, Michael Daly, Sharon Huang, Farzana Ismail, Philip Jackson, Sung Hoon Kim, Atsushi Okawa, Wing F. Wong
After a wave of new regulations for companies, this executive summary provides a high-level update to our last report from 2020.
23 July 2021 - By Derek Newton, Ian Penfold, Marc Smillie
A comprehensive macro and micro view of the latest EU SFCRs for UK and Gibraltar carriers.
22 July 2021 - By Christin Kuretich
I’d like to examine the word "strategy" not as a buzzword, but as a guide. Taking a step back—what does strategy mean, anyway?
21 July 2021 - By Chris Beck, Blake Fleisher
Following AXA’s decision to scale back underwriting insurance that reimburses payments, we examine how companies can analyze whether to pay ransom themselves
21 July 2021 - By Neil Christy, John Jenkins, Stuart Reynolds
A time of transition: Considerations for the future regulatory landscape in the United Kingdom
19 July 2021 - By Brian Fomby
The right approach will result in better use of the team and technology, greater retention of talent, and a more successful outcome of the transformation
19 July 2021 - By Pang-Hsiang Chye, Ken Lim , Tananya Santipinyolert, Tarinee Sriboonchaichusakul
The latest market info and more: Overall premiums up 4.3% in early 2021 year over year, while net loss ratio edges 1.6% lower.
19 July 2021 - By Brian Colgan, Halim Gunawan, Richard W. Holloway
Life in Indonesia: Our review of industry developments from the first quarter.
19 July 2021 - By Robert Eaton, Missy Gordon
This podcast episode explores aging-in-place, including potential policy changes, implications for payers and policyholders, recent innovations, and trends such as telehealth.
15 July 2021 - By Tyler Armstrong, Randy Beams , Robert Eaton
The preferred solution for Med Supp modeling is a modern actuarial modeling software platform because of the effective risk governance framework, efficient assumption management, logical inputs, and the capability of modeling complex variable interactions.
09 July 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
Keeping you apprised on UK life insurance with our summary of regulatory developments for June.
08 July 2021 - By Carl A. Friedrich, Susan J. Saip
Our comprehensive 2020 survey covers key issues in the markets for universal life, indexed universal life and variable universal life.
06 July 2021 - By Andrew Henning, David Kirk
Insurer beware: Before more guidance from South African regulators becomes available, we offer our approach to calculating the SAM non-life risk margin.
06 July 2021 - By Kevin Manning, Paul Marron, Eamon Comerford
Commercial and residential mortgages can give European life insurers meaningful returns in the search for yield.
02 July 2021 - By David Bahlinger, Ashlee Mouton Borcan, Darrell D. Spell, Michael E. Weilant
Our report on the supplement market shows the effects of COVID-19: Inforce premium rose only 1.2% to $62 billion in 2020 from 2019, but still a positive sign.
02 July 2021 - By David Kirk, Richard Taylor, Avashni Rossouw, Susan Melmed, Chris van der Merwe
Our second quarter recap covers the country’s latest developments relevant to insurers.
28 June 2021 - By Andrew Netter, Jonathan B. Glowacki
Continued strong NIW, movement in quarterly market share among insurers, improvements in IIF performance, and an update on MILN issuances to-date
24 June 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Keeping you apprised: View snapshot on the local market and beyond.
18 June 2021 - By Michael Paczolt
Learn how to maximize your ROI by integrating your claims data with AI.
14 June 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
Keeping you apprised on UK life insurance: Check out our summary of regulatory developments for May.
07 June 2021 - By Nancy P. Watkins
The need to cross-pollinate: Milliman gathers industry leaders to discuss climate impacts and solutions, working to solve the problem of climate resilience.
04 June 2021 - By Elizabeth Anne Jackson, Brenda Runyan, Luke Metz, James Kenney
Evaluating multiyear payment arrangements? Assess retention rates for patients with rare diseases.
04 June 2021 - By Conor Callaghan , Eoin King
Recovery plan requirements update: This briefing note summarises the published regulations and guidelines of the Central Bank of Ireland (CBI).
01 June 2021 - By Pierre-Edouard Arrouy, Charles Boddele , Grzegorz Darkiewicz-Moniuszko, Russell Ward
While setting the overall discount rate under IFRS 17 might seem overwhelming, we give some practical considerations to get the job done.
24 May 2021 - By Donal McGinley
Why are actuaries started using Python programming language? Learn more in this briefing note.
19 May 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Our April snapshot of the U.K. and beyond for Solvency II rates and the markets in 25 charts and tables.
18 May 2021 - By Brian Z. Brown, Rachel Soich, Christopher Fredericks
Protect yourself: How errors and omissions coverage can safeguard against potential lawsuits for professional services firms.
17 May 2021 - By Ehab Atassi, Neha Taneja, Rahaf Alhodaif
Ways to reduce the burden of road traffic accidents in Saudi Arabia.
11 May 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
UK life insurance: Summary of regulatory developments for April.
04 May 2021 - By Josh Dobiac, Maarten Ruissaard, Freek Zandbergen
Explore the intertemporal dynamics as hedged liabilities age in Solvency II hedging: Part three in a series.
04 May 2021 - By Jonathan B. Glowacki, Judith-Anne Brelih
GSE loan default rates remain unchanged at 1.27%, while those for Ginnie rise 25 basis points to 7.64%
30 April 2021 - By Alicia Gounden
Climate change presents risks and opportunities for South African insurers.
20 April 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
This report recaps the state of the local and global markets at month's end. The report includes graphs, tables and commentary on the equity, bond, and currency markets both domestically and globally.
19 April 2021 - By Alexander Krauskopf , Katrin Hoellering, Alexandra Pflumm
How machine learning algorithms can serve as good predictors of future claims cost for chronic diseases.
13 April 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
UK life insurance: Summary of regulatory developments for March.
08 April 2021 - By Chad C. Karls
Effective management of defense costs now requires legal claims analytics, with the adoption of new technologies that add visibility and inform business decisions.
07 April 2021 - By Robert Eaton
Learn more about Brella offering supplemental health insurance, and why actuaries working as product designers provides value to customers from Robert Eaton and Veer Gidwaney.
07 April 2021 - By David Evans, Cody Webb, Andrew Netter, Brandon Katz
Flooding stands out among other natural catastrophes because of the risk it poses to mortgages, and therefore the financial health of the average U.S. homeowner, as Milliman and KatRisk experts explain.
06 April 2021 - By Donal McGinley, Cormac Gleeson, Matthew McIlvanna, Eóin Stack
In this briefing note, we look at how organisations can structure their model governance framework and provide some ideas on how actuaries can consider the new section of ASP-PA2, in relation to model governance to ensure that they are meeting the standard.
06 April 2021 - By Paul R. Houchens, Zach Hunt
Composite underwriting margins remain near highs for the individual market, and steady for group insurance.
05 April 2021 - By Van Beach, Jonathan B. Glowacki, Makho Mashoba, Benjamin J. L. Buttin, Alexandre Boumezoued, Joe Long, Zohair Motiwalla, Josh Dobiac, Antoine Ly, David South
A comprehensive look at uses of cloud computing and machine learning in the actuarial profession.
02 April 2021 - By Larry Baeder, Peggy Brinkmann, Eric J Xu
Machine learning algorithms fit models based on patterns identified in data and can be very complex.
29 March 2021 - By Brian Colgan, David Kong, Halim Gunawan, Richard W. Holloway
Life in Indonesia: Our March 2021 review of industry developments from the fourth quarter.
24 March 2021 - By Andrew Netter, Jonathan B. Glowacki
Continued strong NIW, accommodative borrower forbearance policies extended, focus on reserving and ultimate outcomes of delinquent inventory, and 2021 MILN issuances begin.
22 March 2021 - By Mike A. Bergerson, Missy Gordon, John Hebig, Joe Long
How new approaches to model visualization can support greater understanding of results.
19 March 2021 - By Chris Harner, Chris Beck, Blake Fleisher
This white paper discusses the importance of modeling cyber risk for businesses.
11 March 2021 - By David Kirk, Richard Taylor, Avashni Rossouw, Susan Melmed, Chris van der Merwe
Our insurance industry update for South Africa, March 2021.
09 March 2021 - By Robert Eaton
Learn more about the origins of Plug and Play Tech Center, how the pandemic has affected their business model, the importance of actuaries, and their collaborations between large insurance companies and start-ups.
09 March 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
UK life insurance: February regulatory roundup of updates by three relevant agencies.
03 March 2021 - By Olivier Mahieux, Romain de Harlez
Market insight from year-end 2019 SFCRs: Sample of non-life insurers based in Luxembourg.
02 March 2021 - By Jan Thiemen Postema, Raymond van Es
Explainable AI in practice: Build trust and encourage adoption.
26 February 2021 - By Olivier Mahieux, Romain de Harlez
Market insight from year-end 2019 SFCRs: A sample of life insurers based in Luxembourg.
24 February 2021 - By Luke B.G. Roth , Jessica Naber, Luke Metz, Nina Nikolova
An analysis of hospital care for the uninsured in the United States shows charity care costs are rising.
24 February 2021 - By Safder Jaffer, Asad Irshad
UAE Industry Report 2020: Despite COVID-19, nation’s insurance industry stays resilient and records profit increase for fourth consecutive year.
22 February 2021 - By Eamonn Phelan, Orlaith Lehane , Rosemary Maher
EIOPA, as part of the Solvency II 2020 review have suggested that all insurers should draft a Liquidity Risk Management Plan (LRMP).
22 February 2021 - By Josh Dobiac, Maarten Ruissaard, Dmitry Zamkovoy, Freek Zandbergen
Interest Rate Risk Management under Solvency II: Impact of the DLT assessment.
19 February 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
London Market Monitor: A recap of January's macroeconomic statistics related to risk management.
17 February 2021 - By Ian Penfold, Natasha Singhal, Sophie Smyth
In this paper, we discuss how insurance companies can consider the impact of climate change through their Own Risk and Solvency Assessment (ORSA).
10 February 2021 - By Pierre-Edouard Arrouy, Charles Boddele , Grzegorz Darkiewicz-Moniuszko, Russell Ward, Freek Zandbergen, Sihong Zhu
This paper is part of a series covering the overall process for discount rates under IFRS 17, specifically the number of steps required to set a discount rate.
10 February 2021 - By Pang-Hsiang Chye, Ken Lim
Overall, Non-Life industry direct premiums grew by nearly 4% in the 2020. Motor premiums declined in H1 but recovered strongly in H2, resulting in full year growth of 1.4%.
09 February 2021 - By Joanne E. Fontana, Thomas D. Murawski
COVID-19 has lead to potential downward and upward pressures on dental claims for dental industry stakeholders, including dental care providers, consumers and dental insurance carriers.
04 February 2021 - By Heerak Basu, Philip Jackson, Sanket Kawatkar, Richard W. Holloway
This e-Alert discusses key announcements affecting the Indian life insurance industry.
04 February 2021 - By Tony F. Bloemer, Richard C. Frese, Timothy C. Vosicky
The application of Illinois House Bill 3360 to medical liability losses will have significant impacts.
03 February 2021 - By Jonathan B. Glowacki, Judith-Anne Brelih
Mortgage demand remained strong during the third quarter of 2020, with Freddie Mac and Fannie Mae mortgage volume increasing more than 125% year-over-year and hitting record volume.
02 February 2021 - By Neil Christy, Jack Huffer, Russell Osman, Philip Simpson, Russell Ward
This note considers who may be affected by the new international Insurance Capital Standard and the impact the new standard has on the evaluation of available and required capital.
01 February 2021 - By John Jenkins, Peter Lin, Russell Ward, Sihong Zhu
On 7 January 2021, the Prudential Regulation Authority (PRA) published Consultation Paper 1/21, setting out the plan for the transition of the UK Solvency II discount curve to a curve that references the Sterling Overnight Index Average (SONIA).
26 January 2021 - By Evan Pollock, Rachel Marsiglio , Juliet M. Spector
This paper provides guidance for insurers on how to prepare clean, efficient rate increase filings and to help carriers work with regulators to incorporate the information they seek.
26 January 2021 - By Annie Shen, Sheri Lee Scott, Katherine Dalis
To better understand its exposure to wildfire, the California Fair Access to Insurance Requirements Plan asked Zesty.ai, Inc., a company that provides a wildfire risk score model, to score the FAIR plan properties relative to wildfire risk.
22 January 2021 - By Matthew Emery, Howard Kahn, Devin McCall, William M. Sayre, Stuart Silverman
This paper introduces life insurance investment strategies and how many of these same concepts can be applied to healthcare insurers and providers to better manage their overall risk profiles and potentially increase future returns on investment.
19 January 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Equity markets made gains in December as optimism continued to grow with the COVID-19 vaccination programmes rolled out in parts of the world.
19 January 2021 - 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 2020 embedded value results disclosed by Asian insurers.
19 January 2021 - By Sinéad Clarke, Orlaith Lehane , Eóin Stack
The aim of this briefing note is to provide a “beginner’s guide” to climate risk for Irish insurers, an introduction to what the Central Bank of Ireland and the European Insurance and Occupational Pensions Authority are currently doing in relation to climate-related risk and what insurers could do to increase understanding of climate-related risk.
14 January 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
A summary of any regulatory updates published during December 2020 that may be of relevance to life insurance companies.
12 January 2021 - By Ashlee Mouton Borcan, Grigori Lev, Stephen Rook
What are some common critical illness benefit triggers found in the U.S. marketplace?
12 January 2021 - By Michael J. McCord, Abhisheik Dhawan
To begin to efficiently address resilience to climate-driven events, we need to enlist governments, insurers, banks and asset managers, infrastructure experts, and technical assistance and research firms.
05 January 2021
This article lists the top 10 most read articles on the Milliman Ireland website in 2020.
29 December 2020 - By Michael Graney, Fiona Ng, Ashleigh Sandrock, James G. Stoltzfus, Susan Tan
With earnings under pressure, the search for investment yields continues to be a big challenge faced by U.S. life insurers, and it will continue to be one of the most important focuses in the years to come.
29 December 2020 - By Maarten Ruissaard, Freek Zandbergen
This paper summarises the effects of changes to the speed of convergence on the discount curve and the introduction of the speed of convergence drag.
23 December 2020 - By Robert Eaton
Learn how to better score risk, engage with customers, and detect claims fraud through analyzing social data points from Robert Eaton and Evgeny Aleksandrov.
23 December 2020 - By Robert Eaton, David Bahlinger
Milliman’s inaugural 2020 Short-Term Care (STC) Insurance Survey captures rich market data representing eight major STC insurers and $110 million of inforce premium.
22 December 2020 - By Joanne Buckle, Dr. Sudhanshu Bansal, Abhishek Agrawal, Diana Dodu, Monika Lis
This paper focuses on studying prevalent methodologies and best practices in assessing the impact of new technology and claims costs and medical inflation from the perspective of medical insurers and is primarily aimed at non-US insurers.
22 December 2020 - By Ashlee Mouton Borcan, Jennifer O’Brien Howard, David Bahlinger, Darrell D. Spell, Michael E. Weilant
Milliman’s inaugural Critical Illness (CI) Survey represents 38 carriers and $1.4 billion in inforce premium, and explores numerous facets of the CI market.
22 December 2020 - By Ashlee Mouton Borcan, Jennifer O’Brien Howard, David Bahlinger, Darrell D. Spell, Michael E. Weilant
Milliman’s third Hospital Indemnity (HI) Survey represents 32 carriers and $1.8 billion in inforce premiums, and explores numerous facets of the HI market.
22 December 2020 - By Ashlee Mouton Borcan, Jennifer O’Brien Howard, David Bahlinger, Darrell D. Spell, Michael E. Weilant
The Milliman 2020 Critical Illness (CI) Survey represents 38 carriers and $1.8 billion in inforce premium, and explores numerous facets of the CI market.
22 December 2020 - By Nathan Sandrowicz, David Bahlinger, Darrell D. Spell, Michael E. Weilant
The Milliman 2020 Accident Insurance Survey represents 39 carriers and $3.5 billion in inforce premium, and covers both Accident Indemnity and Accident Medical Expense.
22 December 2020 - By Robert Eaton, William G. Mehilos, David Bahlinger, Michael E. Weilant
This 2020 Worksite Life Survey represents 20 carriers and $2.0 billion in inforce premium, and focuses on term, whole life, and universal life products.
21 December 2020
This year was a year like no other with COVID-19 dominating the news. It’s no surprise then that COVID-19 also dominated Milliman's top 10 list of most read articles for the year.
18 December 2020 - By James Johnston, Joanne Tan, Aisling Barrett
This report analyses the SFCRs of life insurance companies in Ireland at year-end 2019 covering written premiums, investments and solvency ratios.
17 December 2020 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Equity markets had a very strong performance in November as investor confidence grew on the back of the announcement of three effective vaccines against COVID-19 and increased political certainty following the US election.
16 December 2020 - By Wing F. Wong, Yun-Tien Lee, Shenglan Ko, Kwan Yau
In an effort to enhance insurers’ fortunes in using their own data, we conducted research into product recommendation systems to demonstrate how recommendation techniques commonly used by digital retailers can also assist insurers.
11 December 2020 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield
A summary of any regulatory updates published during November 2020 that may be of relevance to life insurance companies.
04 December 2020 - By Indira Gopalakrishna
This article describes a holistic approach that is necessary for low-income populations to successfully manage their financial risks called Risk Management 360.
03 December 2020 - By Josh Dobiac, Maarten Ruissaard, Freek Zandbergen
This paper addresses how hedgers can manage Solvency Capital Requirements, given the details of the proposed changes communicated by EIOPA in its consultation document.
01 December 2020 - By Robert Eaton, Missy Gordon
One strong step in making long-term care (LTC) an acceptable, insurable risk for insurance companies is to better understand the latent morbidity risk in advance of an LTC need.
01 December 2020 - By Robert Eaton, Katja Hanewald, Tin Long Ho
This article describes new mechanisms to fund long-term care using housing wealth.
25 November 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 on the impact that COVID-19 regulatory actions have on product administration.
24 November 2020 - By Mike A. Bergerson, Andrew H. Dalton, Robert Eaton, James G. Stoltzfus
This report presents the results of Milliman's survey of long-term care (LTC) insurance companies pertaining to the potential impact of COVID-19 on LTC business,
24 November 2020 - By David Burston, Charlie Howell, Andrew Gilchrist, Philip Simpson
Life insurance has a data-fuelled business model that makes it an industry that appears, on the surface, to be well primed for the technological advances that artificial intelligence can offer in addressing the challenges it faces in an increasingly digital world.
24 November 2020 - By Andrew Kay, Freek Zandbergen, Cormac Gleeson
Andrew Kay provides an update on recent IFRS 17 developments, Freek Zandbergen presents on setting IFRS 17 discount rates, and Cormac Gleeson discusses the challenges faced by insurers in determining the confidence level of the Risk Adjustment under IFRS 17.
18 November 2020 - By Brian Colgan, David Kong, Halim Gunawan, Richard W. Holloway
Developments in the Indonesian life insurance industry during the period from 1 July 2020 to 30 September 2020.
17 November 2020 - By Brian Z. Brown, Michael D. Price, Patricia A. Teufel, Steve Wilson
While improvements in governance and regulatory oversight over the last two decades have equipped audit committees with a greater understanding of what the risks are to reserves, there is little information available regarding how audit committee members should challenge actuaries and management to ensure that risks are being identified, clearly reported, and addressed.
12 November 2020 - By Samuel Burgess, David Burston, Stuart Reynolds, Lyndsay Wrobel
This publication provides a summary of the Solvency II-based metrics that a sample of 20 companies in Europe are disclosing as at year-end 2019 and the associated explanatory information.
11 November 2020 - By Alexandre Boumezoued, Amal Elfassihi, Cormac Gleeson, Andrew Kay, Orlaith Lehane , Bertrand Lespinasse, Damien Louvet
This paper presents a solution to address (re)insurers’ challenges, including how to determine the confidence level needed for disclosure purposes and how to restate a given confidence level over different time horizons.
11 November 2020 - By Sheri Lee Scott
The 2020 wildfire season so far has offered no relief, with CAL FIRE reporting over four million acres burned calendar year to date, more than the two prior calendar years combined.
09 November 2020 - By Neil Cantle, Dana-Marie Dick, Amy Nicholson
This paper provides a summary of the EIOPA consultation that builds on work started by the Bank of England, requiring firms to consider climate change risks in the Insurance Stress Test 2019 exercise and the 2021 biennial exploratory scenario on financial risks from climate change.
06 November 2020 - By Georges Abbey , Alex Bryant, Clement Bonnet, Jessica Crowson, Grzegorz Darkiewicz-Moniuszko, Paul Fulcher, Rikiya Ino, Ed Morgan, Freek Zandbergen, Sihong Zhu
This year’s asset liability management (ALM) Metrics Survey seeks to understand the current international practice in a variety of representative markets in terms of the approaches and the metrics used in ALM by global life insurers and discusses what might be considered best practices and how this might evolve in the future.
05 November 2020 - By Maarten Ruissaard, Freek Zandbergen
This briefing note reviews the impact of lower interest rates on an alternative method that extrapolates long-term interest rates as part of Solvency II regulations.
05 November 2020 - By Jonathan B. Glowacki, Judith-Anne Brelih
While unemployment rates, delinquency rates, and the percent of loans in forbearance have increased rapidly since the beginning of the coronavirus pandemic, the housing market has remained surprisingly resilient.
03 November 2020 - By Derek Newton, Marc Smillie , Ian Penfold
Our European analysis of the non-life market covers 884 companies from 15 countries which together comprise almost £350 billion of gross written premium and over £504 billion of gross non-life technical provisions.
27 October 2020 - By Eamonn Phelan, Gavin Maher
What are some important considerations for risk managers in the ever changing environment of the (re)insurance industry?
27 October 2020 - By Stephen R. DiCenso
On October 15, 2020, the District Court of Oklahoma issued its order of approval and implementation for the first ever Insurance Business Transfer, allowing for the novation of insurance policies to an assuming insurer without policyholder consent.
23 October 2020 - By David D. Evans, Cody Webb, Elias Braunstein, Jonathan B. Glowacki, Andrew Netter
This report provides estimates of the insured and uninsured flood exposure of single-family residences in the contiguous United States from both storm surge and inland flooding.
23 October 2020 - By Brian Colgan, Philip Jackson
23 October 2020 - By Amy Nicholson, Sihong Zhu
Climate change risk should be a key consideration in evidencing an insurer’s Prudent Person Principle compliance.
22 October 2020 - By Brian Colgan, Philip Jackson
21 October 2020 - By Nancy P. Watkins, John W. Rollins
How are leading investors factoring market-level climate risk into decision-making?
19 October 2020 - By Brian Colgan, Philip Jackson
In this e-Alert, we discuss amendments introduced to reduce the costs of IFRS 17, their impact on insurers and the likely impact on financial accounting standards.
14 October 2020 - By Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore
This report analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving on non-variable deferred annuities.
13 October 2020 - By Pierre-Edouard Arrouy, Charles Boddele , Thomas Bulpitt, Grzegorz Darkiewicz-Moniuszko, Russell Ward, Freek Zandbergen, Sihong Zhu
IFRS 17 requires preparers of accounts to derive discount rates for the valuation of the cash flows associated with their insurance contracts.
13 October 2020 - By Safder Jaffer, Asad Irshad
Gross written premiums showed an overall increase, showing market resilience despite the COVID-19 pandemic.
08 October 2020 - By Safder Jaffer, Asad Irshad
The UAE insurance market continued its trend for a third consecutive year with an overall increase in their profitability along with a premium growth in 2019.
07 October 2020 - By Nancy P. Watkins
Nancy Watkins speaks with Jim Albert about flood insurance’s coverage gap, the adversarial position of the insurance industry, the wind-water conflict in claims, and climate change.
07 October 2020 - By Rachin Aggarwal, Joanne Buckle
With the ongoing COVID-19 pandemic, it has become all the more important for insurers to manage their claims and expenses.
06 October 2020 - By Robert W. Beal, Daniel D. Skwire
How has COVID-19 affected individual disability income carriers’ new sales and claims to date and what can these companies expect going forward?
05 October 2020 - By Josh Dobiac, Freek Zandbergen
This report examines the new Alternative Methodology for yield curve construction under Solvency II.
02 October 2020 - By Jamie Shooks
How do the risks in fantasy sports align with the general traits of an insurable risk?
02 October 2020 - By William Vogan
Four of the industry pricing surveys measure the ratio of rates written to the latest quarter to rates expiring during the latest quarter.
02 October 2020 - By John Klodnicki
The insurance industry must adapt in order to function in a post-pandemic world and navigate the “new normal” of a work-from-home economy.
02 October 2020 - By Mariah Mateo Sarpong, Mebrahtu Brhan Gebre
A holistic approach to dealing with climate risks— one that includes but is not limited to insurance— is needed to help vulnerable communities become more resilient.
01 October 2020 - By Scott Chow, Clement Bonnet, Julian Man, Michael Daly
Calculated annually by Milliman, the Milliman Fulfillment Ratio Index covers Hong Kong insurance companies representing a significant market share as measured by in-force premiums (> 85% in 2019).
30 September 2020 - By Robert W. Beal, Tasha S. Khan
This report presents the results of Milliman’s 2020 Annual Survey of the U.S. Individual Disability Income Insurance Market.
30 September 2020 - By Neil Christy, Stuart Reynolds, Samuel Burgess
This report focuses on the solvency and financial condition reports published in 2020 which refer to year-end 2019.
30 September 2020 - By Carl A. Friedrich, Susan J. Saip, Allen J. Schmitz
Milliman conducted a long-term care hybrid product survey intended to capture the industry’s views of the unique environment and provide high-level current sales information and future outlooks.
29 September 2020 - By Alexandre Boumezoued, Jean-Philippe Boisseau
What does the world look like to a reserving actuary in 2060?
29 September 2020 - By Eric J Xu, Cody Webb, Molly Barth, Nancy P. Watkins
As the 2020 wildfire season exceeds historical norms, California insurers and policymakers are looking for durable solutions to extinguish the threat of a homeowners’ insurance crisis.
23 September 2020 - By Judith-Anne Brelih, Jonathan B. Glowacki
Want to know the state by state effect of the pandemic on the housing market? Metrics and commentary analyze the relationship between COVID-19 and impact.
17 September 2020 - By Eric J Xu, John W. Rollins
Predicting whether insurtechs will seek closer connections among the players in the value chain, or a greater separation, requires consideration of factors that could cut both ways.
16 September 2020 - By Neil Cantle
Going forward, financial services firms must now evaluate the anticipated financial impact of climate change, and are expected to include considerations of climate change within risk management frameworks.
15 September 2020 - By Nate Gorst, Jonathan B. Glowacki
Now that we are several months into the COVID-19 pandemic, sufficient data exists to analyze its effects on the mortgage market and draw conclusions on the impact this disruption will have on the mortgage marketplace for the rest of 2020 and 2021.
15 September 2020 - By Nicholas Beihoff, Ryan Lindsay, Jonathan B. Glowacki
This article provides clarity on the Adverse Market Refinance Fee and its potential impact.
15 September 2020 - By Conor Callaghan , Rik van Beers, Kevin Manning
This briefing discusses regulations for pre-emptive recovery planning for (re)insurers, reinsurance as a capital management tool for life insurers and unit matching under Solvency II.
11 September 2020 - By Richard C. Frese
The introduction of COVID-19 has had an almost immediate influence on insurance yet it may take a long time to fully realize the effects. What are strategies to make benchmarks valuable now and post-COVID-19?
11 September 2020 - By Raji Bhagavatula, Mark Goldburd, Manyi Luo , Jason L. Russ
For the second quarter of 2020, the property and casualty insurance industry published financials that show a decline in net premium, mainly attributable to COVID-19.
10 September 2020 - By Andrew B. Groth, Katherine A. Pipkorn
There are companies innovating in the student loan space, but significant opportunity remains for insurtechs and traditional insurance carriers to create a unique “win/win”: sustainable solutions that capture a portion of the $1.54 trillion student loan market, while also providing students with postgraduation financial stability—helping graduates achieve their future dreams.
10 September 2020 - By Elizabeth Bart
As traditional auto insurers compete against each other for customers, they’re now also faced with new entrants into the auto insurance market race: car manufacturers.
08 September 2020 - By Sanket Kawatkar, Philip Jackson, Heerak Basu, Richard W. Holloway
This report presents the results and insights from a fresh survey of Indian life insurers, covering their participating business management and asset share calculation approaches.
08 September 2020 - By Paul M. Fedchak, Stacy Koron
Changing consumer preferences and technology are driving much of the need for innovation and, as the emergence of COVID-19 has shown, the most vulnerable parts of an industrial sector can be quickly be brought down by an unexpected event.
03 September 2020 - By Christine M. Fleming, Travis J. Grulkowski
The unusual liabilities of black lung require actuarial and case reserving models that are truly unique.
26 August 2020 - By Stephanie Moench
Is it possible that an involuntary, partial social program could be established to provide long-term care coverage?
26 August 2020 - By Robert Eaton
This article explores in detail two methods of developing reduced benefit options: the future loss ratio neutral approach and the cash flow neutral approach.
25 August 2020 - By Paul Sinnott, Michael Daly, Richard W. Holloway, Wing F. Wong, Chihong An, Wen Yee Lee, Stephen H. Conwill
This report compares and contrasts the various different approaches taken to embedded value reporting across Asian markets and insurers.
24 August 2020 - By Michael Paczolt, Jill Rosenblum
Claim analytics using artificial intelligence represents a proven method to reduce claim severity and improve the efficiency of claim-handling resources.
19 August 2020 - By Rachel Seale, Billy Onion
The combination of coverage unavailability and future uncertainty prompts companies to look for solutions in captive formations.
19 August 2020 - By Heerak Basu, Philip Jackson, Sanket Kawatkar, Richard W. Holloway
What are the most recent developments in the life insurance market in Bangladesh?
12 August 2020 - By Susan J. Forray, Chad C. Karls, Joe Mawhinney
Defense attorneys have gradually become comfortable with virtual depositions, and our analysis indicates they are soon likely to proceed with depositions over virtual platforms that are lengthier and more complex than the virtual depositions conducted to date.
05 August 2020 - By Fernando Mesquida, Hector Gueler, Ariel Hojman
What effect will the COVID-19 pandemic have on the life insurance industry in Latin America?
05 August 2020 - By Paul M. Fedchak, Ian Laverty, Uri Sobel
The new framework outlined in Chapter 20 of the Valuation Manual will likely lead to some fundamental changes in the products available in the market.
04 August 2020 - By Nicole Gaspar, Alyssa Lu, Juliet M. Spector
This article discusses modeling and the information that companies can glean from a first principles approach.
03 August 2020 - By Ian Penfold, Sophie Smyth , George Barrett
In this paper, we discuss how insurers can explore their future exposures to the novel coronavirus through their ORSA.
03 August 2020 - By Clement Bonnet, Brian Colgan, Michael Daly, Sharon Huang, Farzana Ismail, Philip Jackson, Sung Hoon Kim, David Kong, Wen Yee Lee, Atsushi Okawa, Wing F. Wong
This report compares and contrasts life insurance risk-based capital regimes across selected Asian markets, highlights some of the potential implications for businesses arising from the future development of capital regulations and contributes to the wider discussion on the potential impact of changes in regulation on the life insurance industry in Asia.
28 July 2020 - By Rachin Aggarwal, Joanne Buckle
This paper discusses the common definitions of medical inflation, factors driving medical inflation in the short and long term and current medical inflation trends in India.
27 July 2020 - By Matthias Kullowatz
This report analyzes more than 3 million policies issued by eight variable annuity writers from 2003 through the first quarter of 2019.
23 July 2020 - By Ashlee Mouton Borcan
Data is a key component when you are attempting to identify opportunities and quantify the impact of innovative ideas.
21 July 2020 - By Raji Bhagavatula, Mark Goldburd, Jason L. Russ
It’s important to consider the impact of potential legacy losses not only in the context of establishing an appropriate reserve, but to form a view of the load for mass torts needed to price current policy years.
20 July 2020 - By Sinéad Clarke, Andrew Kay, Fred Vosvenieks
Sinead Clarke provides a regulatory and market update, Andrew Kay gives an overview of the latest IFRS 17 developments, and Fred Vosvenieks discusses operational resilience for insurers.
17 July 2020 - By Chris Harner, Michael C. Schmitz
The ramifications of COVID-19 on the mortgage credit risk market are still being assessed, but mortgage defaults are not expected to be as severe as during the global financial crisis, Milliman’s Mike Schmitz and Chris Harner discuss.
15 July 2020 - By Claire Booth, Amy Nicholson, Natasha Singhal
This paper covers the increasing popularity of environmental, social and governance (ESG) investments, how ESG investments are selected, risk and strategy considerations for insurers, the influence of ESG factors on product design for both long-term insurance products and health and care products, and ESG disclosure requirements.
15 July 2020 - By Paul Fulcher, Sihong Zhu, Samuel Burgess
This article reviews the Solvency and Financial Condition Reports recently published by major life insurers in the United Kingdom to examine the disclosures made on the impact of COVID-19.
15 July 2020 - By Pang-Hsiang Chye, Ken Lim
Developments in Thailand non-life insurance for the period from 1 January 2020 to 30 June 2020.
13 July 2020 - By Karthik Yadatore, Abby Camp
Registered Indexed Universal Life could be attractive to consumers seeking cash accumulation universal life and Indexed Universal Life products and who have a greater risk appetite and longer investment horizon.
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.
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.
29 May 2020 - By Dominik Sznajder, 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
Learn about incorporating new technologies and data points in the underwriting ecosystem from Robert Eaton and Paul Ford.
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.
20 March 2020 - By Roland Steinmann , Michael J. McCord, Katie Biese, Nidhi Kushwah, Levani Kvariani
This study covers farm characteristics, practices, and mortality experience among smallholder dairy farmers.
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 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 Robert Eaton
Learn about longevity, facial analytics, and machine learning in this podcast featuring Robert Eaton and Dr. S. Jay Olshansky
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 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 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.
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.
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.
22 November 2019 - By Jeremy Hamilton, Allen J. Schmitz, Ali M Yeager
How does spousal contagion influence long-term care needs?
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?
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.
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.
18 November 2019 - By Heerak Basu, Shamit Gupta, Richard W. Holloway
Milliman conducted a survey to assess trends in life insurance actuarial outsourcing.
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
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 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 - 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.
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
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 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 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).
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 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.
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.
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 Aisling Barrett, Eoin King
In this presentation given at the Society of Actuaries in Ireland’s Annual Convention, Aisling Barrett and Eoin King discuss their experience of the Reviewing Actuary role (having both been part of teams performing the review as well as being part of teams subject to review by another Reviewing Actuary).
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 Van Beach
Understanding the business versus the operational skills and activities related to modeling holds the key to the new actuarial operating model.
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.
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 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.”
27 September 2017 - By MicroInsurance Centre at Milliman
These case studies reveal implementing proportionate regulations relating to the disclosure of information, that increase access to insurance.
10 August 2017 - By Solveig Wanczeck, Michael J. McCord, Martina Wiedmaier-Pfister, Katie Biese
This paper provides an overview of the contribution of insurance to specific Sustainable Development Goals and their targets, using all 17 SDGs as the basis of the assessment.
28 June 2017 - By MicroInsurance Centre at Milliman
These case studies reveal implementing proportionate regulations relating to distribution, that increase access to insurance. The experiences cover Ghana, Mexico and the Philippines.
01 June 2017 - By Tatiana Egoshina, Stuart Reynolds, Philip Simpson
This note proposes a reporting approach that links back to the Solvency II balance sheet and makes an allowance for items of value that may not be included within Solvency II calculations and disclosures.
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.
01 April 2015 - By Carl A. Friedrich, Susan J. Saip, Teresa McNeela, Robert Eaton
This paper has several goals in relation to each living benefit rider type.
22 May 2013 - By Susan J. Forray, Shaun Cullinane
While the lawyers professional liability industry posted strong operating results in 2011, the past four years of operating results have been worse than those experienced in the prior 15 years- even during the previous soft market of the late 1990s through 2001.
05 October 2012 - By Roland Steinmann
This manual aids microinsurance institutions by presenting a technique called process mapping.
05 October 2012 - By Michael J. McCord
Learn how to develop successful microinsurance products for the low-income market, specifically to aid delivery channels for microfinance providers.
25 July 2012 - By Susan J. Forray, Shaun Cullinane
Specialty writers of lawyers professional liability insurance exhibited strong financial results in 2012.
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.