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 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.
02 December 2019 - By Eamonn Phelan
In this paper, we look at the central role that can be played by an Expert Judgment Register.
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, 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 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
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.
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.
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, Edward 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
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 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 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 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 general issues on supervisory reporting and public disclosure.
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).
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.
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 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.
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.
- 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.