Milliman insurance insight

27 April 2023 - By Shamit Gupta, Subhash Khanna, Chong Wen Ang

We discuss some areas where IFRS 17 will likely require additional expertise to report financial statements for 2023.

26 April 2023 - By Safder Jaffer, Muhammad Asad Irshad

Business volumes continued to increase as the economy continues its recovery from the pandemic; however profits reduced in 2022 compared to 2021 due to decrease in investment returns and higher expenses.

20 April 2023 - By Andrew Netter, Jonathan B. Glowacki

While credit performance remains strong, the new notice rate and delinquency rate increased off 3Q 2022 lows—the first increases since the onset of the COVID-19 pandemic.

19 April 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our March review of the markets and Solvency II discount rates.

19 April 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our March review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.

14 April 2023 - By Neil Christy, Isabel Stansfield, Monique Mahabir

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for March 2023.

10 April 2023 - By Sheri Lee Scott, Nickolas Alvarado

California’s new wildfire rating requirements present tremendous challenges for insurers in terms of compliance and potential erosion of adequate rates for risk.

10 April 2023 - By Michael Paczolt

We outline eight steps for companies to integrate AI in their claims processes, potentially leading to substantial improvements in efficiency and productivity.

10 April 2023 - By Michael Paczolt

To combat third-party litigation funding (TPLF), insurers can invest in data and analytics to make informed decisions about claims handling and strategies.

06 April 2023 - By Farzana Ismail, Junaidi Amin, Joshua Winata, Richard W. Holloway

In Indonesia, profit before tax for life insurers rose 19% in 3Q 2022 over the same period a year earlier, driven by a 25% drop in total claims and benefits.

31 March 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our February review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.

31 March 2023 - By Craig Reynolds, Aatman Dattani

Introducing a product idea that shares the risks and benefits of changes in mortality rates.

30 March 2023 - By Pang-Hsiang Chye, Renuka Subramaniam, Tharan Ganesan, Muhammad Hanif Saiful

We recap developments in non-life insurance market for the second half of 2022 in Indonesia, where overall premium growth topped 20%.

30 March 2023 - By Alex Bryant, Erica Chan

Across various markets in Asia, target capital buffers are likely to vary for insurers with significant par blocks of business under the different regimes.

29 March 2023 - By Adél Drew, Dilesh Patel, John Jenkins

In a Milliman roundtable, life reinsurance professionals discuss the post-Brexit regulatory environment for UK life branches, PRA priorities, and other matters.

27 March 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our February review of the markets and Solvency II discount rates.

27 March 2023 - By Erica Chan, Pingni Eng, Cheng Xin Yap, Shelley Yao, Jin Zhao

Stress testing and scenario analysis are only a part of the climate risk management process, but mark a good starting point.

27 March 2023 - By Andrew Provines

Public entities can lower cyber insurance costs by changing their coverage structures, but the best way is by implementing effective risk management procedures.

21 March 2023 - By Molly Barth, Amy Chester (Rebuild by Design), Rebecca Driskill

Researchers from Milliman and Rebuild by Design discuss the ripple effects of coastal flooding on New York, and how proactive city planning can prepare communities for climate change.

21 March 2023 - By Samuel Burgess, Stuart Reynolds, Lyndsay Wrobel

We consider what key themes can be drawn from how European insurers have reported their performance over 2021 in a post-COVID environment.

15 March 2023 - By Alice Gutteridge, Jeffrey A. Courchene, Veekash Badal

We discuss factors that a reserving actuary may need to consider in this record-setting period of high inflation.

14 March 2023 - By Tarik Aouragh, Niccolò Basetti Sani Vettori, Mohamed Benkhalfa, Christoph Krischanitz, Ian Penfold, Eugenio Portales, Antoine Rainaud, Giuseppe Semeraro, Anandi Shah, José Silveiro, Martijn van Rooijen, Menno van Wijk

Our annual report highlights the specific toll on the insurance industry, which faced a record number of claims and higher repair costs amid rising inflation.

14 March 2023 - By Robert W. Beal, Tasha S. Khan

For 2021, premium volume for the individual disability income insurance market returned to its pre-pandemic levels, according to our annual survey of companies

14 March 2023 - By Karol Maciejewski, Mehdi Echchelh, Dominik Sznajder

With the right expertise, designing and implementing an in-house life projection and ALM model using Python can yield significant model performance improvements.

13 March 2023 - By Neil Christy, Isabel Stansfield, Monique Mahabir

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for February 2023.

10 March 2023 - By Zohair Motiwalla, Aatman Dattani

Cluster modeling can reduce computing costs in a variety of use-cases, but understanding the purpose, context and downstream use of the light model is critical.

09 March 2023 - By Alexandre Boumezoued, Yousra Cherkaoui Tangi, Thomas Peyrat

We present a toy portfolio inspired by OECD sectors data where the interactions between the insured are modeled through a network.

09 March 2023 - By Maarten Ruissaard, Joost Broens, Freek Zandbergen, Rik van Beers, Sinéad Clarke, Stijn Donckers

We discuss how the increased interest rate environment creates uncertainty, affecting economic scenarios, capital requirements, and stress and scenario testing.

08 March 2023 - By Bjorn Blom, Jan Thiemen Postema, Rens IJsendijk, Judith Houtepen, Job Prince

Methods to detect anomalies can be used to find fraudulent claims in insurance, especially in products with a large frequency of payments, such as in healthcare.

06 March 2023 - By Pang-Hsiang Chye, Ken Lim , Tananya Santipinyolert, Bussaba Chauyruk

Our review of Thailand’s non-life insurance market shows overall premiums rose 3.6% year over year, among other notable trends.

02 March 2023 - By Safder Jaffer, Muhammad Asad Irshad

Business volumes continued to increase as the industry continues its recovery from the COVID-19 pandemic; however profits reduced in 2022 compared to 2021 due to competitive pressures.

01 March 2023 - By Peggy Pearson, Angela Bolduc, Kimberly W. Guerriero

Hear from Milliman’s first female principal, Peggy Pearson, about her path from homemaker (and home economics major) to actuarial leader, all while breaking through the cultural barriers of the time.

28 February 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our January review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.

28 February 2023 - By Florin Ginghina, James Wilkie

Financial risks arising from climate change pose unique and significant challenges for portfolio management

28 February 2023 - By Robert Yinpok Lee, Chris Beck, Judith-Anne Brelih, Blake Fleisher, Ryan Huff, Leighton A. Hunley

In this report, a case study on climate change impact on home prices is used to illustrate a Bayesian network iterative approach to building a model for scenario analysis.

28 February 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our January review of the markets and Solvency II discount rates.

24 February 2023 - By David Bahlinger, Christin Kuretich, Elizabeth D'Amico, Daniel D. Skwire, Douglas W. Taylor

Profits for individual disability insurance (IDI) rebounded in 2021, after a downturn in the previous year.

24 February 2023 - By Ed Morgan, Jeremy Kent

Acquirers in insurance M&A have many different potential areas where they can add value in transactions.

23 February 2023 - By Farzana Ismail, Junaidi Amin, Joshua Winata, Richard W. Holloway

Our review of life insurance industry developments in Indonesia from the third quarter of 2022.

23 February 2023 - By Michael Paczolt

Thanks to advances in artificial intelligence (AI) and predictive analytics, as well as accessibility to group health data, workers’ compensation payers can quickly identify opportunities to lower claim costs through the right treatment plan, the right provider to execute the treatment plan, and the right price.

21 February 2023 - By Maarten Ruissaard, Joost Broens, Freek Zandbergen, Rik van Beers, Stijn Donckers

Changes to UFR drag are not solely driven by the variance in market rates, but also to changes in their level and slope, and a second order extrapolation effect

16 February 2023 - By Robert Eaton, Juliet M. Spector, Jeff Anderson, Joe Long, Brian Hartman, Missy Gordon

The case for proactively managing current and future long-term care (LTC) insurance (LTCI) claims is stronger than ever.

16 February 2023 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for January 2023.

14 February 2023 - By Karol Maciejewski, Pierre Miehe, Thomas Peplow

As insurance companies use IT to advance modeling platforms, the change process is complex, and not without risks.

10 February 2023 - By David Kirk, Susan Melmed, Eden Gross, Richard Taylor, Chris van der Merwe

As South Africa begins a new year, the insurance industry faces several challenges.

10 February 2023 - By Rik van Beers, Kurt Lambrechts, Dominik Sznajder, Emilie Perrin

A look at life, non-life and composite insurers based in Belgium shows solvency coverage ratios edging up two percentage points to 199% for year-end 2021.

09 February 2023 - By David Bahlinger, Elizabeth D'Amico, Christin Kuretich

Innovation is not a skill, but a mindset that requires certain skills, according to interviews and focus groups with actuaries and firms doing the innovating

03 February 2023 - By Natasha Singhal, Vincent Soulas, Lalit Baveja

As more evidence emerges about long-term clinical impacts of Covid-19 and long Covid, insurers will need to consider the implications for medical underwriting.

31 January 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our December review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.

27 January 2023 - By Michail Athanasiadis, Dominik Sznajder, Karol Maciejewski, Peter Boekel

Research results from accelerating projections of portfolios by compressing data of underlying policies.

27 January 2023 - By Maarten Ruissaard, Joost Broens, Freek Zandbergen, Rik van Beers, Stijn Donckers

We discuss the developments in the interest rate markets over 2022 and how the increases have affected the level of liability discount rates for insurers.

26 January 2023 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our December review of the markets and Solvency II discount rates.

25 January 2023 - By Milan Desai, John Gakuya, Amy Nicholson, Ian Penfold, Gibson Thuita

Despite progress by the insurance sector to produce climate-related disclosures, gaps and challenges remain, with some firms only in the early stages.

25 January 2023 - By Michael Paczolt

Learn how to improve the outcome of your claims by integrating your data with AI.

20 January 2023 - By Mike Gaal, Chris Severn (Turquoise)

A Q&A on the challenges and opportunities for hospitals and health plans with regard to the need to harness healthcare pricing data.

19 January 2023 - By Paul M. Fedchak, Mike Cremisi

Are the many new InsurTech companies popping up in the life insurance industry too focused on the "tech" portion of their names?

13 January 2023 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for December 2022.

12 January 2023 - By Qiuwen Peng, Shelley Yao

With regulatory guidance and promotion of LTC conversion business in China, insurers can capitalize on opportunities, but need to understand the risks.

10 January 2023 - By Andrew Netter, Jonathan B. Glowacki

In the market for U.S. private mortgage insurers, credit performance remains strong, reserve releases continue, but future macro uncertainty remains.

05 January 2023

We present a roundup of the top 10 most-read articles on the Milliman Ireland website last year.

30 December 2022 - By Peter Franken, Ji Kwen Ng, Youssef Chammaa

This briefing note looks at the year-end 2021 Solvency and Financial Condition Reports (SFCRs) of a sample of non-life insurers based in the Netherlands.

30 December 2022 - By Lotte van Delft, Steven Hooghwerff, Bjorn Blom

This briefing note looks at the year-end 2021 Solvency and Financial Condition Reports for a sample of life insurers based in the Netherlands.

30 December 2022 - By Peter Franken, Romain de Harlez, Arije Amara, Emilie Perrin

This briefing note looks at the year-end 2021 Solvency and Financial Condition Reports (SFCRs) of a sample of non-life insurers based in the Luxembourg.

30 December 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our November review of the markets and Solvency II discount rates.

30 December 2022 - By Peter Franken, Romain de Harlez, Emilie Perrin, Arije Amara

This briefing note looks at the year-end 2021 Solvency and Financial Condition Reports (SFCRs) of a sample of life insurers based in Luxembourg.

27 December 2022 - By Ellyn Russo, Ketaki Nagarkar

Artificial intelligence tools, such as machine learning, have the potential to improve healthcare operations, diagnosis detection and workflows.

22 December 2022 - By Inès Zitouni, Jan Thiemen Postema, Dominik Sznajder, Raymond van Es

Techniques in explainable artificial intelligence can indicate the reasons why a model expects a claim to be truly fraudulent, saving time for investigators.

21 December 2022 - By David Bahlinger, Paul L. Correia, Jennifer O’Brien Howard, Christin Kuretich, Bill G. Mehilos, Darrell D. Spell

Released in June 2022, Milliman developed this survey to help carriers determine market standards for delivering worksite products with various underwriting limitations and requirements.

21 December 2022 - By David Bahlinger, Ashlee Mouton Borcan, Joanne E. Fontana, Christin Kuretich, Darrell D. Spell, Michael E. Weilant

Milliman released its third Dental Survey premium report in December 2022, representing 55 carriers and $39.7 billion of inforce premium.

21 December 2022 - By David Bahlinger, Ashlee Mouton Borcan, Robert Eaton, Christin Kuretich, Bill G. Mehilos, Darrell D. Spell, Michael E. Weilant

Milliman’s fifth Worksite Life Survey Premium Report was released in October 2022, representing 22 carriers and nearly $3.3 billion in inforce premium.

21 December 2022 - By David Bahlinger, Ashlee Mouton Borcan, Christin Kuretich, Nathaniel Sandrowicz, Darrell D. Spell, Michael E. Weilant

In November 2022, Milliman released the premium report detailing the results of its third Accident Insurance Survey, representing 39 carriers and $3.5 billion in inforce premium.

21 December 2022 - By David Bahlinger, Ashlee Mouton Borcan, Jennifer O’Brien Howard, Christin Kuretich, Darrell D. Spell, Michael E. Weilant

In November 2022, Milliman released its fourth Critical Illness (CI) Survey Premium Report, representing 38 carriers and $2.6 billion in inforce premium.

21 December 2022 - By David Bahlinger, Ashlee Mouton Borcan, Jennifer O’Brien Howard, Christin Kuretich, Darrell D. Spell, Michael E. Weilant

In November 2022, Milliman released its fifth Hospital Indemnity (HI) Survey Premium Report, representing 35 carriers and over $2.3 billion in inforce premium.

19 December 2022 - By Alexandre Boumezoued, Amal Elfassihi, Valentin Germain, Eve Titon

Climate change will lead to greater mortality risk, so we discuss the exposure to high temperatures and look at alternative modeling for vector-borne diseases.

16 December 2022 - By Molly Barth, Amy Chester (Rebuild by Design), Johanna Lawton (Rebuild by Design)

New York City must address the challenges brought on by future migration due to flooding, and plan for these issues proactively.

16 December 2022 - By Clement Bonnet, Grzegorz Darkiewicz-Moniuszko, Josh Dobiac, Russell Ward

Alternative assets can serve as attractive investments for insurers with long-term and relatively illiquid liabilities.

15 December 2022 - By Claire Booth, Adél Drew, Amy Nicholson, Ian Penfold

We provide guidance for firms looking to incorporate stress and scenario testing for climate change related risks into their risk management frameworks.

12 December 2022 - By Hervé Andrès, Pierre-Edouard Arrouy, Paul Bonnefoy, Alexandre Boumezoued

Increasing use of stochastic economic scenarios for valuation of liabilities has put more pressure on the operational process of carriers, but the RNG can help.

12 December 2022 - By Daniel D. Skwire, Tasha S. Khan, Robert W. Beal, Max Berube, Jeff Anderson, Robert Eaton

Our latest issue of the Disability Newsletter dives into a host of topics, including recent trends, morbidity studies, reserve margins, and LTC Cost Guidelines.

07 December 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for November 2022.

06 December 2022 - By Grzegorz Darkiewicz-Moniuszko, Ed Morgan

The radical change in the interest rate environment has many implications for CEE insurers, presenting challenges and opportunities not seen for years.

06 December 2022 - By Joanne Buckle

We examine ways in which UK health insurers may identify and measure inflation, and manage its impact on their business.

02 December 2022 - By Matthew Ford, Russell Ward, Jessica Crowson, Kelly Yang

Experts from a range of UK life firms joined Milliman in early November to exchange views on various themes in investments and asset management, against a challenging economic backdrop.

01 December 2022 - By Pierre-Edouard Arrouy, Paul Bonnefoy, Elias Bouiti, Alexandre Boumezoued, Julien Vedani

We highlight a Libor market model with constant elastic volatility, showing an interesting trade-off between parameters used and quality of results.

23 November 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our October review of the markets and Solvency II discount rates.

23 November 2022 - By Gordon Klein, Cameron Denker

The modified log-linear declining method proves to be the best way for developing a mortality assumption from SSSA experience study data.

23 November 2022 - By Amal Elfassihi, Alexandre Boumezoued

Compared with traditional mortality models, machine learning algorithms can significantly improve the forecasts of future mortality rates.

23 November 2022 - By Jan Thiemen Postema, Raymond van Es

Compared with traditional techniques, state-of-the-art machine learning algorithms can substantially improve the forecasts of mortality rates.

21 November 2022 - By Eric J. Wunder, Mason Spitz

Higher inflation may impact the MPL insurance industry in terms of its expenses and investment strategies, but it’s unclear it translates to greater losses.

11 November 2022 - By Wen Yee Lee, Alex Bryant, Shir Lynn Ong

In this e-Alert we review the position of par funds in Singapore at the end of 2021 and compare this to the position at the end of 2020.

09 November 2022 - By Matthew Ford, Russell Ward, Lewis Duffy, Jessica Crowson

We are experiencing a regime change in relation to the behaviour of economic variables such as interest rates and inflation.

08 November 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for October 2022.

04 November 2022 - By Brian Z. Brown, Christopher Fredericks, Drew B. Groth, Katherine A. Pipkorn

Commercial auto has had a rough decade, and with the increase in third-party litigation funding, the industry must be advised on how to move forward.

04 November 2022 - By Peggy Brinkmann, Nancy Watkins, Cody Webb, David D. Evans, Gabriele Usan, Michael Glavan, Lillian Zhang, Carolyn Prescott, Tom Larsen, Grace Lee

27 October 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our September review of the markets and Solvency II discount rates.

27 October 2022 - By S. Andrew Kline, Carl X. Ashenbrenner

Our summary of domestic general aviation insurers shows $2.5 billion in written premium in 2021, a 16% increase from 2020 and a 55% cumulative rise since 2018.

25 October 2022 - By Aisling Barrett, Rebecca O’Mahoney

To help prepare for Solvency II reporting throughout 2023, we have prepared a briefing note detailing Solvency II reporting deadlines in 2023 and the changes in the reporting framework relative to the previous year.

25 October 2022 - By Robert Eaton, Sheri Lee Scott

From insurance for space travel to apps that can help predict Alzheimer’s, Milliman experts explore the latest trends in insurtech.

19 October 2022 - By Shamit Gupta, Milanthi Sarukkali

Outsourcing actuarial functions for legacy blocks frees up an insurer’s valuable internal resources, allowing it to focus more on core strategies.

18 October 2022 - By Chris Beck, Adél Drew, Lewis Duffy, Tatiana Egoshina, Russell Ward

We illustrate a modeling approach that serves as a useful tool to explore the potential impacts of climate risk on future asset returns.

18 October 2022 - By Samuel Burgess, Neil Christy, Stuart Reynolds, Isabel Stansfield

Our analysis covering Europe and the U.K. dives into SFCRs from year-end 2021, including key financial information contained in the reports’ QRTs.

14 October 2022 - By Kimberly W. Guerriero, Samantha N Poulin

We review key concepts of arguments used in federal Tax Court such as "circular flow of funds" so captive insurers can make informed risk decisions.

14 October 2022 - By Alexandre Boumezoued, Sophian Mehalla, Valentin Germain

With better understanding of climate transition risk exposure and stress tests proposed by regulators, internal models can help provide insights.

12 October 2022 - By Grzegorz Darkiewicz-Moniuszko, Diana Dodu, Michał Krzemiński, Daniele Zinicola

European insurers face challenges in the assessment of transition risks on assets for climate risk scenarios under Solvency II ORSA.

11 October 2022 - By Matt Chamberlain

What the math of extreme risk can tell us about the insurance availability crisis, and what to do about it.

11 October 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for September 2022.

09 October 2022 - By Carly Rowland

Acquiring a new business presents challenges for chief risk officers (CROs) and other risk professionals, especially when combining self-insured or large deductible insurance programs.

07 October 2022 - By Andrew Netter, Jonathan B. Glowacki

Purchase NIW shows resiliency, credit performance remains strong, and reserve releases continue. However, moderating house price growth and a potential recession are risks to the industry.

07 October 2022 - By Mary Carol Garrity, Kimberly W. Guerriero

With greater frequency and severity for almost all auto coverages, premiums are rising, but drivers can take steps to ensure the lowest possible rates.

06 October 2022 - By Conor Callaghan , Tony Dardis

What can be learnt from the best practices of European insurers’ recovery plans, and how such planning can be used to support a broader enterprise risk management program.

06 October 2022 - By Nick Ortner, Casey Hammer

Colleges and universities looking into subscription models for course materials such as textbooks can learn from the risk pitfalls of health insurance models.

05 October 2022 - By Farzana Ismail, Muhammad Ismail, Halim Gunawan, Richard W. Holloway

Our review of life insurance industry developments in Indonesia from the second quarter of 2022.

04 October 2022 - By Tony Dardis, William C. Hines, Su Meng Lee

With insurers and reinsurers facing an ever-changing and increasingly complex market environment, Bermuda regulators expect robust ERM programs.

30 September 2022 - By Eric J. Wunder, Nicholas S. Blaubach

We look at the financial results for medical professional liability (MPL) insurers for the second quarter of 2022.

29 September 2022 - By Dominik Sznajder, Rens IJsendijk

Using a hybrid model for health claim email filtering could significantly reduce customer support workload, while maintaining a satisfactory response quality.

29 September 2022 - By Jeff Baker, Bruce R. Mitton, Ryan Rowland

With rising interest rates, plan sponsors should take action now to review cost and risk reduction strategies, and lock in gains.

29 September 2022 - By Cheng Xin Yap, Tharan Ganesan, Tananya Santipinyolert

Recent floods in major cities around Southeast Asia and other parts of the world have reopened the conversation on flood coverage in insurance products and the means by which they will be financed.

27 September 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our August review of the markets and Solvency II discount rates.

26 September 2022 - By Carly Rowland, Jill Rosenblum

Estimating the liability of outstanding gift cards can be significantly more complex than gauging other exposures such as workers’ comp, general and auto.

22 September 2022 - By Zachary A. Ballweg, S. Andrew Kline

The LPL market continued to show strong financial results in 2021, but the winds could be changing as the magnitude of reserve releases has continued to decline in recent years.

15 September 2022 - By Eoin King, Nia Powis

This briefing note summarises some of the key proposals in the CP regarding risk management processes associated with IGTs, and to identify some of the areas that company’s may struggle to comply with.

15 September 2022 - By Derek Newton, Ian Penfold

Financial resilience has increased among companies that are primarily non-life and regulated in the European Union.

12 September 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for August 2022.

09 September 2022 - By Paul Sinnott, Heerak Basu, Michael Daly, Richard W. Holloway, Wing F. Wong, Chihong An, Wen Yee Lee, Stephen H. Conwill, Shamit Gupta

Largely positive results as lockdowns ease and interest rates rise, with EV growing by 7.6% year over year.

09 September 2022 - By Michal Bobrowski, Michał Krzemiński, Jaroslaw Lech

We look at the MTPL markets of four Central-Eastern European countries, characterized by growing societal wealth and motor vehicle use.

08 September 2022 - By Mark Goldburd, James Whitcomb

We summarize challenges and potential opportunities surrounding insuring businesses related to the emerging legal cannabis industry.

07 September 2022 - By Uri Sobel, Paul M. Fedchak, Michael McCarty, Laiping Wong-Stewart

Life insurance experts discuss challenges and success stories from VM-20 implementation.

31 August 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our July review of the markets and Solvency II discount rates.

29 August 2022 - By Yan Fridman, Karthik Yadatore

Insurers may wish to seek permission from regulators to use methods that would reduce excess capital for FIAs.

26 August 2022 - By Keyur Parekh, Heerak Basu, Philip Jackson, Richard W. Holloway

India: Recent product reforms could increase life insurance penetration in the country

26 August 2022 - By Brian Z. Brown, Alyssa Grove, Rebecca Jonen, Lori E. Julga

Milliman Actuaries point to rising premiums and improving results in the growing D&O market, where loss experience is improving.

24 August 2022 - By Thomas Peplow

With scarce actuarial resources, insurers can adopt lean manufacturing principles to further accelerate the digital transformation of the risk function.

23 August 2022 - By Pang-Hsiang Chye, Renuka Subramaniam, Tharan Ganesan, Muhammad Hanif Saiful

Non-life insurance in Indonesia: Our review of industry developments from the first half of 2022.

17 August 2022 - By Pang-Hsiang Chye, Ken Lim , Tananya Santipinyolert

The latest on Thailand non-life insurance: Premiums rise 2.3% 1H versus the same period in 2021, while net loss ratio increases to 156.4%, up from 57.3%.

17 August 2022 - By Joost Broens, Daphne Rappange, Martijn van Rooijen, Maarten Ruissaard

This briefing note shares legislative procedures and suggested reforms of the Solvency II 2020 review.

16 August 2022 - By Stephen A. White, David Blake, Aaron C. Koch, Karl Goring, Karthik Tumuluru , Anastasia Radko, Rbhya Pal

The G7 takes on climate change: Are catastrophe bonds an answer?

15 August 2022 - By Thomas Bevelsborg, Jessica Crowson, Josh Dobiac, John Jenkins, Russell Ward, Freek Zandbergen, Sihong Zhu

Current inflation rates are likely to be the highest seen for a generation, and the ensuing effects could have a profound impact on life insurers.

15 August 2022 - By Carl X. Ashenbrenner, Brian Z. Brown, Zachary A. Fischer, Drew B. Groth, Travis J. Grulkowski, Lori E. Julga

Workers’ Comp for 2021: Policyholders’ surplus soars, direct written premium slightly rebounds, and ratios for defense-and-cost-containment expenses rise.

15 August 2022 - By Paul Anderson, Carl X. Ashenbrenner, Brian Z. Brown, Zachary A. Fischer, Drew B. Groth, Travis J. Grulkowski, Lori E. Julga

We summarize year-end 2021 financial results for U.S. auto liability writers, with detailed information on premium (up 21%), loss ratios, reserves, and surplus.

12 August 2022 - By Matthew Murray

Inflation can affect worker’s compensation due to its long-tailed nature, and we can estimate the impact using some simplifying assumptions.

09 August 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for July 2022.

09 August 2022 - By Melissa Huenefeldt, Jill Rosenblum

If you’ve ever thought your actuary was speaking a foreign language, “How to speak casualty actuary 101” will help you navigate common terms and acronyms.

08 August 2022 - By Clement Bonnet, Scott Chow, Michael Daly, Pingni Eng, Sharon Huang, Farzana Ismail, Philip Jackson, Sung Hoon Kim, Wen Yee Lee, Atsushi Okawa, Wing F. Wong

This report compares and contrasts life insurance RBC regimes across selected Asian markets and highlights potential implications from future regulatory changes in the industry.

08 August 2022 - By Gillian Tucker, Joanne Tan, Aoibhin Wood

A look at the new IFRS 17 profit and loss and balance sheet and implementation tips to consider.

01 August 2022 - By Brian Z. Brown, Katherine A. Pipkorn

Could auto insurers temper soaring costs by segmenting risks?

28 July 2022 - By Alexandre Boumezoued, David Baranes (IHS Markit, now a part of S&P Global)

This paper explores options available to address the challenge of deriving market-consistent but stable long-term volatility assumptions for valuation of liabilities.

26 July 2022 - By Melissa Huenefeldt

We discuss examples of wearable technology, the impact on workers’ compensation loss experience, how insurance carriers are reacting, and how your actuary can help determine whether wearables are appropriate for your business.

25 July 2022 - By Andrew Vega

Medical professional liability has been a profitable business line for the better part of two decades, but mounting obstacles present challenges going forward.

25 July 2022 - By Greg Dietzen, Matt Chamberlain

As P&C insurers face a greater number of natural disasters with a warming planet, catastrophic models can help the industry better understand climate risk

25 July 2022 - By Andrew Netter, Jonathan B. Glowacki

Rising rates continues to drive persistency increases, credit performance remains strong, reserve releases continue, ILN capital markets less attractive vs. reinsurance.

23 July 2022 - By Melissa Huenefeldt, Michael Paczolt

This article discusses how artificial intelligence and machine learning are used to gather comprehensive claims data from structured and unstructured data fields, solving complex problems and reducing total cost of risk.

20 July 2022 - By Zachary A. Ballweg, Brian Z. Brown, Paul Miskovich

While the cyber market improved significantly in 2021, increases to prior-year reserves may cause a drag on earnings, and the Russian invasion of Ukraine creates uncertainty.

20 July 2022 - By Joanne Tan, Aisling Barrett

EIOPA has published two sets of draft proposed Quantitative Reporting Templates to apply from 31 December 2022 and 2023.

19 July 2022 - By Clement Bonnet, Scott Chow, Wen Yee Lee

In this e-Alert, we share the set-up and benefits of sidecars and highlight key reasons why they could become an option for some lines of Asian life insurance.

19 July 2022 - By Joanne Buckle, Natasha Singhal

UK health insurers had strong positions at year-end 2021, with a weighted average SCR coverage ratio of 177%, though down from 198% a year earlier.

19 July 2022 - By Paul R. Houchens, Zach Hunt

We review the financial results of the commercial health insurance industry in 2020, with a focus on healthcare market changes and emerging trends.

17 July 2022 - By Robert Eaton

As the need for long-term care insurance becomes more apparent, innovation and technology are driving development of new tools and products.

15 July 2022 - By Yan Fridman, Karthik Yadatore

While VM-22 may alleviate certain causes of a surplus volatility, companies with significant indexed annuity exposure should review their financial projections.

15 July 2022 - By Derek Newton, Ian Penfold, Vidyut Vardhan

Our analysis of SFCRs in the U.K. and Gibraltar reveals operating margin at non-life insurers grew by 0.9% in 2021, while gross written premiums rose.

15 July 2022 - By Subhash Khanna, Shamit Gupta

With changes to reporting standards and regulatory regimes – plus a challenging economy – insurers reconsider the outsourcing of core actuarial functions

15 July 2022 - By Karen K. Rudolph

We summarize NAIC’s publication of expected changes for the 2023 Valuation Manual.

14 July 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies for June 2022.

13 July 2022 - By Tim Vosicky

We analyze municipality workers' compensation costs from 240,000 nonzero claims from this type of insurance to help local governments benchmark their own risk.

13 July 2022 - By Karen K. Rudolph

Hear real-life experiences and get an “inside the company” look at the regulatory examination of PBR valuations, when Milliman’s Karen Rudolph sits down with Catherine Murphy from John Hancock and Sarah Theis from WoodmenLife.

11 July 2022 - By Eric J. Wunder, S. Andrew Kline

We look at the financial results for medical professional liability (MPL) insurers for the first quarter of 2022, as the country tries to emerge from COVID-19.

11 July 2022 - By Rémi Bellina, Antoine Rainaud, Gabriel Fauchet, Loup Ortiz

According to the study Impact of climate change on insurance by 2050, produced by the FFA, the cost of climate-related claims should double over the period 2020-2050.

07 July 2022 - By Chris Giese, Allen J. Schmitz, Annie Gunnlaugsson, Kevin Brown

The second of a series of articles exploring actuarial considerations related to public long-term care programs using a social insurance framework.

06 July 2022 - By Prannoy Chaudhury

While 'sidecar' reinsurance vehicles have been a common structure in the U.S. property and casualty industry, their use has become more common in the life and annuity industry as well.

06 July 2022 - By David Burston, Jessica Hall, Stuart Reynolds, Isabel Stansfield

Despite its ease of calculation, capital generation and return⁠—measured as a change in eligible own funds⁠—may not be the most useful metric.

06 July 2022 - By Maarten Ruissaard, Joost Broens, Freek Zandbergen

Implications of the European Commission’s proposal for the Solvency II Directive.

06 July 2022 - By Gillian Tucker

We cover some of the practical issues companies experience when calculating the impact of transitioning to IFRS17 on their balance sheets.

06 July 2022 - By Josh Dobiac, Yang Jing, Shirley Song

The introduction of IFRS 17 in 2023 will result in significant changes to the valuation of liabilities for most international insurance companies.

05 July 2022 - By Carl A. Friedrich, Michelle L Krysiak

Our comprehensive 2022 survey covers key issues in the markets for universal life, indexed universal life and variable universal life.

05 July 2022 - By Michael Daly, Hana Ghazali

Our latest survey of life insurers in Asia shows how riders have gained prominence in the past decade, providing insights on the opportunities and risks

27 June 2022 - By Ian Humphries, Katie M. Nelson

We review the M&A worldwide for life and health insurers in 2021, and an outlook for 2022 and beyond.

23 June 2022 - By Eric J. Wunder, Joe Michels

While few companies use the same firm for auditing and actuarial services, it makes sense for all to keep them separate rather than risk a fine or lawsuit.

21 June 2022 - By Nicole Kappelhof, Maarten Ruissaard

We review EIOPA’s report, which focuses on the materiality of the insurance sector exposure to physical climate risks.

20 June 2022 - By Michael Paczolt, Juliet M. Spector

With medical expenses in workers’ compensation continuing to rise, data is the key to developing reliable frameworks to understand and benchmark the costs.

15 June 2022 - By Farzana Ismail, Halim Gunawan, Richard W. Holloway

Life insurance in Indonesia: Our review of industry developments from the first quarter 2022.

09 June 2022 - By David Kirk, Susan Melmed, Richard Taylor, Chris van der Merwe

In 2022, South African insurers have benefited from the state of disaster being lifted and ratings upgrades, but not all the news is positive.

09 June 2022 - By Claire Booth, Neil Christy, Lewis Duffy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies.

07 June 2022 - By Stuart Silverman, Justin Li, Chelsea Wang

Insurers need to understand the potential implications of an ongoing COVID-19 pandemic and consider appropriate changes in product, assumptions and capital.

07 June 2022 - By Aisling Barrett, Cormac Gleeson

The European Insurance and Occupational Pensions Authority (“EIOPA”) recently published its finalised reports on the revision of the Guidelines on Contract Boundaries, and the Guidelines on the Valuation of Technical Provisions.

06 June 2022 - By Farzana Ismail, Joshua Winata

OJK’s new regulation aims to protect policyholders and improve transparency in the unit-linked Indonesian life insurance market, but carriers have concerns

06 June 2022 - By Safder Jaffer, Muhammad Asad Irshad

A 2021 report of 29 insurance companies listed on the Saudi Stock Exchange Tadawul reveals the impact of COVID-19 restrictions and the economic rebound as pandemic pressures eased.

06 June 2022 - By Thomas Peplow

When describing the benefits of continuous delivery to a risk team, it’s important to focus on the fact that continuous delivery mitigates risk

03 June 2022 - By Robert Eaton, Andrew H. Dalton

A rising magnitude and volume of rate increases have increased the prevalence of reduced benefit options, along with a focus on their value.

03 June 2022 - By Stephanie Scholz, Robert Eaton

Financing and designing acceleration-only riders in a consumer-friendly manner can help companies provide more LTCI coverage for the oncoming wave of retirees

02 June 2022 - By Eamonn Phelan, Eamon Comerford, Alison Walsh

To optimise the use of capital under Solvency II, companies can turn to Board-approved future management actions, providing a highly tailored solution.

02 June 2022 - By Sinéad Clarke, Eamon Comerford

Amendments to EU regulations that take effect in August integrate sustainability risks and ESG considerations for the Solvency II risk management framework.

31 May 2022 - By Joanne Buckle, Alexander Krauskopf , Natasha Singhal

Using historical data in the U.K. and Germany to help medical insurers better understand the morbidity and mortality risks from climate change

26 May 2022 - By Nancy Watkins

A new pricing approach called Risk Rating 2.0 harnesses catastrophe models to help better understand flood risk.

24 May 2022 - By Juliet M. Spector, Tim F. Kempen, Evan Pollock, Cade Dombrowski

An industry survey of assumptions and methodologies in the individual long-term care (LTC) market.

24 May 2022 - By Josh Dobiac, Clement Bonnet, Clara Yan (Robeco), Denis Resovac (Robeco)

As interest grows, insurance companies are framing new strategies and facing new challenges as they implement sustainable investing practices.

24 May 2022 - By Brian Colgan, Farzana Ismail

Insurers recognise opportunities in the Syariah market in Indonesia, but a majority still need to decide whether to spin-off or transfer portfolios

24 May 2022 - By Chad C. Karls, Eric J. Wunder

For the medical professional liability (MPL) market, 2021 featured the return of a firming market and the expected associated rate increases

23 May 2022 - By Travis J. Grulkowski, Christine M. Fleming, Alex York, Sam Sager, Brekk Hayward, Joe Michels

Federal black lung claims differ from other workers’ comp due to multiple potential payers, complex adjudication, much longer reporting and payment lags.

19 May 2022 - By Paul L. Correia

My state recently mandated paid family and medical leave; should my company continue offering short-term disability?

18 May 2022 - By Andrew Provines, Karl Goring

Parametric policies, which pay based on the magnitude of an event, can bridge coverage gaps that are difficult to insure with a traditional indemnity policy.

13 May 2022 - By Stephen J. Koca, Leah A. Windt

The potential passage of California Assembly Bill 35, amending key provisions of the state’s Medical Injury Compensation Reform Act will have reverberations for years to come.

12 May 2022 - By Claire Booth, Neil Christy, Lewis Duffy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from various regulatory agencies.

09 May 2022 - By Stephen R. DiCenso, Kathryn Kern

How a well-governed and structured insurer can build a lasting enterprise-risk-management framework to address climate change risk.

09 May 2022 - By Aisling Barrett, Alison Walsh

In 2021, Irish life insurers significantly grew premiums, improved solvency ratios, and increased use of the volatility adjustment.

28 April 2022 - By Eric J. Wunder, Zachary A. Fischer

Medical professional liability specialty writers in 2021 fared better than many observers anticipated just 12 months ago.

27 April 2022 - By Michael Paczolt

Claims systems typically do not capture accurate data on attorney representation. Using Milliman Nodal’s proprietary natural language processing (NLP) algorithm, we identified claims with references to plaintiff attorney representation in the adjuster notes.

27 April 2022 - By Florin Ginghina, John Jenkins, Russell Ward, Sihong Zhu

Interest in illiquid assets continues to grow in terms of increased breadth and quantity of investment, according to our 2021 survey of U.K. life insurers.

22 April 2022 - By Bartosz Gaweda, Christoph Krischanitz, Rémi Bellina, Jeff Anderson, Joe Long, Noriyuki Kogo, Saiki Justin Makino, Scott Chow

As traditional insurers face competition from startups, they are well positioned to harness vast amounts of new data with the help of their actuarial teams.

22 April 2022 - By Melissa Huenefeldt

In the search for appropriate benchmarking figures, insurers need to ask the question: Who is my peer?

19 April 2022 - By Andrew Netter, Jonathan B. Glowacki

Year-end results reflect strong performance across the industry, IIF compositions analyzed, reserve releases begin, rising rates likely to drag on NIW in 2022

08 April 2022 - By Claire Booth, Neil Christy, Lewis Duffy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from EIOPA, FCA and ESAs.

07 April 2022 - By Daniel D. Skwire, Douglas W. Taylor, Paul L. Correia, Christin Kuretich

The latest Disability Newsletter covers an annual study on profitability, state-mandated Paid Family and Medical Leave programs, and more.

06 April 2022

Insurance industry impact and actionable steps for insurers to integrate climate risk assessment throughout their organisations.

04 April 2022 - By Brian Colgan, Muhammad Ismail, Halim Gunawan, Richard W. Holloway

Life insurance in Indonesia: Our review of industry developments from the fourth quarter 2021

31 March 2022 - By Trever Mertz

Second-generation legal e-billing systems have moved beyond the basic auditing function of their earlier counterparts and can now deliver actionable insights into legal spend and the allocation of defense resources.

23 March 2022 - By Brian Colgan, Muhammad Ismail, Halim Gunawan, Richard W. Holloway

Life insurance in Indonesia: Our review of industry developments from the third quarter of 2021

17 March 2022 - By Claire Booth, Neil Christy, Lewis Duffy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from the European Supervisor Authorities, European Insurance and Occupational Pensions Authority and Financial Conduct Authority.

15 March 2022 - By Michael Paczolt

As the claims triage process experiences more complex pressures, advances in artificial intelligence are giving insurers rich data and actionable insights to efficiently allocate resources and lower claims costs.

14 March 2022 - By Farzana Ismail, Alex Bryant

We cover key changes in the Exposure Draft, with a focus on new requirements related to estate management and management of small or shrinking par funds.

14 March 2022 - By Timothy Paris

Milliman Variable Annuity Mortality Study shows mortality increases of 11% as a result of COVID-19 pandemic.

10 March 2022 - By Brian Colgan, Farzana Ismail

To have a well-considered strategy for a Syariah window, it is necessary to develop credible assumptions around new business volumes and expenses.

07 March 2022 - By Robert Bugg, Amy Nicholson, James Wilkie

We clarify the Financial Conduct Authority’s approach to the review of Part VII insurance business transfers.

07 March 2022 - By Christin Kuretich

Learn about five trends and creative approaches heading into 2022 for supplemental health benefits, on this episode of Critical Point.

04 March 2022 - By Alex York, Christine M. Fleming

One in 10 underground coal miners who worked for at least 25 years have black lung disease, according to National Institute for Occupational Safety and Health.

03 March 2022 - By Cody Webb, Melody Craff, Molly Barth, Larry Baeder, Dale N. Skinner, Thomas Pu

Carbon dioxide poisoning found consistently among populations affected by four hurricanes points to how climate events can have other health effects.

03 March 2022 - By Pang-Hsiang Chye, Renuka Subramaniam, Tharan Ganesan, Muhammad Hanif Saiful

Get the latest in the Non-Life Insurance market in Indonesia such as market performance, market news, and general Syariah Insurance.

02 March 2022 - By Adél Drew

Operational resilience is top of mind for U.K. regulators, appearing in Prudential Regulation Authority and Financial Conduct Authority business plans for 2022.

28 February 2022 - By Gillian Tucker

With the January 2023 effective date of IFRS 17 fast approaching, insurers and reinsurers turn their attention to comprehensive validation of models and results.

28 February 2022 - By Pang-Hsiang Chye, Tharan Ganesan

Get the latest in the Non-Life Insurance market in Indonesia such as market performance, market news, and general Syariah Insurance.

25 February 2022 - By Michael Mikhitarian, Timothy J. Herman

Annuity purchases offer one way of transferring the risks and responsibilities of a pension plan, but CFOs need to carefully consider the bidding process.

18 February 2022 - By Sinéad Clarke, Erin Moorhead

The Taskforce on Climate-Related Financial Disclosures (“TCFD”) was established to develop recommendations for more effective climate-related disclosures.

17 February 2022 - By Tyler Armstrong, Robert Eaton, Randy Beams

This article discusses the pros and cons of a claim cost model versus an integrated first-principles model for use in modeling Hybrid Life and Health products.

16 February 2022 - By Hervé Andrès, Alexandre Boumezoued, Grzegorz Darkiewicz-Moniuszko, Rikiya Ino, Daren Lockwood, Fiona Ng, Russell Ward

Challenges for companies in the alternative asset space include building an internal model and accounting for regulatory treatment for capital set aside.

14 February 2022 - By Claire Booth, Neil Christy, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from the European Insurance and Occupational Pensions Authority, Financial Conduct Authority and Prudent Regulation Authority.

10 February 2022 - By Melissa Huenefeldt

Understanding who is the data source—and the format and content of the tables and graphs—can prevent you from misinterpreting data analytics in risk management.

08 February 2022 - By Cody Webb

The podcast explores the impact of hurricanes on the health of populations, as natural disasters grow more frequent due to climate change.

08 February 2022 - By Colin Finch

Risks such as COVID-19, climate change, cyberattacks, and evolving socioeconomic issues are not isolated to one side of a balance sheet, or one fiscal year.

08 February 2022 - By Stephen R. DiCenso

New York domestic insurers need to focus on two specific action steps in the wake of guidance issued on managing the financial risks from climate change.

08 February 2022 - By Pang-Hsiang Chye, Ken Lim , Tananya Santipinyolert, Tarinee Sriboonchaichusakul

Overall premiums for non-life insurance rise 5.2% year over year, while net loss ratio increases in the third quarter to 69.65%, up from 54.28% third quarter 2020.

04 February 2022 - By Olivier Mahieux, Romain de Harlez

With Solvency II reporting becoming routine for insurers, the Commissariat aux Assurances updates its annual actuarial reporting requirements for non-life insurance companies.

04 February 2022 - By Florin Ginghina, Jessica Crowson, Gibson Thuita

What does the PRA’s Life Insurance Stress Test cover and what will it mean for insurers?

04 February 2022 - By Karthik Tumuluru

This presentation reviews certain methods that can be used to factor in the structure of a company's IT system in the underwriting process.

28 January 2022 - By David D. Evans, Leighton A. Hunley, Brandon Katz (KatRisk LLC)

The U.S. residential real estate market likely has not fully accounted for the financial costs of flooding, with few homeowners having flood insurance.

28 January 2022 - By Orlaith Lehane , Sinéad Clarke

We summarise the latest developments in Ireland and present some examples of how insurers can meet the expectations of the central bank.

27 January 2022 - By Robert Bugg, Amy Nicholson, Kelly Yang

We review the key amendments to the PRA’s Policy Statement 1/22 on insurance business transfers and consider the potential implications.

26 January 2022 - By Doug Rodgers, Katie Biese, Levani Kvariani, Nidhi Kushwah

Farmers who tap key risk management tools, such as dairy insurance, could see increased resiliency, sustainability and profitability.

24 January 2022 - By Olivier Mahieux, Romain de Harlez

Gross written premiums in our sample of Luxembourg-based life insurers decreased 20% in 2020.

21 January 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Learn more on Solvency II discount rates, and the state of the local and global markets at month end.

21 January 2022 - By Joanne E. Fontana, Michael E. Weilant, David Bahlinger, Christin Kuretich, Ashlee Mouton Borcan, Darrell D. Spell

In December 2021, Milliman released its second Dental Survey Premium Report. This report represents 48 carriers and $37 billion of inforce premium.

21 January 2022 - By Robert Eaton, Bill G. Mehilos, David Bahlinger, Christin Kuretich, Ashlee Mouton Borcan, Darrell D. Spell, Michael E. Weilant

In October 2021, Milliman release its fourth Worksite Life Survey Premium Report. This report represents 20 carriers and $2.4 billion of inforce premium.

21 January 2022 - By Nathaniel Sandrowicz, David Bahlinger, Christin Kuretich, Ashlee Mouton Borcan, Darrell D. Spell, Michael E. Weilant

In December 2021, Milliman released its third Accident Insurance Survey Premium Report. This report represents 37 carriers and $3.4 billion of inforce premium.

21 January 2022 - By Ashlee Mouton Borcan, Jennifer O’Brien Howard, David Bahlinger, Christin Kuretich, Darrell D. Spell, Michael E. Weilant

In November 2021, Milliman released its third Critical Illness (CI) Survey Premium Report. This report represents 35 carriers and $2.2 billion of inforce premium.

21 January 2022 - By Ashlee Mouton Borcan, Jennifer O’Brien Howard, David Bahlinger, Christin Kuretich, Darrell D. Spell, Michael E. Weilant

In November 2021, Milliman released its fourth Hospital Indemnity (HI) Survey Premium Report. This report represents 33 carriers and $2.7 billion of inforce premium.

19 January 2022 - By Rosemary Maher

Life insurers are embracing the use of machine learning and artificial intelligence models and techniques in all areas of their business. We outline some of the use cases of these techniques in the life insurance industry.

19 January 2022 - By Rosemary Maher

We describe the economic backdrop of low interest rates and how low interest rates have affected areas such as product development, investment and asset and liability management strategies.

19 January 2022 - By Pauric Mullan, Patrick Meghen

A briefing note detailing Solvency II reporting deadlines in 2022 and the changes in the reporting framework relative to the previous year.

19 January 2022 - By Olivier Mahieux, Romain de Harlez, Sarah Huijzer

This briefing note looks at the year-end 2020 Solvency and Financial Condition Reports of a sample of non-life insurers based in Luxembourg.

18 January 2022 - By Adél Drew, Tatiana Egoshina, Jack Huffer

The simplistic nature of the standard formula for operational risk under Solvency II can lead to excessive capital requirements, so we offer another approach.

14 January 2022 - By Allen M. Klein, Alexandre Boumezoued, Amal Elfassihi

How to model the COVID-19 pandemic and forge a path to better risk insurance.

14 January 2022 - By Hervé Andrès, Alexandre Boumezoued

We describe a recent realistic modelling approach of equity volatility that offers advantages when using real world economic scenarios to analyze balance sheets.

13 January 2022 - By Zohair Motiwalla

We highlight some of the challenges when incorporating negative interest rates into the modeling of the asset and liability sides of the balance sheet.

11 January 2022 - By Claire Booth, Neil Christy, Oliver Gillespie, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from the EIOPA, FCA and PRA.

10 January 2022 - By Kimberly W. Guerriero, Anne C. Kallfisch, Aaron C. Koch

Insurers with higher claim severities will face additional strains from recent disasters, leading to potentially sizable impacts on reserving and property rates.

07 January 2022

We present a roundup of the top 10 most-read articles on the Milliman Ireland website last year, such as the Solvency II 2020 Review by EIOPA

06 January 2022 - By Paul Sinnott, Michael Daly, Richard W. Holloway, Wing F. Wong, Chihong An, Wen Yee Lee, Stephen H. Conwill, Philip Jackson, Heerak Basu, Shamit Gupta

Most insurers in Asia have experienced steady growth in embedded value in the first half 2021.

05 January 2022

Our top 10 Insight articles list for 2021 shows how challenges like the pandemic and legislative changes have impacted our industries.

04 January 2022 - By Carl A. Friedrich, Susan J. Saip

Our latest term-life insurance survey shows sales growing roughly 2% to $1.38 trillion in 2021 over 2020, with market share for term products fairly stable

03 January 2022 - By Neil Christy

The Prudential Regulation Authority proposed changes on Quantitative Reporting Templates, aiming to reduce the reporting burden for firms.

29 December 2021 - By Maarten Ruissaard, Maayke de Boer

On 10 December 2021 the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation on the application guidance on running climate change materiality assessments and using climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

27 December 2021 - By Donal McGinley, Joseph Sloan

Insurers can save time by generating automated actuarial reports using open-source tools such as Jupyter Notebook and Python.

23 December 2021 - By Daniël van Dam, Raymond van Es, Jan Thiemen Postema

We need to start training models that reflect the world we want to live in.

23 December 2021 - By Adél Drew

Exponential growth for climate change could mean the work begin done now to reduce carbon emissions will have a lag before any change is seen.

21 December 2021 - By Jenny Jin, Nathan Wilbanks

The study builds on the effort we began in 2014 to provide insights into variable annuity policyholder behavior.

21 December 2021 - By Kshitij Srivastava, Frank Fineis

Looking at utilization by variable annuity policyholders, we saw a decrease in GLWB withdrawal commencement rates, and withdrawal efficiency patterns unchanged

20 December 2021 - By Kurt Lambrechts

Applying for IFRS 17 for the first time? Learn about the modified retrospective approach and the fair value approach.

20 December 2021 - By Andrew Netter, Jonathan B. Glowacki

Quarterly NIW composition reflects purchase market, forbearance exits continue, reserves established during 2Q and 3Q 2020 remain largely unchanged

16 December 2021 - By Stephen R. DiCenso

Examples of shifts in attitude toward climate change in the U.S. regulatory landscape.

16 December 2021 - By Brian Hartman, Courtney Larson, Christopher Kunkel, Cason Wight, Richard L. Warr

Chronic Kidney Disease (CKD) affects many lives and has a large impact on health systems around the world.

16 December 2021 - By Neil Cantle

Regulators want insurance carriers to fold climate change into their risk management and reporting, and a top-down view can identify what matters.

16 December 2021

The MicroInsurance Centre at Milliman collaborated with five different programs to develop case studies about their journeys to building a viable climate risk insurance solution.

15 December 2021 - By Despina Pantelide, George Barrett, Veekash Badal

Reserving practice can be severely affected by operational issues, so achieving best practice should be a key consideration for all firms

15 December 2021 - By Abdal Chaudhry, Miruna Dudceac, Michael Leitschkis

Life insurance companies must produce a full risk distribution in Solvency II work to capture risk interdependencies in simulations for long-term liabilities.

15 December 2021 - By Robert Eaton

LTC actuaries want to consider that actuarial assumptions based on historical data reflect some level of labor demand and supply, and that immigration has played–and will play–an important role in this equation.

10 December 2021 - By Claire Booth, Neil Christy, Oliver Gillespie, Isabel Stansfield

We highlight the latest noteworthy items in the life insurance industry from the EIOPA, including Solvency II data, along with actions by the FCA.

08 December 2021 - By Melissa Huenefeldt

Actuaries can help risk management professionals walk through various methodologies of allocating property and casualty insurance costs.

06 December 2021 - By Robert Bugg, Claire Booth, Neil Christy, Florin Ginghina, Amy Nicholson, Isabel Stansfield, Jennifer van der Ree, Sarah Walker

We review the U.K. life insurance market, from Solvency II to climate change, to developments in various business themes.

01 December 2021 - By Lotte van Delft, Dominik Sznajder, Floris Brull, Steven Hooghwerff

We analyse the SFCRs required by Solvency II of seven Dutch life insurance entities and include key information.

30 November 2021 - By Eric J. Wunder, Nicholas S. Blaubach

Top-line revenue for our MPL composite grows at its fastest rate since the early 2000s, driven by more product diversification than by premium increases

30 November 2021 - By Samuel Burgess, Stuart Reynolds, Lyndsay Wrobel

We consider the impact of the pandemic to firms’ supplementary reporting metrics, and their level of Solvency II Own Funds and solvency positions.

30 November 2021 - By Matthew McIlvanna

The Volatility Adjustment (VA) is the most widely used Long-Term Guarantee measure under Solvency II.

30 November 2021 - By John Jenkins, Dilesh Patel

In the shift to IFRS 17, many insurance companies have turned to the fair value approach for older blocks of business when other methods can’t readily be used.

30 November 2021 - By Karen K. Rudolph

The guidance confirms that actuaries working with models have a responsibility to understand their aspects and limitations, for themselves and intended users.

29 November 2021 - By Pierre-Edouard Arrouy, Paul Bonnefoy, Alexandre Boumezoued, Yousra Cherkaoui Tangi, Grzegorz Darkiewicz-Moniuszko, Sophian Mehalla

We present a calibration technique for one complex risk neutral model, relying on neural networks and significantly reducing computational time.

29 November 2021 - By Fanny Pouget, Rémi Bellina, Mehdi Echchelh, Karol Maciejewski, Christoph Krischanitz, Bartosz Gaweda, Dominik Sznajder, Raymond van Es, Talex Diede, Kshitij Srivastava, Nathan Wilbanks, Michael Hoyer, Clement Bonnet

The emergence of data analytics and machine learning is providing insurers and reinsurers with new insights into how they drive and monitor their business.

29 November 2021 - By Neil Cantle, Abdal Chaudhry, Sinéad Clarke, Eamon Comerford, Neil Dissanayake, John Gakuya, Orlaith Lehane , Michael Leitschkis, Amy Nicholson, Sophie Smyth

Since climate change will impact insurers, we developed a useful guide to help carriers account for climate-related risks.

29 November 2021 - By Neil Dissanayake, Nima Shahroozi , Grace Zhu

Since climate change will impact insurers, we developed a useful guide to help carriers account for climate-related risks.

29 November 2021 - By Neil Cantle, Abdal Chaudhry, Sinéad Clarke, John Gakuya, Orlaith Lehane , Michael Leitschkis, Amy Nicholson, Sophie Smyth

Since climate change will impact insurers, we developed a useful guide to help carriers account for climate-related risks.

29 November 2021 - By Robert W. Beal, Tasha S. Khan

Sales premiums for 2020 drop 5% to $381 million, largely attributable to COVID-19, our annual survey reveals.

19 November 2021 - By Jonathan B. Glowacki, Judith-Anne Brelih

As interest rates rose in the second quarter (Q2) of 2021, total mortgage originations declined.

18 November 2021 - By Ram Kelkar, Fiona Ng, Michelle Shen, James G. Stoltzfus

On average, we expect the C-1 amounts to increase in the range of 5% to 20%.

17 November 2021 - By Robert Eaton, Tim Rozar

Learn what role trust plays in the digital world of insurance and how it has changed since the COVID-19 pandemic.

16 November 2021 - By Melissa Huenefeldt

Operational changes impact your company’s risk management, and actuaries can help you make the appropriate adjustments

12 November 2021 - By Chong Wen Ang, Pingni Eng, David Kong

Roughly two-thirds of respondents have already started their implementation projects.

09 November 2021 - By Neil Christy, Oliver Gillespie, Isabel Stansfield, James Wilkie

We highlight the latest noteworthy items from the EIOPA, ESAs, FCA, and PRA relevant to life insurance companies.

09 November 2021 - By Scott Chow, Clement Bonnet, Julian Man, Michael Daly

Understand fulfillment ratios and how the Milliman Fulfillment Ratio Index's reporting in 2020 compares to 2019.

08 November 2021 - By Claire Booth, Dana-Marie Dick, Adél Drew, Lewis Duffy, Amy Nicholson, James Wilkie

This primer summarises key points to consider in addressing climate-related financial risks and opportunities.

08 November 2021 - By Noriyuki Kogo, Franck Ludwig, Takeshi Niwa, Russell Ward, Freek Zandbergen, Sihong Zhu

Learn why insurers need to have a well-thought-out prescription and they need to act on it.

03 November 2021 - By Brian A. Sweatman, Louisa Bonds

We cover the basics of capitation and explore some of the challenges that are unique to commercial health insurance lines of business.

26 October 2021 - By Claire Booth, Adél Drew, Amy Nicholson, James Wilkie

With insurers being required to embed financial risks from climate change into their frameworks, we highlight recent updates and cover some key considerations.

22 October 2021 - By Melissa Huenefeldt

We discuss why a carrier’s need for collateral can represent a large portion of an insured’s cash or revolving debt and how it works.

19 October 2021 - By Hana Ghazali, Derek Ling, Michael Daly

New developments give potential for Hong Kong insurers, although various challenges will need to be overcome.

18 October 2021 - By David Kirk, Avashni Rossouw, Ishkar Singh

Effective executives and boards are challenging their thinking and decisions as they manage the ongoing impact of the pandemic.

15 October 2021 - By Robert Eaton, Jennifer O’Brien Howard

Adding benefit riders to policies provides meaningful coverage for those who need it, and carriers usually can do so at a relatively low cost.

14 October 2021 - By Brian Colgan, Chong Wen Ang, Philip Jackson

What challenges are insurers facing when implementing PSAK 74 for companies in Indonesia?

13 October 2021 - By Michael Paczolt

As analytics move increasingly into operations, we aim to demystify the topic and bring it easily within operational reach to claims professionals.

12 October 2021 - By Joanne Buckle, Natasha Singhal

UK health insurers showed strong positions at year-end 2020, with a weighted average SCR coverage ratio of 198%, versus 178% in 2019.

11 October 2021 - By Jonathan B. Glowacki, Judith-Anne Brelih

Unlike 2007, a low inventory, higher costs for materials, and labor shortages now drive price appreciation, rather than loose underwriting and speculation.

08 October 2021 - By David Kirk, Richard Taylor, Avashni Rossouw, Susan Melmed, Chris van der Merwe

Rollercoaster quarter included rioting that caused widespread damage and substantial claims, while some insurers announce mandatory vaccination plans.

07 October 2021 - By Neil Christy, Oliver Gillespie, Isabel Stansfield, James Wilkie

We cover the latest noteworthy items from the EIOPA, ESAs, EC, PRA and FCA relevant to life insurance companies.

07 October 2021 - By Brian Colgan, Halim Gunawan, Muhammad Ismail, Richard W. Holloway

Life in Indonesia: Our review of industry developments from the second quarter.

07 October 2021 - By Jamie Shooks

We highlight key metrics for risk managers and others to focus on when dealing with actuarial reports.

07 October 2021 - By Yuri Liu, Sheryl Hou, Guanjun Jiang

Actuaries can help design and improve programs to optimize performance and economic value by conducting scenario testing on program changes and other analyses.

04 October 2021 - By Diana Dodu, Marcin Krzykowski

New proposed regulation towards liberalisation of the market could catalyze growth and improve profitability, particularly given the exit of a leading player.

04 October 2021 - By Kimberly W. Guerriero

For property insurers, increasing construction costs translate into evaluating the policy limits of their current policyholders and the need for higher reserves on open claims.

01 October 2021 - By Christopher Clarke

We look at some of the major losses that have occurred since 2017 and why they have proved challenging to set reserves for, creating heightened uncertainty in the valuations of ILS funds.

01 October 2021 - By Nathan Redmond, Aisling Barrett

Following the Central Bank of Ireland’s recent publication of the Solvency and Financial Condition Reports (SFCRs) for insurers based in Ireland, we have produced our annual analysis of the key figures for life insurers at year-end 2020.

30 September 2021 - By Samuel Burgess, Neil Christy, Stuart Reynolds, William Smith , Isabel Stansfield

Average SCR coverage ratio was 223% at year-end 2020, down from 232% in 2019, but the European life insurance market remains well capitalised.

30 September 2021 - By Rachel Soich

Action items include purchasing cyber insurance, thoroughly understanding D&O policies, and instituting cyber risk prevention and mitigation strategies.

29 September 2021 - By Larry Baeder, David D. Evans

Utilizing available data, Milliman has developed a take-up rate model that can help private insurers better understand how to test their products, acquire new business, and grow their written premium.

29 September 2021 - By Ken Lim , Tananya Santipinyolert, Tharan Ganesan

We explore how ASEAN countries have been gradually opening up their borders, along with the progress shown by insurers in the region to adapt to the evolving situation and its repercussions for the travel insurance products of tomorrow.

27 September 2021 - By Eric P. Krafcheck

Insurers need to adapt to rising demand for transparency and accountability on how their business practices contribute to potential systemic societal inequities

27 September 2021 - By Jamie Shooks, David Bahlinger, Michael E. Weilant, Christin Kuretich, Stacy Koron

Insurers start to target pet insurance due to high growth and the perception that it remains an untapped market.

23 September 2021 - By Andrew Provines, Mary Ann McMahon

Learn more on whether single parent captive insurers themselves earn higher profits than other forms of insurance.

20 September 2021 - By Richard C. Frese

Social inflation has disrupted the economy and insurance industry, but how do we measure and mitigate the impact?

20 September 2021 - By Andrew Netter, Jonathan B. Glowacki

Historically high purchase volume drove strong NIW for the industry in 2Q 2021.

20 September 2021 - By Joel S. Chansky, Michael C. Meehan

We illustrate a captive insurance program using health insurance that a company provides to its employees.

16 September 2021 - By Andrew Provines, Stephen R. DiCenso

Review our estimates for future costs of the U.S. workers’ compensation system for vaccine injuries attributable to the employer mandates.

15 September 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Review this report recapping the state of the local and global markets at month end.

13 September 2021 - By Joel S. Chansky, Arlene M. Richardson

Understand the key provisions in the 2017 Federal Income Tax Legislation, and consider these strategies to optimize after-tax income.

10 September 2021 - By Derek Newton, Ian Penfold, Vidyut Vardhan

European non-life insurers saw an average solvency coverage ratio of 241% for year-end 2020, slightly down from 245% a year earlier.

10 September 2021 - By Neil Christy, Oliver Gillespie, Isabel Stansfield, James Wilkie

We cover the latest noteworthy items from the EIOPA and PRA in the UK, organized by agency and date.

09 September 2021 - By Florin Ginghina, Lewis Duffy

Many companies will be keen to submit responses or at least understand the potential impact any changes to the Solvency II regime may have on balance sheets

08 September 2021 - By Hervé Andrès, Pierre-Edouard Arrouy, Alexandre Boumezoued, Eric Serant

We explore a new methodology to show lower equity shocks, since stock markets are mean-reverting and insurers hold equities for the long-term.

03 September 2021 - By Adel Cherchali, Abdal Chaudhry, Michael Leitschkis, Julien Vedani

Proxy models are not always easy to validate, so we present a useful framework to make LSMC troubleshooting more accurate.

03 September 2021 - By David Kirk

New regulations encourage innovation and transformation in South Africa’s insurance industry

01 September 2021 - By Susan Melmed, David Kirk

The Prudential Authority (PA) published in July the draft Prudential Standard on public disclosures for insurers (PDI) and related guidance notice (GN) for public comment.

31 August 2021 - By Eoin King, Ankur Jain

This paper covers a number of areas including how LACDT is calculated under the Solvency II regulations, how firms can justify an allowance for LACDT, the modelling of future taxable profits, the practical challenges in recognition of LACDT, amongst others.

25 August 2021 - By Paul Sinnott, Michael Daly, Richard W. Holloway, Wing F. Wong, Chihong An, Wen Yee Lee, Stephen H. Conwill

While gross written premium fell by 0.4%, embedded value grew by 13.2%.

25 August 2021 - By Priya Sharma, Neha Taneja

Buyer beware: Effective due diligence of targets demands a unique knowledge base of current market pricing and market views on potential transactions.

24 August 2021 - By Carl X. Ashenbrenner, S. Andrew Kline

U.S. general aviation premium increased 33% over the last two years, and market profitability has been consistently negative over the last five.

23 August 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

Our snapshot for end of July: Equity markets mixed, credit markets bounce back, UK inflation up, and volatility on the rise.

20 August 2021 - By Peter Franken, Dominik Sznajder, Romain de Harlez, Floris Brull

This briefing note looks at the year-end 2020 Solvency and Financial Condition Reports (SFCRs) of selected non-life insurers based in the Netherlands

18 August 2021 - By Joanne Buckle

Examine different facets of health insurance through an eco-friendly lens.

17 August 2021 - By David Bahlinger, Stuart D. Rachlin

We surveyed 20 key players to gauge the impact of the pandemic on the industry, providing a benchmark for all on various elements of the business.

16 August 2021 - By Rong Yi

Despite slowdown in population growth, China’s commercial health insurance market still has a lot of room to grow for the foreseeable future.

09 August 2021 - By Andrew Gilchrist, Claire Booth, Kapil Relwani, Sahil Bhandari

Market participants have until Sept. 30 to submit comments on the FCA’s proposals regarding the disclosure documents they provide to retail investors post-Brexit.

09 August 2021 - By Neil Christy, Oliver Gillespie, Isabel Stansfield, James Wilkie

We chronicle the latest noteworthy items in the regulatory landscape for life insurance companies in the UK, organized by agency and date.

06 August 2021 - By Maarten Ruissaard, Kendall Carolissen

A more unified approach across Europe means certain insurers and supervisors need to adjust their approach to comply with the revised guidelines.

05 August 2021 - By Jonathan B. Glowacki, Judith-Anne Brelih

GSE mortgage default risk increases for first time since 2019, to 1.52% for loans originated in the first quarter, up from 1.38% in the fourth quarter 2020.

02 August 2021 - By Richard C. Frese

As Jeff Bezos, Richard Branson and passengers make it to space, a new area of risk arises for the insurance industry.

30 July 2021 - By Charlie Howell, Kapil Relwani

We summarize recent guidance, which covers how insurers can harness the benefits of AI, address the risks it generates, and promote trust in its use.

29 July 2021 - By Claire Booth, Neil Christy, Jessica Crowson, Lewis Duffy, Florin Ginghina, Ian Humphries, Stuart Reynolds, Sarah Walker, Sihong Zhu

While the PRA stresses QIS should not be viewed as policy proposals, firms should consider the impact the exercise could have on their balance sheets.

28 July 2021 - By Russell Ward, John Jenkins

We summarise key points from our engrossing and wide-ranging discussion with senior insurance investment professionals in July.

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.

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 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.

25 May 2021 - By Victorien Poncelet, Fabrice Taillieu, Hugo d'Antin, Fabrice Balland

L’épisode de gel tardif particulièrement intense survenu début avril 2021 a engendré des dégâts importants aux cultures, touchant de nombreuses exploitations viticoles, arboricoles et céréalières sur 10 des 13 régions de France métropolitaine.

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 (KatRisk LLC)

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 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 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.

18 March 2021 - By Neil Dissanayake, Peter Lin, Nima Shahroozi

This report recaps the state of the local and global markets at month's end.

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, Muhammad 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, Tim 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 Nathaniel 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, Bill 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 Eric J. Wunder, Bradley J. Parker

Although COVID-19 persists, MPL financial results seem mostly unaffected to date, apart from some volatile investment results

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 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 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

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 - By Nancy 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, Muhammad Asad Irshad

Gross written premiums showed an overall increase, showing market resilience despite the COVID-19 pandemic.

08 October 2020 - By Safder Jaffer, Muhammad 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 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 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 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 Drew 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.

01 September 2020 - By Eric J. Wunder, Bradley J. Parker

Despite the many challenges presented by COVID-19, we see that most of the MPL-industry composite’s trends are consistent with those prior to the pandemic.

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?

17 August 2020 - By Lotte van Delft, Sarah Huijzer

What are the possible effects of COVID-19 on mortality tables?

12 August 2020 - By Brian Colgan, David Kong, Halim Gunawan, Richard W. Holloway

Developments in the Indonesian life insurance industry for the period from 1 April 2020 to 30 June 2020.

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 Amy Nicholson, Sophie Smyth

The Climate Financial Risk Forum have produced a guide to help firms understand the risks that arise from climate change and to provide support on how to integrate these risks into strategy and decision-making processes.

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 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, Bill 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 Eric J. Wunder, Bradley J. Parker

First-quarter premium growth in 2020 indicates a hardening MPL market, yet worsening investment results call into question carrier profitability for the year.

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 Drew 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 Claire Booth, Neil Cantle, Dana-Marie Dick, Ian Penfold, Natasha Singhal, Vidyut Vardhan

What metrics are most useful to insurance companies when considering the risks and impacts of climate change?

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 Marc Slutzky, Kenjiro Ito

From the archives: Key points to consider after the adoption of a global framework for the supervision of IAIGs

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, Tim 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, Bill 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, Drew 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 [email protected], 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 J. 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 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 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 (Prieston & Associates, LLC), Arthur Prieston (Prieston & Associates, LLC)

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, Muhammad 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 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 J. Hamilton, Allen J. Schmitz, Ali M. Heinrich

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?

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, Orlaith Lehane , Matthew McIlvanna

The potential role of pooled investment funds in helping alleviate Ireland’s affordable housing crisis.

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

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

24 October 2019 - By Claire Booth, Tanya Hayward, Peter Moore, Thomas Peplow

This paper discusses the areas which should be assessed before, during and after embarking on an outsourcing agreement with a cloud provider.

22 October 2019 - By Thomas Bulpitt, Andrew Kay, Henny Verheugen

This note summarises some of the key points and remaining issues raised during the consultation period for the Exposure Draft, particularly those raised by the European Financial Reporting Advisory Group and the European Insurance CFO Forum.

10 October 2019 - By Demosthenis Demosthenous, Ed Morgan

The Greek insurance market contracted every year between 2009 and 2016, and even with improvement in the last couple of years, is still nearly 30% below the peak level reached in 2009.

02 October 2019 - By 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 - 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).

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.

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 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.

02 September 2019 - By Eric J. Wunder, Bradley J. Parker

Receding reserve redundancies and capital market volatility remain concerns, but 2019 appears to end up another profitable year for MLP specialty writers.

30 August 2019 - By Rachel Soich

Due to the growing instability of directors and officers coverage, insurers have their eyes on three rising risks: increased securities action lawsuits, heightened awareness to social issues, and growing cyber risks and data protection laws.

29 August 2019 - By Clement Bonnet, Scott Chow, Michael Daly, Janice Wang

The Milliman Fulfillment Ratio Index covers Hong Kong life insurance companies representing a significant market share as measured by in-force premiums.

23 August 2019 - By Raji Bhagavatula, Mark Goldburd, Manyi Luo , Jason Russ

The U.S. property and casualty insurance industry as a whole has experienced significant deterioration in loss ratios for general liability in calendar years 2015 to 2018.

23 August 2019 - By Dana-Marie Dick, Natasha Singhal

This paper considers the current and developing regulation, in the UK and Europe, surrounding climate change-related risks, the risk identification and risk management practices available to insurers and examples of the key challenges faced by insurers in response to climate change.

22 August 2019 - By Clement Bonnet, Scott Chow, Michael Daly, Paul Sinnott

This e-Alert gives an overview of the latest Quantitative Impact Study (QIS) 3 specifications and highlights some of the key differences with QIS 2.

21 August 2019 - By Chris Beck, Chris Harner

There is a significant need in the market to transform cyber assessments, information technology metrics, and information security into the common language of risk management.

20 August 2019 - By Robert Eaton

Combination products provide valuable, and often substantial, health insurance coverage in the framework of a life insurance or annuity policy.

19 August 2019 - By Brian Colgan, Halim Gunawan, Richard W. Holloway, David Kong

Developments in the Indonesian life insurance industry during the period 1 April 2019 to 30 June 2019

01 August 2019 - By Tim F. Kempen, Allen J. Schmitz

This report presents the results of our sixth triennial long-term care insurance valuation survey.

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).

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 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.

01 July 2019 - By Eric J. Wunder, Bradley J. Parker

For the first quarter 2019, reserve releases and underwriting results decline, but they’re offset by rising premium levels and strong investment performance.

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.

09 December 2015 - By Michael J. McCord, Martina Wiedmaier-Pfister, Dante O. Portula, Antonis Malagardis

This regulatory impact assessment in microinsurance (RIA-MI) is the first effort of this nature. Drawing on other RIA methodologies, the RIA-MI was specifically developed for testing with one of the pioneers in microinsurance regulation, the Philippines.

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 Michael J. McCord

This document is intended to aid delivery channels, microfinance providers in particular, in working with insurance companies to develop successful microinsurance products for the low-income market.

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.