Milliman insight

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.

30 June 2021 - By Trever Mertz

With relentless annual increases in legal costs for companies, we answer some questions on spend management platforms, clarifying their key distinctions.

28 June 2021 - By Ellyn Russo, Thomas Pu, David V. Williams, Melody Craff, Jennifer R. Cohen

Did the influenza virus also follow stay-at-home orders for 2020-21 season? We offer three hypotheses to explain a 94% drop in cases.

28 June 2021 - By David E. Forbes

Sorting it all out: This report summarizes the main features and differences for FASB, IFRS and statutory accounting.

24 June 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Keeping you apprised: View snapshot on the local market and beyond.

23 June 2021 - By Victor Huang

Older investors need to be particularly cognizant of controlling volatility and minimizing the impact of sustained market drawdowns

23 June 2021 - By Heidi tenBroek, Rebecca Schiffer

Using inclusive language consistently and pervasively sends a strong message that inclusivity is a value of your organization. Your employees will notice.

21 June 2021 - By Mark Whatley, Juraidah Hussain

The female-to-male ratio of long-term savings in Singapore improved to 90.7% in 2019, up from 85.4% in 2009, signaling a narrowing of the gender gap.

18 June 2021

May 2021: ESTR volumes drop, EURIBOR volume stable, and SONIA volumes well above GPB LIBOR swaps

18 June 2021 - By Michael Paczolt

Learn how to maximize your ROI by integrating your claims data with AI.

18 June 2021 - By Heidi tenBroek, Sharon Stocker

Milliman case study: How we helped a company needing to cut its workforce convince 35% of participants to voluntarily accept early retirement.

16 June 2021 - By Durand Oliver

Why downside protection, an effective risk management technique used by insurers, is the way to safeguard investment portfolios from extended market downturns.

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).

03 June 2021 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1 ) is estimated to be 184 bps as of the end of May 2021, up 2 basis points from the previous month, driven by a decrease in long-term interest rates.

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.

27 May 2021 - By Patrick Meghen, James Johnston

In this briefing note we discuss some of the main items for firms to consider in this proposed guidance.

26 May 2021 - By Bruce R. Mitton

You probably aren’t lucky enough to benefit from the traditional company retirement plans of old, but buying an annuity might be the next best thing.

21 May 2021

ESTR volumes way up, EURIBOR swaps more muted, and SONIA volumes well above GBP LIBOR swaps across all tenors.

21 May 2021 - By Christopher J. Giese, Annie Gunnlaugsson, Evan Pollock

LTC brief: The number of individuals with long-term care insurance slightly declined over the years, but private claim counts rose over 50% over the past decade, surpassing 275,000 in 2019.

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 Sinéad Clarke, Orlaith Lehane

The European Insurance and Occupational Pensions Authority (EIOPA) has published its opinion on the supervision of the use of climate change risk scenarios in ORSA.

17 May 2021 - By Ehab Atassi, Neha Taneja, Rahaf Alhodaif

Ways to reduce the burden of road traffic accidents in Saudi Arabia.

14 May 2021 - By Alexandre Boumezoued, Fanny Pouget, Freek Zandbergen

Key takeaways from EIOPA’s comparative study on market and credit risk modelling.

11 May 2021 - By Neil Christy, Oliver Gillespie, William Smith , Isabel Stansfield

UK life insurance: Summary of regulatory developments for April.

05 May 2021 - By Durand Oliver

Investors can maintain upside exposure to growth assets and achieve a high level of insulation against market risk by constructing portfolios with Maverick’s confidence and Iceman’s discipline.

04 May 2021 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 182 bps as of the end of April 2021, up 6 basis points from the previous month, driven by a decrease in long-term interest rates.

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.

30 April 2021 - By Alicia Gounden

Climate change presents risks and opportunities for South African insurers.

28 April 2021 - By Jenica Ghorashi

First quarter 2021 market recap: Equities rise, but bonds fall due to rising longer-duration interest rates.

28 April 2021

Benchmark Rates Liquidity Monitor for March 2021: ESTR volumes up, and SONIA volumes overtake GBP LIBOR swaps for key long-term tenors.

27 April 2021 - By Victor Huang

Why retirees need a new way to balance risk and return in the wake of COVID-19.

26 April 2021 - By Sinéad Clarke, Kevin Manning

The onset of the COVID-19 pandemic has had numerous impacts on health systems worldwide, with extra support needed globally to address the healthcare needs associated with the pandemic.

21 April 2021 - By Eamonn Phelan, Conor Callaghan

This briefing note considers aspects that supervisors have recently commented upon, along with other topical areas that companies may find useful to consider when preparing their 2021 ORSA.

20 April 2021

Milliman Focus: An update on important work we’re doing with respect to long-term care.

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.

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 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.

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.

05 April 2021

Benchmark Rates Liquidity Monitor for February 2021.

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.

02 April 2021 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1 ) is estimated to be 176 bps as of the end of March 2021, down 18 basis points from the previous month, driven by an increase in long-term interest rates.

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.

23 March 2021 - By Robert Eaton, James G. Stoltzfus, Andrew H. Dalton, Mike A. Bergerson

The Society of Actuaries (SOA) retained Milliman, Inc. (Milliman) to conduct a survey on the impact of COVID-19 on Long-Term Care (LTC) insurance mortality, voluntary lapse, and morbidity experience.

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.

17 March 2021 - By Lupco Blazeski, Keith Lockwood, Suzanne Norman, Peter H. Sun

This paper introduces Milliman’s Retirement Income Security Evaluation (RISE) Score, which measures how well a retirement portfolio will be able to cover basic living expenses, health care and other costs after leaving the workforce.

17 March 2021 - By Amy Nicholson, Dianie Ravinthiranathan, Jennifer van der Ree

Some thoughts on potential approaches to winding up with-profits funds.

11 March 2021 - By Russell Ward, Neil Dissanayake, Nima Shahroozi

While inflation is stable today, members should manage this rising risk for their portfolios.

11 March 2021

Trading volumes in EUR and GBP interest rates swaps and overnight index swaps picked up in January 2021.

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 Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 194 bps as of the end of February 2021, down 27 basis points from the previous month, driven by an increase in long-term interest rates.

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.

23 February 2021 - By Sheila Jelinek, Suzanne Norman, Jeanne Russo

This paper details the low rates of financial literacy in the U.S., explores the factors behind it, and offers some timely ideas and resources for raising our level of financial literacy as a society.

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).

12 February 2021 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 221 bps as of the end of January 2021, down 8 basis points from the previous month, driven by an increase in long-term interest rates.

12 February 2021 - By Tian Kang Lim, Victor Huang

Transaction costs incurred within rebalancing strategies, can result in a material drag on performance.

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.

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).

29 January 2021 - By Neil Dissanayake, Nima Shahroozi

In the area of investment management, the events of 2020 have brought the importance of risk management to the fore.

27 January 2021 - By Dmitry Zamkovoy

Cost pressures, efficiency of outsourcing and COVID-19 have all converged to make a compelling case for investment companies to reconsider outsourcing the trading function.

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.

19 January 2021

Markets continued their advance over the quarter as accomodative monetary policy and multiple COVID-19 vaccine approvals bolstered the economic recovery.

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.

15 January 2021 - By Matthew McIlvanna

This briefing note provides a short case study on migrating an Excel/VBA model to Milliman Mind.

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.

12 January 2021 - By Stoddard Davenport

The COVID-19 pandemic has spurred—and aggravated—a range of mental health and substance use issues in the United States, and Milliman’s Stoddard Davenport discusses recent statistics on the topic and what the road ahead may look like for mental health in America.

05 January 2021

This article lists the top 10 most read articles on the Milliman Ireland website in 2020.

04 January 2021 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 229 bps as of the end of December 2020, down 10 basis points from the previous month, driven by an increase in long-term interest rates.

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, 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 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

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.

17 December 2020 - By Alexander Krauskopf , Christelle Desouhant, Joanne Buckle, José Silveiro, Judith Houtepen, Sinéad Clarke, Kishan Desai

This analysis compares information provided in the Quantitative Reporting Templates and Solvency and Financial Condition Reports and makes observations about the balance sheets and risk exposures of European health insurers.

16 December 2020 - By Neil Dissanayake, Victor Huang, Ram Kelkar, Peter Lin, David Schreiner, Nima Shahroozi , Brendan Tease

This report summarizes key findings from the 2020 update to Milliman's survey of derivative usage for risk management in the global life insurance industry.

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.

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 Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 239 bps as of the end of November 2020, down 2 basis points from the previous month, driven by a decrease in volatility.

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.

20 November 2020 - By Ellyn Russo, David V. Williams, Jennifer R. Cohen

This article considers the performance of select vaccines against various communicable diseases caused by viruses.

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.

18 November 2020 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Most major equity indices experienced material losses in October, as the rising number of COVID-19 cases forced some European governments to introduce new lockdown restrictions, while emerging markets outperformed their developed market counterparts.

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.

17 November 2020 - By Eamonn Phelan, Fred Vosvenieks, Cormac Gleeson, Eóin Stack, Gavin Maher

What are some approaches to developing a robust suite of Key Risk Indicators and what are the wider considerations for risk reporting?

17 November 2020 - By Patrick Meghen, Eoin King, Eamonn Phelan

Patrick Meghen provides an update on changes in Solvency II-related requirements, Eoin King discusses the latest on ORSA, and Eamonn Phelan presents recent Milliman thought leadership on the design, calibration and reporting of effective key risk indicators.

17 November 2020 - By Smitha Radhakrishna

The potential benefits of integrating artificial intelligence into our healthcare ecosystem and devices are numerous, including automation of tasks, analyses of patient data, and delivery of better healthcare.

16 November 2020 - By Chris Harner, Chris Beck, Blake Fleisher

To balance the time-sensitive nature of the M&A process with the need to protect against acquiring a breach and destroying value, firms need to employ an efficient and repeatable cyber risk analysis strategy.

16 November 2020 - By Dan Mulhern

What are the actual effects of deferred and foregone care on total spending for the commercially insured population?

13 November 2020 - By Catherine M. Murphy-Barron, Doug Norris, Daniel J. Perlman

As chief financial officers and actuaries attempt to determine the pandemic’s impact on year-end financial statements, this article describes five issues that require additional attention.

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 Martijn van Rooijen, Maarten Ruissaard, Kendall Carolissen

This paper aims to provide a comparison of capital treatments for different asset classes with the focus limited to European commercial banks and life insurers.

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.

06 November 2020 - By Jason Fichtner

How annuity decisions are framed has a major impact on the decision to annuitize. This essay offers three ideas to help work within this dynamic.

06 November 2020 - By George A. Sandy Mackenzie

Both preretired and already retired households have always faced, in varying degrees of severity, five basic risks. This essay describes and analyzes each of the five risks in detail.

06 November 2020 - By Colin Devine, Ken Mungan

Americans entering retirement face a considerable level of risk from the triple threat of longevity, market volatility, and long-term care.

05 November 2020 - By Lalit Baveja, Samyukta Achar

This paper discusses the implementation and practical uses of wearables in the private medical insurance market.

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.

04 November 2020 - By David V. Williams, Jacob Bryniarski

Spurred on by COVID-19, mobile health has emerged as a promising technology that could have a material impact on addressing the Quadruple Aim of healthcare.

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.

03 November 2020 - By Smitha Radhakrishna

Digital health is expanding, and its power is especially relevant now during the COVID-19 pandemic.

03 November 2020 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 241 bps as of the end of October 2020, down 12 basis points from the previous month, driven by an increase in long-term interest rates.

03 November 2020 - By Dominick Pizzano, Henrik Patel, Kenneth Barr

This article summarizes additional IRS guidance on nonqualified deferred compensation plans and focuses on other areas of executive compensation that should be examined in light of current conditions.

27 October 2020 - By Janet Jennings, Sheila Jelinek, Suzanne Norman

While it is too soon to quantify all the effects from the COVID-19 pandemic, this paper could help women become more aware of resources and solutions to help them and their loved ones be more financially secure.

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

本アラートでは、結果説明を容易にすることを目指したIFRS第17号の改訂内容について論じ、会計上のミスマッチ、その保険会社への影響、そしてPSAK 74に考えられる影響を減らすことを試みます。

21 October 2020

During the months following the February 2020 market drawdown, bonds, commodities, and stocks have all had a remarkable run, leading many investors and advisors to contemplate both the prospect of asset bubbles and the portfolio implications of those bubbles bursting.

21 October 2020 - By Nancy P. Watkins, John W. Rollins

How are leading investors factoring market-level climate risk into decision-making?

21 October 2020 - By Fernando Mesquida, Gabriela Dieguez, Jorge Torres, Romina Santoro, Lucila Antonucci, Carolina Artuso

Milliman used data from Mexico’s Ministry of Health to analyze the increase in the mortality rate produced by COVID-19 by gender, age, and the presence of comorbidities.

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.

19 October 2020 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

The British Pound lost 3.6% and 3.9% against the US Dollar and the Japanese Yen respectively, whilst weakening 1.7% against the Euro, as worries of a potential “Hard” Brexit increased the Pound’s volatility.

16 October 2020 - By Adam Schenck, Jeff Greco, Joe Becker, Ram Kelkar

The market contraction at the onset of the coronavirus pandemic in Q1 2020 was the biggest test of risk-managed investment products since the 2008 financial crisis. This paper puts the downturn into historical context and examines how Milliman FRM's products performed.

15 October 2020

Markets continued their advance over the quarter as accommodative monetary policy proved to dampen the negative impact of the pandemic.

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.

14 October 2020 - By Eamonn Phelan, Fred Vosvenieks, Cormac Gleeson, Eóin Stack, Gavin Maher

This briefing note discusses how traditional emerging risk management frameworks may not fully capture the complexity of an emerging risk event and what lessons can be learned from COVID-19.

13 October 2020 - By Kevin Manning, Joanne Buckle, Lalit Baveja, Alison Counihan

Kevin Manning provided an update on COVID-19 looking at the impact on the Irish private health insurance market, and Joanne Buckle presented on the impact of data analytics on the value chain for both public and private heath payers.

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.

07 October 2020 - By Jeff Chalk

Over the past few weeks, there has been quite a bit of fanfare over changes in two of the most widely known benchmarks for the U.S. stock market.

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 Zohair Motiwalla, Zi Xiang Low, Aatman Dattani, David South

In the third quarter of 2020, Milliman refreshed a survey that establishes currently held market practice in the application of “VM-21: Requirements for Principles-Based Reserves for Variable Annuities.”

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 Andrew H. Dalton, Gregory T. Zebolsky

This article discusses the impact that COVID-19 could have on actuarial assumptions relevant to continuing care retirement communities—specifically, mortality and morbidity—as well as other experience, including especially the number of noncontractual residents in assisted living unit and skilled nursing facility levels of care.

05 October 2020 - By Josh Dobiac, Freek Zandbergen

This report examines the new Alternative Methodology for yield curve construction under Solvency II.

05 October 2020 - By Daren Lockwood, Xiaohong Mo, Adam Schenck

The expected hedge cost for a hypothetical GLWB block (see Index Methodology1) is estimated to be 253 bps as of the end of September 2020, up 4 basis points from the previous month, driven by a decrease in long-term interest rates.

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.

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.

25 September 2020 - By Paul L. Correia

This survey provides a comprehensive analysis of new sales and inforce business for short-term disability and long-term disability insurance products in 2018 and 2019.

24 September 2020 - By Stephen P. Melek, Stoddard Davenport, Travis J. (T.J.) Gray

Telehealth visits may become part of the new “normal” for replacing, or at least supplementing, office visit-based treatment for behavioral health conditions.

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 Christy, Stuart Reynolds, Samuel Burgess

Published in 2020, the Solvency and Financial Condition Reports provides information from year-end 2019.

16 September 2020 - By Neil Cantle, Nancy P. Watkins, Peter Kingsley of The Oracle Partnership

In this article, Milliman’s Neil Cantle and Nancy Watkins, along with The Oracle Partnership’s Peter Kingsley, discuss the role that actuaries and insurers can play in tackling climate change following the coronavirus crisis.

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 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.

14 September 2020 - By Joe Becker

Four charts that provide historical context around the condition of the U.S. labor market.

14 September 2020 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Equity markets had a positive performance in August with all major indices making gains for the month as investors and market participants continued to show strong demand for risk assets.

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 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.

10 September 2020 - By Susan Philip

The COVID-19 pandemic has dramatically increased the use of telehealth, so Milliman’s Susan Philip and Mei Kwong, executive director of the Center for Connected Health Policy, discuss what providers, payers, and patients should know about this virtual healthcare service.

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.

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 Dominic Clark

In the face of economic instability due to the COVID-19 pandemic, institutional investors would be wise to consider sovereign risk carefully, even where not explicitly mandated to do so by regulation.

19 August 2020 - By Grzegorz Darkiewicz-Moniuszko, Ed Morgan, Michal Bobrowski, Aldo Balestreri

How are joint interest rate and credit risk for risk-neutral valuation typically offered by providers of economic scenario generators?

13 August 2020 - By Derek Newton, Ian Penfold

This report summarises the fourth annual set of Solvency and Financial Condition Reports as they relate to non-life insurers regulated in the UK or Gibraltar and sets out the results of the analyses of these reports.

12 August 2020 - By Peter H. Sun, Chunpu Song, Victor Huang, Ram Kelkar

This paper examines the hedge effectiveness of a wide range of Variable Annuity carriers.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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.

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.

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.

13 December 2019 - By Mark C. Olleman, Matt Larrabee

This paper presents two alternative options for mortality projection based on historical mortality improvement data.

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.

26 November 2019 - By Robert W. Beal, Tasha S. Khan

This report presents the results of Milliman’s 2019 Annual Survey of the U.S. Individual Disability Income Insurance Market.

25 November 2019 - By Sinéad Clarke, Ellen Matthews

To help prepare for Solvency II reporting throughout 2020, we have prepared a briefing note detailing Solvency II reporting deadlines in 2020 and the changes in the reporting framework relative to the previous year.

25 November 2019 - By Clement Bonnet, Michael Daly, Pingni Eng, Wen Yee Lee

Accelerated growth in Vietnam? Forty senior leaders from different functions of life insurance respond to questions about interest rates, regulatory change, insurtech, and more.

22 November 2019 - By Jeremy Hamilton, Allen J. Schmitz, Ali M Yeager

How does spousal contagion influence long-term care needs?

22 November 2019 - By Eamon Comerford, Cormac Gleeson

This briefing note discusses how the use of external data can complement wider data science initiatives and looks at some of the challenges posed by working with external data.

19 November 2019 - By Heerak Basu, Shamit Gupta, Richard W. Holloway

The (re)insurance industry in Asia has recently seen signs of increased actuarial outsourcing. Is it a new trend?

18 November 2019 - By Heerak Basu, Shamit Gupta, Richard W. Holloway

Milliman conducted a survey to assess trends in life insurance actuarial outsourcing.

18 November 2019 - By Mark R. Shapland

Under Solvency II, non-life reserving risk takes on a meaning based on the change in the estimated ultimate loss over a one-year time horizon, which accounts for the payments during the one-year time horizon and the consequences for future payments after the one-year time horizon.

15 November 2019 - By Mark R. Shapland

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.

28 October 2019 - By David D. Evans, Cody Webb, Eric J Xu

Wildfire risk has become a key focus of California property insurers.

25 October 2019 - By Josh Dobiac, Ram Kelkar, Jeanne Russo , David Schreiner

Major initiatives are under way to reform interest rate benchmarks and move away from Interbank Offered Rates (IBOR) to overnight near risk-free rates.

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.

14 October 2019 - By Joanne E. Fontana

New trends in dental care and insurance coverage are aimed at improving the patient experience as Milliman’s Joanne Fontana discusses.

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.

10 October 2019 - By Claire Booth, Emma Hutchinson

This paper discusses the key findings of the European Insurance and Occupational Pensions Authority’s report titled ‘Cyber Risk for Insurers- Challenges and Opportunities’ with respect to cyber risk as an element of an insurer’s own operational risk profile.

02 October 2019 - By Divey Hiranandani, Eoin King, Ellen Matthews

EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding the Quantitative Reporting Templates.

02 October 2019 - By Jean-Baptiste Coulomb, Adeline Maulet, Eliott Pradat , Badis Zeghmar

EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding Financial Stability Reporting.

02 October 2019

EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding Insurance Guarantee Schemes.

02 October 2019 - By 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 - 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 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.

23 September 2019 - By Rachin Aggarwal, Abhishek Agrawal

This article examines how the concept of a standard health product would benefit various stakeholders in India.

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.

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?

16 September 2019 - By Mike Hamachek, Christopher Kunkel

What happened in the first year of Merit-Based Incentive Payment System reporting?

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.

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.

03 September 2019 - By John W. Rollins, Nancy P. Watkins

This episode of Critical Point discusses the future of flood insurance and what protecting a home from flood might look like a few decades from now.

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 Neil Dissanayake, Peter Lin

Equity markets had a modest performance in July as the US Federal Reserve lowered interest rates by 25 points for the first time in 11 years.

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 Cory Gusland, Daniel Henry, Raheel Sohail

This paper explores key model features of the Center for Medicare and Medicaid Innovation’s Primary Care First, a new voluntary payment model focused on primary care.

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.

20 August 2019 - By Rachin Aggarwal, Joanne Buckle, Vidhi Gupta, Neha Taneja

This paper looks at the key provisions of the Mental Healthcare Act, 2017, mental illness prevalence, supply-side indicators and the current treatment gap.

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.

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 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.

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