30 September 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Our August review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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.
13 September 2022 - By Michael Culligan, Mike Claffey, Aisling Barrett, Kevin Manning
24 August 2022 - By Conor Callaghan , Tony Dardis
What U.S. life insurers can learn from the Solvency II recovery plans of their European counterparts, and how it can be used to support a broader ERM program.
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.
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.
29 July 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Our July review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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.
08 July 2022 - By Eamonn Phelan
This briefing note discusses the guidelines put in place to assist firms on their journey to operational resilience as well as outlining the challenges which must be overcome in doing so.
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.
30 June 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Our June review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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.
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 Neil Dissanayake, Peter Lin, Nima Shahroozi
Our May review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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.
31 March 2022 - By Neil Dissanayake, Peter Lin, Nima Shahroozi
Our March review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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 Neil Dissanayake, Peter Lin, Nima Shahroozi
Our February review of the European markets featuring Solvency II rates, inflation, and volatility and hedging costs.
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.
31 January 2022 - 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 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.
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.
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
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.
30 November 2021 - By Matthew McIlvanna
The Volatility Adjustment (VA) is the most widely used Long-Term Guarantee measure under Solvency II.
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.
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.
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.
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).
27 May 2021 - By Patrick Meghen, James Johnston
In this briefing note we discuss some of the main items for firms to consider in this proposed guidance.
24 May 2021 - By Donal McGinley
Why are actuaries started using Python programming language? Learn more in this briefing note.
17 May 2021 - By Sinéad Clarke, Orlaith Lehane
The European Insurance and Occupational Pensions Authority (EIOPA) has published its opinion on the supervision of the use of climate change risk scenarios in ORSA.
21 April 2021 - By Eamonn Phelan, Conor Callaghan
This briefing note considers aspects that supervisors have recently commented upon, along with other topical areas that companies may find useful to consider when preparing their 2021 ORSA.
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.
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).
05 January 2021
This article lists the top 10 most read articles on the Milliman Ireland website in 2020.
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.
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.
17 November 2020 - By Eamonn Phelan, Fred Vosvenieks, Cormac Gleeson, Eóin Stack, Gavin Maher
What are some approaches to developing a robust suite of Key Risk Indicators and what are the wider considerations for risk reporting?
17 November 2020 - By Patrick Meghen, Eoin King, Eamonn Phelan
Patrick Meghen provides an update on changes in Solvency II-related requirements, Eoin King discusses the latest on ORSA, and Eamonn Phelan presents recent Milliman thought leadership on the design, calibration and reporting of effective key risk indicators.
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?
14 October 2020 - By Eamonn Phelan, Fred Vosvenieks, Cormac Gleeson, Eóin Stack, Gavin Maher
This briefing note discusses how traditional emerging risk management frameworks may not fully capture the complexity of an emerging risk event and what lessons can be learned from COVID-19.
13 October 2020 - By Kevin Manning, Joanne Buckle, Lalit Baveja, Alison Counihan
Kevin Manning provided an update on COVID-19 looking at the impact on the Irish private health insurance market, and Joanne Buckle presented on the impact of data analytics on the value chain for both public and private heath payers.
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.
21 July 2020 - By Eoin King, Conor Callaghan
On 25 June 2020, the Central Bank of Ireland (CBI) released a public consultation paper on proposals to introduce formal recovery planning requirements for (re)insurers under Section 48 of the Central Bank (Supervision and Enforcement) Act 2013.
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.
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.
29 June 2020 - By Eamonn Phelan, Joseph Sloan
Milliman consultants discuss recovery and planning for insurers and actuarial models.
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.
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.
06 March 2020 - By Joanne Buckle, Kevin Manning
Every country has its own, unique healthcare system, but within these disparate systems there are shared approaches that cross borders and languages, and we explore some of these similarities in this episode of Critical Point.
05 March 2020 - By Pauric Mullan, Sinéad Clarke
This analysis compares information provided in the Quantitative Reporting Templates and Solvency and Financial Condition Reports and draws conclusions about the balance sheets and risk exposures of European health insurers, including comparisons with previous years.
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.
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.
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.
03 February 2020 - By Sinéad Clarke, Diana Dodu, Tanya Hayward, Judith Houtepen, Lindsy Kotecki, Monika Lis, Erica Rode, Rong Yi
This paper sets out a ‘how-to’ guide to risk equalisation, or risk adjustment.
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.
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.
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.
09 December 2019 - By Joseph Sloan , Rik van Beers, Andrew Kay
This briefing note discusses considerations when determining the Fair Value of insurance liabilities.
02 December 2019 - By Eamonn Phelan
In this paper, we look at the central role that can be played by an Expert Judgment Register.
25 November 2019 - By Sinéad Clarke, Ellen Matthews
To help prepare for Solvency II reporting throughout 2020, we have prepared a briefing note detailing Solvency II reporting deadlines in 2020 and the changes in the reporting framework relative to the previous year.
22 November 2019 - By Eamon Comerford, Cormac Gleeson
This briefing note discusses how the use of external data can complement wider data science initiatives and looks at some of the challenges posed by working with external data.
14 November 2019 - By Gillian Tucker
This briefing note provides an introduction to data visualisation.
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 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.
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.
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.
17 October 2019 - By Joanne Buckle, Alison Counihan, Tanya Hayward, Nicholas Kallis, Bridget MacDonnell, Kevin Manning, Neha Taneja
This guide can assist managers in thinking through the practical components of a population health management programme, from overall objectives and definitions, through to the people, processes and technology enablers that are so critical for success.
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 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 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
EIOPA published its first wave of consultation papers on the Solvency II 2020 review in June 2019. This briefing note summarises EIOPA’s proposals regarding Insurance Guarantee Schemes.
02 October 2019 - By 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).
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.
17 September 2019 - By Aisling Barrett, Eamon Comerford, Joseph Sloan
A breakfast briefing on investment strategies under Solvency II.
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.
08 August 2019 - By Eamon Comerford, Karl Murray
The Milliman Market Practice Survey series examines aspects of market practice within the Irish insurance industry.
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).
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.
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 Marcin Krzykowski, Ed Morgan, William Smith , Jennifer Strickland
In 2018, Milliman conducted a global survey to measure the preparedness of insurers and reinsurers for the new international accounting standard, International Financial Reporting Standard 17.
21 June 2019 - By Aisling Barrett, Rob Frize
This presentation covers the Isle of Man Life Conduct of Business Code, including challenges for proposition and pricing teams.
17 June 2019 - By Sinéad Clarke, Eoin King, Patrick Meghen
This breakfast briefing covers a review of Solvency II 2020, a focus on outsourcing and insurer investment strategies in Ireland and Europe.
06 June 2019 - By Patrick Meghen, Padraic O'Malley
This briefing note explores the definition of outsourcing and provides some food for thought when setting a company’s definition.
29 May 2019 - By Eamon Comerford, Andrew Kay
This presentation, given at the Society of Actuaries in Ireland’s annual convention (24th May 2019), includes updates on the latest developments including recent amendments to the IFRS 17 Standard and timeline.
28 May 2019 - By Eoin O'Baoighill
“Reveal hidden patterns in your data” and “Transform your data into meaningful insights” are phrases we often hear when it comes to predictive modelling.
28 May 2019 - By Eileen S. Burns, Eamonn Phelan
This presentation given at the Society of Actuaries in Ireland’s Annual convention (24th May 2019) provides insight into current activity amongst life insurers in Ireland and leading practices in predictive analytics and data science from a US perspective.
22 May 2019 - By Bridget MacDonnell, Dominik Sznajder
A recent EIOPA paper has discussed licencing requirements and proportionality in an insurtech context.
13 May 2019 - By Bridget MacDonnell, Karl Murray, Eamonn Phelan
This series of research papers charts some of the most material changes that have been made since the implementation of Solvency II as well as looks forward to potential changes that have already been highlighted by the EC and EIOPA.
13 May 2019 - By Karl Murray, Eamonn Phelan
In the third and final edition, we analyse elements of the Standard Formula review that took place across 2018 with the EC publishing its final amendments to the Delegated Regulations in March 2019.
25 April 2019 - By Eamon Comerford, Karl Murray
Eamon Comerford presented to the Life Re Forum of the Society of Actuaries in Ireland on data science usage and applications in life (re)insurance.
25 March 2019 - By Derek Newton, Marc Smillie , Flavien Thery
The analyses underlying this report focus on the quantitative information contained in the Quantitative Reporting Templates with the Solvency and Financial Condition Reports and draw conclusions about the balance sheets and risk exposures of European non-life insurers.
25 March 2019 - By Thomas Bulpitt, Andrew Gilchrist, Laura Hobern, Andrew Kay
Milliman consultants have produced a summary of the March IASB meeting and the tentative amendments approved by the Board.
25 March 2019 - By Mariah Mateo Sarpong
What is the microinsurance market like in China and how is it defined?
20 March 2019 - By Aisling Barrett, Patrick Meghen, Eamonn Phelan
Milliman consultants discuss hot topics, analysis of SFCRs, the development of data science and more.
20 March 2019 - By Eamon Comerford, Karl Murray, Eamonn Phelan, Gillian Tucker
Life and health insurers and reinsurers are taking a growing interest in data science.
06 March 2019 - By Eoin King, Karl Murray
This briefing note sets out the areas covered by the European Commission’s latest request for the 2020 review of the whole Solvency II framework.
25 February 2019 - By Dominic Clark
Central and Eastern Europe’s experience of the pension reform process can illuminate some of the pitfalls of embracing systemic pension reforms too eagerly, with subsequent reversal of these reforms occurring some years later as governments found themselves increasingly under financial strain.
21 February 2019 - By Bridget MacDonnell, Karl Murray, Eamonn Phelan
In the opening edition, we firstly revisit the rules in specifying the risk-free rate term structure, which forms a fundamental part of the calculation of Technical Provisions (TPs).
21 February 2019 - By Karl Murray, Eamonn Phelan
In the second edition, we will look at another fundamental part of the specification of risk-free rates used in liability valuation, the Volatility Adjustment (VA).
15 February 2019 - By Aisling Barrett, Eoin King
This briefing note highlights what’s new for actuarial functions in Ireland to consider at year-end 2018.
12 February 2019 - By Neil Christy, Stuart Reynolds, William Smith
This analysis of the European life insurance market covers 600 companies from 31 countries and one territory, representing approximately £612 billion (€691 billion) of Gross Written Premium and approximately £6,508 billion (€7,302 billion) of gross Technical Provisions.
11 February 2019 - By Nicholas Batens, Peter Franken, Rens IJsendijk, Kurt Lambrechts
This report provides a summary of Solvency and Financial Condition Reports and the main players in the Belgian market for both life and non-life undertakings.
07 February 2019 - By Ankush Aggarwal, Joanne Buckle, Kishan Desai, Tanya Hayward, Judith Houtepen, Kevin Manning
This analysis compares information provided in the Quantitative Reporting Templates and the Solvency and Financial Condition Reports and draws conclusions about the balance sheets and risk exposures of European health insurers.
31 January 2019 - By Ankush Aggarwal, Joanne Buckle, Kishan Desai, Tanya Hayward, Kevin Manning
This analysis compares information provided in the Quantitative Reporting Templates and Solvency and Financial Condition Reports and draws conclusions about the balance sheets and risk exposures of 15 UK private medical insurance and health cash plan providers.
24 January 2019 - By Patrick Meghen
To help prepare for Solvency II reporting throughout 2019, we have prepared a briefing note detailing Solvency II reporting deadlines in 2019 and the changes in the reporting framework relative to the previous year.
23 January 2019 - By Joanne Buckle, Neha Taneja
While IFRS 17 aims to bring increased transparency in the financial reporting by insurers, the complexities related to some aspects of it need to be carefully considered for short-term health insurers when esimating the financial, operational and business impact within the organisation’s governance frameworks.
14 January 2019 - By Aisling Barrett, Sinéad Clarke
This briefing note highlights some interesting information published in the Solvency and Financial Condition Reports of life insurance companies in Ireland at year end 2017.
30 December 2018 - By Stuart Reynolds, Philip Simpson, Lyndsay Wrobel
This publication focuses on European embedded value results at year-end 2017.
14 November 2018 - By Eamon Comerford, William C. Hines, Andrew Kay, Amritpal Khangura
Andrew Kay, William Hines, Eamon Comerford and Amritpal Khangura discuss the latest developments regarding IFRS 17.
01 November 2018 - By Ellen Matthews
EIOPA have published an opinion paper focusing on the impact of Brexit on the solvency position of the EU (re)insurers.
11 October 2018 - By Eamon Comerford, Kevin Manning
Insurers should consider if their existing investment strategies remain optimal, or even appropriate, under Solvency II.
09 October 2018 - By Neil Cantle, Chris Harner, Lisa Henderson
As cyber evolves as a threat, companies are facing an increasingly complex enterprise risk management process: the need to not only assess the risk associated with an attack, but also quantify the potential cost of this risk in order to make sure the exposure is both fully protected and efficiently and accurately budgeted.
03 October 2018 - By Karl Murray, Eamonn Phelan
In this briefing note, we summarise the Central Bank of Ireland’s planned reforms, which are relevant to both domestic and cross-border insurers.
02 October 2018 - By Lamia Amouch, Laura Hobern, Derek Newton
In this paper, we present five key challenges that insurers will need to address when using the Premium Allocation Approach.
20 September 2018 - By Claire Booth, Tanya Hayward, Peter Moore
This paper outlines high-level requirements of the GDPR and specific considerations on implementation for insurance companies.
13 September 2018 - By Fred Vosvenieks
All firms should be concerned with their resilience to increased volatility, changes in regulation, and operational risk events and be ready with a proactive approach which considers the recovery response in advance.
12 September 2018 - By Eamon Comerford, Michael Culligan, Lisa Henderson
Milliman consultants in Ireland discuss hot topics, latest IFRS17 developments, Insurtech and readiness for innovation.
05 September 2018 - By Joanne Buckle, Tanya Hayward
Milliman’s International Best Practice Benchmarks help quantify potentially avoidable admissions and beddays within a healthcare system to identify potential value opportunities.
07 August 2018 - By Bridget MacDonnell, Eamonn Phelan
In July 2018, the European Insurance and Occupational Pensions Authority (EIOPA) issued a discussion paper on resolution funding and national Insurance Guarantee Schemes (IGSs) across the EU.
01 August 2018 - By Eamon Comerford, Karl Murray, Eamonn Phelan
In this briefing note, we summarise the European Insurance and Occupational Pensions Authority’s recent work on big data, including its launch of an industry survey as part of the thematic review.
14 June 2018 - By Dermot Corry, Eoin King
Milliman consultants discuss trends, market statistics, ORSA 2018 hot topics and more.
12 June 2018 - By Claire Booth
In May, the European Insurance and Occupational Pensions Authority launched its fourth stress testing exercise for the European Union insurance sector.
31 May 2018 - By Eamon Comerford, Bridget MacDonnell
At the second Milliman Evening Briefing, Bridget MacDonnell gives an overview of regulatory hot topics for 2018, Eamon Comerford discusses investment strategies under Solvency II and Donal McGinley looks at artificial intelligence and its relevance to actuaries.
22 May 2018 - By Andrew Kay
At the Society of Actuaries in Ireland’s Annual Convention, Andrew Kay discusses IFRS 17, sharing some insights about practical issues and implementation challenges, including possible synergies with Solvency II.
22 May 2018 - By Eamon Comerford, Kevin Manning
At the Society of Actuaries in Ireland’s Annual Convention, Eamon Comerford and Kevin Manning discuss investment strategies under Solvency II.
15 May 2018 - By Mike Claffey, Eoin King
The Isle of Man regulator is consulting with industry on introducing the ORSA as a new regulatory tool for local insurance and reinsurance companies. In May 2018 Mike Claffey and Eoin King presented to the Manx Actuarial Society on the Irish experience of the ORSA under Solvency II.
03 April 2018 - By David Burston, Eamon Comerford, Jeffrey A. Courchene, Bridget MacDonnell, John Mulvihill, Vincent Robert
This update summarises the key feedback received by the European Insurance and Occupational Pensions Authority regarding the final report and the impact, if any, that it has had on the proposals made in the Consultation Paper.
20 March 2018 - By Mark R. Shapland
Using the most advanced benchmarks available can help to ensure a more efficient integration of reserve variability analysis into enterprise risk management processes and enhance an entity’s strategies.
08 March 2018 - By Thomas Bulpitt, Andrew Gilchrist, Andrew Kay
This paper focuses on the approaches available under IFRS 17 for the derivation of the discount rates for use in the various calculations required by the Standard.
07 March 2018 - By Mike Claffey
Mike Claffey discusses hot topics for year-end 2017.
07 March 2018 - By Michael Culligan
Michael Culligan discusses the key issues for 2018, including IFRS 17 implementation and the 2018 regulatory agenda.
07 March 2018 - By Bridget MacDonnell
Bridget MacDonnell discusses regulation themes for 2018, including recovery and resolution planning, conduct risk and CBI risk culture assessments.
05 March 2018 - By Joe Becker
Volatility awakened in February after a two-year hibernation.
01 March 2018 - By Sjoerd Brethouwer, William C. Hines, Takanori Hoshino, Kurt Lambrechts
While IFRS 17 provides little guidance about coverage units, insurers may be able to find quick but reasonable choices from current modeling philosophy or certain existing standards such as U.S. GAAP.
28 February 2018 - By Neil Dissanayake, Peter Lin
February was a volatile month for equity markets as all major equity indices posted losses for the month.
23 February 2018 - By Lalit Baveja, Tanya Hayward
This article discusses a clinic-based community intervention designed to improve access and quality of care for high-utilising, high-risk patients over the course of three years.
20 February 2018 - By Julia Kong
A health blockchain platform could have a far-reaching effect on the work of health actuaries in the United Arab Emirates and around the globe.
11 February 2018 - By Nicholas Batens, Peter Franken, Olivier Mahieux
This report provides a summary of the key solvency information on the main life and non-life insurance entities in Luxembourg based on Solvency and Financial Condition Reports as per year-end 2017.
09 February 2018 - By Neil Dissanayake, Peter Lin
There has been a noticeable gap between Eurozone and UK equities this month.
06 February 2018 - By Joe Becker
The S&P 500 roared out of the gate in January, having returned 21.8% in 2017 amidst exceptionally low volatility.
05 February 2018 - By Joe Becker
Global equities continued their rally into 2018 without missing a beat.
29 January 2018 - By Neil Dissanayake, Victor Huang, Ram Kelkar, Peter Lin, David Schreiner, Chunpu Song
This report summarizes key findings from the 2017 update to Milliman’s survey of derivative usage by the global insurance industry.
26 January 2018 - By Peter Franken, Kurt Lambrechts, Dominik Sznajder, Kamiel van Langen, Tim Vandenabeele
This report is a summary of the Solvency and Financial Condition Reports for the main players in the life, non-life and health insurance business in Belgium, focussing on a subset of insurers in the Belgian market.
26 January 2018 - By Neil Christy, Stuart Reynolds
This report analyses the European life insurance market, covering 200 companies from 13 countries and representing approximately £422 billion of Gross Written Premium and approximately £4,175 billion of gross Technical Provisions.
25 January 2018 - By Andrew Kay, Padraic O'Malley
The loss absorbing capacity of deferred tax (LACDT) is one of the key elements of a company’s Solvency Capital Requirement (SCR).
22 January 2018 - By Henny Verheugen
This article discusses the possible implications of each of the three approaches to transition to IFRS 17 and why insurers will need to choose their options carefully.
22 January 2018 - By Peter Franken, Kurt Lambrechts, Kamiel van Langen
This report summarises the Solvency and Financial Condition Reports of the main players in the life and non-life insurance business in Luxembourg.
19 January 2018 - By Carl A. Friedrich, Susan J. Saip
A 2017 Milliman survey of key life insurance industry competitors captured historical data and company perspectives on a range of term life insurance issues.
18 January 2018
A number of funds have raised concerns about costs and the effectiveness of using derivatives for risk management and tail risk hedging.
17 January 2018 - By Jeff Gebler
Big data plays a crucial role in revealing how retirees are behaving as opposed to how they think they’re behaving.
16 January 2018 - By Neil Dissanayake, Peter Lin
It has been a positive 2017 for the equity markets, and international equity markets on the whole performed better than European markets.
15 January 2018 - By Joanne Buckle, Tanya Hayward
This paper presents a case study to discuss the process and considerations for developing an accountable care system in a regional National Health Service system.
12 January 2018 - By Missy Gordon, Joe Long
This article walks through the progression from developing long-term care projection assumptions using traditional methods to doing so using predictive analytics.
11 January 2018 - By Neil Dissanayake, Peter Lin
It has been a positive 2017 for the equity markets, with the FTSE 100 performing strongly in December.
09 January 2018 - By Joe Becker
Global equities tally their best yearly return since 2009.
03 January 2018 - By Lamia Amouch, Derek Newton, Vincent Robert
This report focuses on the quantitative information contained in the Quantitative Reporting Templates with the Solvency and Financial Condition Reports (SFCRs) and also studies the text within SFCRs to gain additional insight into various companies, in particular those that displayed characteristics that differed materially from the market average.
20 December 2017 - By David Burston, Neil Christy, Eamon Comerford, Jeffrey A. Courchene, Emma Hutchinson, Bridget MacDonnell, John Mulvihill, Jennifer Strickland, Marie-Lise Tassoni
This briefing note summarises the final advice from the first stage of the EIOPA review and provides details on EIOPA’s proposals in the latest consultation paper on its second set of advice.
12 December 2017 - By Sinéad Clarke, Tanya Hayward, Judith Houtepen
This analysis compares the information provided in the Quantitative Reporting Templates and the Solvency and Financial Condition Reports to see if there are any conclusions about the balance sheets and risk exposures of European health insurers.
08 December 2017 - By Sinéad Clarke
To help prepare for Solvency II reporting throughout 2018, we have prepared a briefing note detailing Solvency II reporting deadlines in 2018 and the changes in the reporting framework relative to the previous year.
07 December 2017 - By Sinéad Clarke
This analysis of European life insurers’ first set of Solvency and Financial Condition Reports covers 200 companies from 13 countries, representing approximately €475 billion of gross written premium and approximately €4,700 billion of gross technical provisions.
07 December 2017 - By Mike Claffey, Patrick Meghen
EIOPA has published new rules, setting out how Supervisory Authorities should work together, in the latest version of what was originally referred to as the “Siena Protocol”. This briefing note discusses these updates.
07 December 2017 - By Thomas Bulpitt, Andrew Gilchrist, Andrew Kay, Philip Simpson
This paper focuses on the choice of calculation methodology for the Risk Adjustment that forms part of the Fulfilment Cash Flows under the General Model in IFRS 17.
07 December 2017 - By Neil Dissanayake, Peter Lin
European equity reached a peak for the year at the very start of the month before declining across the rest of November.
06 December 2017 - By Karl Murray, Eamonn Phelan
Conduct risk management is still evolving, and this paper looks at recent and ongoing developments from around the globe.
28 November 2017 - By Aaron C. Koch
This paper, the first in a three-part series, provides an overview of non-NatCat insurance-linked securities.
22 November 2017
Investors using put options to protect against gap risk face significant challenges.
21 November 2017 - By Lisa Henderson
Organizations are exploring new methods and actionable steps to assess and quantify cyber exposure.
15 November 2017 - By Joe Becker
Global equities set a record with a 12th consecutive positive monthly return.
08 November 2017 - By Neil Dissanayake, Peter Lin
European equity carried forward September’s positive momentum to reach new highs in October.
02 November 2017 - By Diana Dodu
This article analyses the bonus malus systems in countries in Central and Eastern Europe and Italy from the perspective of differences between designs while also identifying unique systems.
31 October 2017 - By Rebecca A. Sielman
The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans and reports the plan sponsor’s own assessment of how well funded a plan is.
31 October 2017 - By Aaron C. Koch
In the wake of Hurricanes Harvey, Irma, and Maria, the property and casualty insurance and reinsurance markets are positioned to step in and provide perhaps the largest series of storm-related payouts in history.
30 October 2017 - By Morne de Vos, David Kirk
While life insurers have historically been required to appoint a statutory actuary to fulfil some of the tasks expected of the Head of the Actuarial Control Function, this is a new requirement for short-term insurers.
30 October 2017 - By Jamie Shooks
Construction defect losses shouldn’t be analyzed with a one-size-fits-all mentality.
25 October 2017 - By Joanne Buckle, Tanya Hayward
The authors discuss their recent experience in helping to develop an accountable care system within a sub-segment of the National Health Service encompassing a small number of clinical commissioning groups and local councils.
19 October 2017 - By William C. Hines, Andrew Kay, Padraic O'Malley, Henny Verheugen
Our IFRS 17 Seminar provided a detailed view of the requirements, methodology and practical challenges involved in implementing the new insurance contract standard, IFRS 17.
18 October 2017 - By Craig McCulloch
The power of sophisticated analysis, combined with more effective communication from advisers taking into account behavioural biases, can help investors achieve their goals like never before.
13 October 2017 - By Kevin Manning, Eamonn Phelan
In this short paper, Kevin Manning, Eamonn Phelan and Scott Mitchell explore the re-emergence of ILS in the life industry and the benefits ILS can bring for life insurers and reinsurers in the context of the evolving regulatory and accounting environment and an increasing focus on pro-active management of risks, capital and liquidity.
12 October 2017 - By Laura Hobern, Derek Newton
This article explores the basics of political risk insurance and discusses why there is now greater demand for it.
09 October 2017 - By Neil Dissanayake, Peter Lin
The FTSE 100 dropped by 0.7% in September and the Eurostoxx 50 index returned over 5% during the month.
02 October 2017 - By Jared Hirsch, Howard Kahn, Rong Yi
This paper explores various aspects of risk sharing as it pertains to value-based contracting for commercial lines of business.
20 September 2017 - By Madeline Johnson
This article evaluates various digital and artificial intelligence platforms that can be used to obtain information about getting a mortgage.
20 September 2017 - By Philip S. Borba, Peggy Brinkmann
Advancing technology and new data sets have allowed predictive analytics to evolve in sophistication.
19 September 2017 - By Neil Dissanayake, Peter Lin
European equity markets posted mixed results in August with geopolitical tensions leading to increased volatility during the month.
19 September 2017 - By Jeremy Kent, Ed Morgan
This paper introduces a new methodology for measuring new business value and new business profitability in the Solvency II world.
12 September 2017 - By Corey Nathan Berger
Even though the Centers for Medicare and Medicaid Services does not use prescription data in assigning risk scores, Rx data can still be a valuable resource for Medicare Advantage plans.
12 September 2017 - By Jeff Gebler
Inflation is an important factor to consider in portfolio construction, but the Milliman Retirement Expenditure and Profiles shows that the Consumer Price Inflation index is far from an accurate measure for retirees.
12 September 2017 - By Michael Daly, Suthida Supantamart
This e-Alert provides commentary on the introduction of new mortality tables, the differences in the new tables compared to the prior tables, and some implications for life insurers in Thailand.
07 September 2017 - By Patricia L. Renzi
Pat Renzi, Milliman’s global leader in the technology area, discusses the transformation of financial reporting systems.
07 September 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block (see Index Methodology1) is estimated to be 137 bps as of the end of August 2017, up 10 bps from the previous month, driven by an increase in long-term swap interest rates.
07 September 2017 - By Dermot Corry
Dermot Corry discusses possible future trends for the Irish market based on his global observations.
07 September 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block (see Index Methodology1) is estimated to be 129 bps as of the end of September 2017, down 8 bps from the previous month, driven by an increase in long-term swap interest rates.
31 August 2017 - By Karl Goring
The infusion of alternative capital into catastrophe reinsurance has reshaped the market and continues to ripple through the industry as it expands to include new structures and cover new perils.
25 August 2017 - By Andrew H. Dalton, Daniel A. Nitz, Allen J. Schmitz, David Weizeorick
Companies have experienced significant benefits from their first principles models. This article summarizes key topics from a series of articles about first principles modeling for long-term care insurance.
22 August 2017 - By Sheri Lee Scott
Using data collected by Zendrive, Milliman recently studied the impact of distracted driving and other driving behaviors on collision frequency.
22 August 2017 - By Paul Bonsee
Can unbundling help two companies fix their administrative service issues and create greater transparency?
17 August 2017 - By Clement Bonnet, Scott Chow, Michael Daly, Phoenix Jiang, Paul Sinnott
This e-Alert provides an overview of the Hong Kong Risk-based Capital regime framework development to date and comments on some of the key issues that may have a material impact on the industry.
17 August 2017 - By Barbara Culley
This white paper looks at the progression of direct-to-consumer genetic testing and the current demand and growth, discusses industry concerns, and suggests activities for health plans to consider.
08 August 2017 - By Lindsy Kotecki, Hans K. Leida
Actuaries have had a front-row seat as healthcare reform has unfolded and are in a unique position to help address the challenges the complex system presents.
07 August 2017 - By Jonathan B. Glowacki, Rehan Siddique
As the market for credit risk transfer transactions continues to grow and diversify, investors should continue to look to them as valuable parts of their portfolios and consider them as one way to participate in the mortgage market.
07 August 2017 - By Wade Matterson
Data is just one component of delivering a personalised retirement experience.
02 August 2017 - By Michael A. Henk
Obstacle course racing is sweeping the fitness and entertainment world alike, but is creating obstacles of its own for the insurance industry.
02 August 2017 - By William C. Hines, Cici Zhang
Milliman’s survey measures the preparedness for International Financial Reporting Standard (IFRS) 17 among insurers.
01 August 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 127 bps as of the end of July 2017, down 4 bps from the previous month, driven by an increase in long-term swap interest rates.
26 July 2017 - By Kelly S. Coffing, Ladd E. Preppernau
Pension plan trustees are looking for more robust retirement solutions for the future to avoid the struggles many traditional pension plans have faced.
24 July 2017 - By Joanne Buckle, Tanya Hayward, Mason Roberts
A discussion of the primary care redesign of seven US practices over the course of three years, including their reported utilisation and savings achievements.
19 July 2017 - By Stuart Reynolds, Philip Simpson
This publication focuses on embedded value results as at year-end 2016 and provides an overview of companies’ results and methodologies, covering changes in methodologies they have adopted in the post-Solvency II world.
18 July 2017 - By Antoine Ly
Milliman assisted a transportation provider in finding a new way to predict the company’s traffic and revenue using open source technology.
18 July 2017 - By Aisling Barrett, Andrew Kay, Gillian Tucker
This briefing note summarises key findings from our recent IFRS 17 preparedness survey completed by both local Irish insurers and international insurers.
18 July 2017 - By Oliver Gillespie, Emma Hutchinson, Stuart Reynolds, Marie-Lise Tassoni
A summary of findings on the Transitional Measure on Technical Provisions (TMTP relief) and views on different approaches to recalculating the TMTP relief and the associated key issues and challenges.
17 July 2017 - By Patrick Meghen, Karl Murray
On 4 July 2017, the European Commission (EC) published the first set of Q&As regarding the interpretation of the PRIIPs Level 2 Regulatory Technical Standards. This briefing note contains a summary of the main points from this Q&A.
13 July 2017 - By Joanne Buckle, Neha Taneja
A look at the current global market spread and size of the international private medical insurance (IPMI) market and discussion of some of the key considerations for pricing and experience rating a group IPMI policy.
12 July 2017 - By Patrick Meghen, Karl Murray
On 4 July 2017, the European Commission (EC) published its guidelines on the application of the PRIIPs Level 1 Regulations. This briefing note contains a summary of the main points from this guidance.
10 July 2017 - By Khalid Alajaji, Amir Aiman Md Hassan, Farzana Ismail, Safder Jaffer, Yi Yee Tan, Lindsay Unwin
This report examines the growth of the global and family Takaful markets for 2012 to 2015.
10 July 2017 - By Joanne Buckle
The rapid uptake of genetic testing within the National Health Service (NHS) and current debate around genetics make evaluating tailored interventions increasingly more relevant to ensure an efficient use of NHS spend.
10 July 2017 - By Verna Brenner
An increasingly important part of a plan sponsor’s fiduciary responsibility is the requirement to monitor where plan participants and beneficiaries reside as well as their life status.
10 July 2017 - By Nancy P. Watkins
Milliman recently collaborated with KatRisk to develop tools that can be licensed by insurers and reinsurers to quickly assess the feasibility of offering private flood insurance.
07 July 2017 - By Ian M. McCulla, Jeremy D. Palmer, Christopher T. Pettit
This report summarizes the calendar year 2016 experience for selected administrative metrics of organizations reporting Medicaid experience under the Title XIX Medicaid line of business on the National Association of Insurance Commissioners annual statement.
06 July 2017 - By Karl Murray, Eamonn Phelan
Manual models and processes are sometimes unavoidable; thus, where these are present in a reporting framework, (re)insurers should take care to ensure that sufficient controls and governance are in place to mitigate the risks associated with such models.
06 July 2017 - By Neil Cantle
This report sets out the methodology and results of Milliman’s research investigation into the use of advanced systems mining techniques to determine how lapse experience for long-term insurance business might change according to the prevailing dynamics within the business and due to uncontrollable external factors.
06 July 2017 - By Thomas A. Ryan
To determine what may be the hype curve for InsurTech, it’s valuable to pause and survey the current landscape.
06 July 2017 - By Karl Murray, Eamonn Phelan
EIOPA’s thematic review of consumer protection issues in the EU unit-linked market highlights a number of potential issues for consumers of unit-linked products and considerations for undertakings that provide these products.
05 July 2017
Almost a decade on from the global financial crisis, many developed economies remain at an unusual juncture.
30 June 2017 - By Neil Cantle, Corey Grigg
This report describes how to develop insights into drivers of economic capital within an internal model framework and how to use these insights to make risk management decisions.
23 June 2017 - By Eoin King, Bridget MacDonnell
It is worthwhile spending some time to ensure that your company’s 2017 ORSA is in line with best practice in terms of both format and content.
22 June 2017
Nigel Finlay discusses hot topics in the non-life market in Ireland including Brexit, PPOs and the state of the insurance market in terms of capital and pricing.
22 June 2017 - By Andrew Kay
Andrew Kay discusses the approaching implementation of IFRS 17.
22 June 2017 - By Neil Cantle
Neil Cantle shares some of his personal experiences as a chief risk officer.
21 June 2017 - By Neil Cantle
This report uses advanced machine learning algorithms, such as deep neural networks, to analyse social media conversations about Brexit.
21 June 2017 - By Karl Murray, Eamonn Phelan
The Central Bank of Ireland (CBI) recently published its Consumer Protection Risk Assessment (CPRA) model. This briefing note contains an overview of this new consumer and conduct risk approach.
21 June 2017 - By Sinéad Clarke, Steven Hooghwerff, Roel van der Kamp
This article provides a short overview of the structure of the Standard Formula, presents a suggested framework and worked examples, and discusses challenges and pitfalls to be considered.
21 June 2017 - By Dominic Clark
A large Italian institutional pension fund comes to Milliman for assistance with its subfunds.
20 June 2017 - By Carl A. Friedrich, Susan J. Saip
Tenth annual survey addressing UL and IUL life insurance market issues.
20 June 2017 - By Sinéad Clarke
Sinéad Clarke presents findings from our review of published SFCRs and the associated QRTs for year-end 2016.
19 June 2017 - By Aldo Balestreri, Sjoerd Brethouwer, Andrew Gilchrist, William C. Hines, Andrew Kay
This paper discusses the possible approaches to transition and the main challenges that (re)insurers will face during the transition to IFRS 17.
15 June 2017 - By Bruce R. Mitton
Milliman assists a Native American community in determining how population issues and funding demands would change over time.
12 June 2017 - By Pierre-Edouard Arrouy, Paul Bonnefoy, Alexandre Boumezoued
As it is now crucial to get fast calibration procedures for a certain model, Milliman developed an advanced parameter inference strategy allowing to set such interest rate models in a significantly faster way compared to the classical methods available today.
09 June 2017 - By Chihong An, Stephen H. Conwill, Michael Daly, Richard W. Holloway, Farzana Ismail, Philip Jackson, David Kong, Paul Sinnott, Wing F. Wong
This report provides a comprehensive overview of participating insurance products in the Asian markets looked at through three lenses: a regional view, a brief analysis by country and a detailed country report.
08 June 2017 - By Travis J. (T.J.) Gray, Hans K. Leida, Doug Norris, Erica Rode
Age/gender rating is an area in which actuarial considerations are often in direct tension with social or public policy considerations.
07 June 2017 - By Jeff Gebler, Wade Matterson
Where members live has significant implications for funds, especially those with regionally focused memberships, which will affect engagement strategies, portfolio construction and financial planning advice.
06 June 2017 - By Susan J. Forray, Chad C. Karls
Surplus grew slightly in 2016, leaving the medical professional liability industry in a financial position roughly consistent with where it has been for the past half-decade.
06 June 2017 - By Frederick (Fritz) Busch, Paul R. Houchens
This paper examines the historical uses of high-risk pools (HRPs) prior to the implementation of the Patient Protection and Affordable Care Act (ACA), the role of reinsurance under the ACA, the proposed usage of reinsurance and HRPs under the American Health Care Act, and considerations for states examining the creation and deployment of these types of mechanisms.
06 June 2017 - By Shamit Gupta, William C. Hines, Zi Xiang Low, Craig Reynolds, Karthik Yadatore
This report discusses the impact of the Financial Accounting Standards Board’s proposed changes to GAAP accounting standards on long duration insurance contracts, specifically on earnings and equity for several illustrative product types and the industry’s preparedness to adopt the new guidance.
06 June 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 134 bps as of the end of May 2017, up 5 bps from the previous month, driven by a decrease in long-term swap interest rates.
02 June 2017 - By Jeff Gebler, Wade Matterson
As housing affordability edges further out of reach, a greater proportion of older Australians could be paying off their homes well into retirement, acting as a drag on retirement living standards.
25 May 2017 - By Eoin King, Bridget MacDonnell
The second Milliman Evening Briefing took place on 24 May 2017. The theme of the evening briefing was “Hot Topics”.
23 May 2017 - By David Kirk
This article deals with common issues faced by both Life and Non-Life insurers with the introduction of Solvency Assessment and Management (SAM) to the South African insurance market.
17 May 2017 - By David Kirk
This article deals specifically with non-life insurers and the issues they face with the introduction of Solvency Assessment and Management (SAM) to the South African insurance market.
17 May 2017 - By David Kirk, Richard Taylor
This article deals specifically with life insurers and the issues they face with the introduction of Solvency Assessment and Management (SAM) to the South African insurance market.
17 May 2017 - By Jonathan B. Glowacki, Martin Reichhoff
Machine-learning techniques have the potential to help improve business processes, better manage risk, and advance research, but these techniques are not without their own potential risks.
16 May 2017 - By Joanne Buckle, Tanya Hayward
This paper explores how the principles of a traditional capitation arrangement may apply in a regional National Health Service system where the stakeholder roles differ and the implementation of various key capitation principles is not possible.
15 May 2017 - By Eileen S. Burns, Jenny Jin, Vincent Embser, Matthias Kullowatz, Ben Johnson, David Wang, Sam Nandi
Milliman recently completed its 2016 Milliman VALUES GLWB Utilization study, which included two million policyholders from seven large VA writers, representing roughly $220 billion of account value (based on initial purchase amounts) and covering a range of GLWB product designs as well as demographic attributes.
09 May 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 129 bps as of the end of April 2017, up 6 bps from the previous month, driven by a decrease in long-term swap interest rates.
09 May 2017 - By Alexandre Boumezoued, Fabrice Taillieu
This white paper discusses the innovative opportunities offered by alternative individual reserving models and the main challenges with their implementation.
08 May 2017 - By Robert Eaton, Missy Gordon
This article explores the current long-term care predictive analytics landscape.
04 May 2017 - By Patrick Humes
This paper outlines recent monetary policies that were tasked with creating inflation and attempts to explain why these measures were not effective.
03 May 2017 - By Robert Eaton
Both insurance carriers and regulators are generally in agreement that long-term care insurers should not be able to recoup past losses through premium rate increases.
03 May 2017 - By Missy Gordon, Shawn Stender
Milliman performed a comprehensive survey in September 2016 related to long-term care rate increase filings.
02 May 2017 - By Tony F. Bloemer, Richard C. Frese
Actuarial expertise is important when working with an actuary but is not the only criteria that should be considered.
01 May 2017 - By Jeff Anderson
If Alzheimer’s disease were curable—both preventable and reversible—what would happen to the long-term care industry?
21 April 2017 - By Aisling Barrett, Thomas Bulpitt, Mike Claffey, Andrew Gilchrist
In April 2017, EIOPA published its final decision on the methodology for the annual calculation of the Ultimate Forward Rate for each currency. This briefing notes summarises the key features of the final methodology and the changes made to proposals set out in the Consultation Paper CP16/03 in April 2016.
20 April 2017 - By Michael Culligan, Patrick Meghen
In the wake of recent Brexit developments, many UK (re)insurance entities are assessing their options. In this briefing note we will discuss some of the key considerations for companies when deciding on a location.
19 April 2017 - By Pingni Eng, Richard W. Holloway, Wen Yee Lee
This e-Alert highlights the Monetary Authority of Singapore’s expectations on the safeguards that direct life insurers would need to put in place for the online distribution of life policies.
17 April 2017 - By Sharon Stocker, Heidi tenBroek
Communications is vital to inform and influence how employees think about their benefits, workplace, and employer.
13 April 2017 - By Jeremy Kent, Ed Morgan
The Solvency II Appraisal Value provides a workable methodology for use in M&A transactions, which is aligned with the way that investors generally view potential target companies.
12 April 2017 - By Bradley J. Parker, Eric J. Wunder
This article concludes the seventh year of analyzing the quarterly and annual statutory financial results for a composite of medical professional liability (MPL) specialty writers.
06 April 2017 - By Charles J. Clark, Alan H. Perry, Zorast Wadia
The 100 largest corporate defined benefit pension plans finished 2016 with pension assets of $1.395 trillion and projected benefit obligations of $1.718 trillion.
05 April 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 123 bps as of the end of March 2017, down 3 bps from the previous month, driven by an increase in long-term swap interest rates.
04 April 2017 - By Aisling Barrett, Sinéad Clarke
In February 2017, the Central Bank of Ireland published letters on its website relating to its review of the consistency of Solvency II life insurance pricing and reserving assumptions.
30 March 2017 - By Bridget MacDonnell
Bridget MacDonnell looks to the future in her presentation, which focuses on a sample of hot topics expected to challenge companies in the not-too-distant future.
30 March 2017 - By Mike Claffey
Mike Claffey recaps some of the main themes and topics that companies faced during year-end 2016.
30 March 2017 - By Andrew Kay
Andrew Kay provides insight into the world of a Reviewing Actuary.
22 March 2017 - By Bridget MacDonnell
A closer look at the relevance of national mortality tables, the problems with them and the corrections available in order to enhance mortality and longevity risk models.
20 March 2017
A well-designed usage-based insurance program, aligned with customer needs, will produce positive return by both increasing revenue and lowering costs.
10 March 2017 - By Alison Fasching, Amy Giese
Issuers should develop contingency plans to evaluate the possible changes in the healthcare marketplace and identify the circumstances under which action is necessary.
08 March 2017 - By Richard C. Frese, Andy Hoffman
Insight and background on critical topics to discuss with an actuary to enhance recognition of your insurance program, better manage its liabilities, and maintain appropriate actuarial analysis for the needs of the program.
08 March 2017 - By Richard C. Frese, Andy Hoffman
With mergers and acquisitions, it is critical that the medical professional liability insurance program be properly accounted for.
01 March 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 126 bps as of the end of February 2017, up 3 bps from the previous month, driven by a decrease in long-term swap interest rates.
22 February 2017 - By Alexandre Boumezoued, Dale S. Hagstrom
Recent work by Milliman demonstrates problems with the reliability of national mortality tables, including false cohort effects, and offers methodological improvements for their construction.
21 February 2017 - By Elizabeth Bart
Wedding insurance can help protect against financial losses on the big day.
13 February 2017 - By Lynn F. Dong
A discussion of recent trends, potential benefits, and considerations for providers and payers considering joint venture health plans.
10 February 2017 - By Joanne Buckle, Natasha Singhal, Neha Taneja
This article introduces Milliman’s UK Health Cost Guidelines™ and provides insight into the findings, focusing primarily on cancer-related research and future projections in cancer trends.
09 February 2017 - By Eoin King, Bridget MacDonnell, Eamonn Phelan
An exploration of the requirements for reinsurers and the possibilities for recovery measures as regulators focus on recovery and resolution planning.
02 February 2017 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 123 bps as of the end of January 2017, down 1 bps from the previous month, driven by an increase in long-term swap interest rates.
27 January 2017 - By Sinéad Clarke
The Solvency II annual Quantitative Reporting Templates (QRTs) and narrative reports, the Solvency and Financial Condition Report (SFCR) and the Regular Supervisory Report (RSR) are required for the first time in May 2017 for many European (re)insurers.
26 January 2017 - By Eamonn Phelan, Gillian Tucker
EIOPA published a Financial Stability Report, Stress Test Report and Long Term Guarantee Measures Report in December 2016. This briefing note summarises some of the key pieces of information from these reports with a focus on Solvency Capital Requirement coverage ratios.
26 January 2017 - By Elizabeth Anne Jackson, Jessica Naber
Treating patients with gene therapies could avoid years of medical and drug expenses for both patients and payers.
21 January 2017 - By Aisling Barrett, John Mulvihill, Gillian Tucker
EIOPA has launched a review of specific items in the Solvency II Delegated Regulation with a particular focus on the standard formula Solvency Capital Requirement (SCR).
19 January 2017 - By Andrew Kay, Gillian Tucker
This briefing note discusses some of the challenges companies will face when adopting and applying International Financial Reporting Standard 17 (IFRS 17).
12 January 2017 - By Daniel Theodore
The setting of assumptions for future mortality and longevity requires a new approach that recognizes and quantifies the risk of results varying from the best estimate mortality and mortality improvement.
12 January 2017 - By Charles J. Clark, Zorast Wadia
December’s $11 billion increase in market value brings the Milliman 100 PFI asset value to $1.392 trillion at year-end 2016.
10 January 2017 - By Paul M. Fedchak, Jacqueline M. Keating, Karen K. Rudolph, Uri Sobel, Andrew Steenman
This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) through the development of case studies for term and universal life with secondary guarantees products.
10 January 2017 - By Jennifer L. Gerstorff
This article explores the history, current environment, and direction of the United Kingdom’s National Health Service and the United States’ Medicaid program.
19 December 2016
This paper focuses on the problems and possible solutions of recent developments in the European life insurance market arising from a set of different factors stemming from the current economic and regulatory environment of European life insurers.
19 December 2016 - By William C. Hines, Takanori Hoshino, Kurt Lambrechts, Henny Verheugen
This paper discusses critical points of attention regarding IFRS17 and suggests possible first steps towards implementation.
16 December 2016 - By Michael Daly, Richard W. Holloway, Paul Sinnott, Wing F. Wong
This report provides a summary of the mid-year 2016 embedded value results disclosed by Asian insurers.
16 December 2016 - By Stephen H. Conwill, Takanori Hoshino, Kenjiro Ito, Takahiro Kinoshita, Stuart Reynolds, Philip Simpson
This mid-year publication provides an update on the embedded value (EV) reporting for European insurance companies that have published interim EV results in 2016.
13 December 2016 - By Mike Claffey, Andrew Kay
Mike Claffey, Andrew Kay and Ramona Dolan talk about preparing for year-end 2016.
08 December 2016 - By Victor Huang, Ram Kelkar, Peter H. Sun
This paper examines the effectiveness of the hedging programs for a wide variety of Variable Annuity writers.
06 December 2016 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 135 bps as of the end of November 2016, down 18 bps from the previous month, driven by an increase in long-term swap interest rates.
05 December 2016 - By Eoin King, Bridget MacDonnell
Recovery and Resolution Plans are becoming increasingly important for insurance and reinsurance companies, and this paper analyses recovery and resolution strategies ranging from relatively simple to more complex mechanisms.
30 November 2016 - By Derek Newton, Gary Wells
This report contains quarterly statistics data for markets around the world.
22 November 2016 - By Shamit Gupta, Richard W. Holloway, Philip Jackson, Sanket Kawatkar
The sudden reduction in interest rates in India can be expected to have an adverse impact on life insurance companies operating in the market.
21 November 2016 - By Jeremy Kent, Ed Morgan
This paper discusses some of the challenges in valuing insurance companies under the Solvency II framework and proposes a possible valuation methodology to meet the needs of potential investors with a certain perspective in mergers and acquisitions transactions.
18 November 2016 - By Aisling Barrett
This briefing note explains what certifications are required from directors of insurance and reinsurance undertakings under Solvency II and how Milliman can help give comfort to directors in preparing to sign these declarations.
16 November 2016 - By Andrew H. Dalton, Daniel A. Nitz, Allen J. Schmitz, David Weizeorick
This article, the third in our series on long-term care first principles modeling, discusses issues related to developing lapse assumptions and examines in more detail the issues relating to developing healthy life lapse rates.
10 November 2016 - By Aisling Barrett, Sinéad Clarke, Patrick Meghen
Aisling Barrett, Ciarain Kelly, Sinead Clarke and Patrick Meghen talk about hot topics at Milliman’s Evening Briefing.
07 November 2016 - By John W. Ehrhardt, Zorast Wadia
In October, the funded status of the 100 largest corporate defined benefit pension plans improved by $28 billion as measured by the Milliman 100 Pension Funding Index (PFI).
04 November 2016 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 153 bps as of the end of October 2016, down 17 bps from the previous month, driven by an increase in long-term swap interest rates.
03 November 2016 - By Mike Claffey, Sinéad Clarke
Ger Bradley, Mike Claffey and Sinead Clarke discuss recent developments in the Irish motor industry, what autonomous cars mean for the future of motor insurance and Solvency II challenges now facing the Board of Directors.
03 November 2016 - By Michael A. Henk
Blockchain technology has many benefits that can aid the insurance industry, but they come with some large question marks.
02 November 2016 - By Philip Jackson
Philip Jackson, Milliman Mumbai, presented at the Investec Life Insurance Conference 2016.
01 November 2016 - By Karl Murray
Financial firms are facing significant technical and resource challenges due to upcoming European-wide regulation.
20 October 2016 - By Andrew Kay
Andrew Kay discusses IFRS 17 (IFRS 4 Phase II) Insurance Contracts.
20 October 2016 - By Aisling Barrett
Aisling Barrett discusses the various tasks and timelines to remember when preparing for year-end in a Solvency II world.
20 October 2016 - By Kevin Manning
Kevin Manning discusses capital management under Solvency II.
17 October 2016 - By Halim Gunawan, Richard W. Holloway
Developments in the Indonesian life insurance industry for 1 May 2016 to 31 August 2016.
11 October 2016 - By Aaron C. Koch
It is worth considering what impacts Hurricane Matthew may have on the insurance-linked securities market and on alternative capital investors more generally.
05 October 2016 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 170 bps as of the end of September 2016, down 2 bps from the previous month, driven by an increase in long-term swap interest rates.
04 October 2016 - By William C. Hines
Major accounting changes are proposed by the Financial Accounting Standards Board for long duration insurance contracts. This article discusses challenges to implementation and the possible impact of the changes.
03 October 2016 - By Chihong An, Michael Daly, Richard W. Holloway, Sojung 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.
20 September 2016 - By Mike Claffey
Milliman undertook a survey of Irish (re)insurance companies to understand their experience to date with the Pillar 3 requirements, to identify the key challenges faced by (re)insurers and to gauge the level of work required to meet the first annual reporting requirements in May 2017.
19 September 2016 - By Andrew Kay, Gillian Tucker
In this briefing note, we analyse some of the key Solvency II metrics for life insurers in Ireland from their “Day 1” reporting, including analysis on solvency ratios, own funds, SCR components, asset mix and other ratios of interest.
17 September 2016 - By Derek Newton, Gary Wells
This report contains quarterly statistics data for markets around the world.
14 September 2016 - By Stuart Reynolds, Philip Simpson
This publication focuses on embedded value results at year-end 2015, including an overview of methodologies companies used, comments on developments and a range of current hot topics.
12 September 2016 - By Jeffrey A. Courchene, Vincent Robert
An exploration of the possible impact of risk-based economic capital and ERM frameworks on a non-life insurer’s reinsurance strategy.
08 September 2016 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 172 bps as of the end of August 2016, up 4 bps from the previous month, driven by a decrease in long-term swap interest rates.
06 September 2016 - By Amy P. Angell
In 2016, the cost of risk in the U.S. retail industry is estimated to be $23 billion.
22 August 2016 - By Mark R. Shapland
This paper reviews the Hayne MLE modeling framework using a standard notation and covers a number of practical data issues and addresses the diagnostic testing of the model assumptions.
22 August 2016 - By Jeffrey A. Courchene, Mark R. Shapland
This paper develops and examines a framework for reserve distribution testing and validation and demonstrates its use with real datasets within an enterprise risk management framework.
18 August 2016 - By Sinéad Clarke, Andrew Kay
The assessment of the appropriateness of the standard formula is a key part of the Own Risk and Solvency Assessment (ORSA) process under Solvency II.
17 August 2016
As liability increasingly shifts from the human driver to systems and software, original equipment manufacturers will come to the forefront as primary holders of automobile-related insurance risk.
03 August 2016 - By Daren Lockwood, Xiaohong Mo, Adam Schenck
The expected hedge cost for a hypothetical lifetime GMWB block is estimated to be 168 bps as of the end of July 2016, up 3 bps from the previous month, driven by a decrease in long-term swap interest rates.
03 August 2016 - By Peter Moore, Derek Newton, Vincent Robert
In this year’s Driving for Profit, we present the results of our analysis of the performance of the Private and Commercial Motor market in the UK.
28 July 2016 - By William C. Hines, Kurt Lambrechts
This note, an update of the January 2016 briefing note, discusses the board’s decisions regarding amendments in International Financial Reporting Standards (IFRS) 4 Insurance Contracts.
15 July 2016 - By Michael A. Henk
Pokémon Go may generate extreme levels of distractedness while posing a new front for cyber risk.
14 July 2016 - By Luca Inserra
This article explores the extent to which different countries have adopted or promoted practices or requirements for external audit or certification of the Solvency II results.
01 July 2016 - By Neil Cantle
Neil Cantle discusses the management of risk and the role of a chief risk officer.
22 June 2016 - By Michael Culligan
A day in the life of Michael Culligan.
09 June 2016 - By Kevin Manning, Karl Murray
Kevin Manning and Karl Murray discuss the wider regulatory agenda for consumer protection activities including PRIIPs, EIOPA’s guidelines on Product Oversight and Governance, and what else you can expect in 2016 including EIOPA stress testing.
09 June 2016 - By Mike Claffey
Mike Claffey discusses Solvency II issues emerging over the first four months of 2016, the Central Bank’s planned activities for the rest of 2016, including consultation on their Guidelines for the Head of Actuarial Function, the role of external audit, and thematic reviews.
06 June 2016 - By Neil Cantle
Culture is a much more important feature of our business than originally thought and is an integral part of our control framework.
03 June 2016 - By Mark R. Shapland
The fourth volume of the new CAS Monograph series, written by Mark Shapland, is now available.
02 May 2016 - By Neil Cantle
Culture is an integral part of the control framework of an organization.
20 April 2016 - By Karl Murray
The European Supervisory Authorities have agreed and published the regulatory technical standards on PRIIPs. We are working with our clients to ensure a smooth implementation project to successfully achieve compliance as required by end 2016.
12 April 2016 - By Brian Fomby
This paper aims to contribute to the growing awareness of governance best practices with a more business-centric mindset toward model governance, advocating for technology as the enabling and active ingredient.
15 February 2016 - By Oliver Gillespie
Oliver Gillespie discusses various issues regarding Solvency II and its implementation.
03 February 2016 - By Stephen H. Conwill
The Bank of Japan has joined the European experiment with negative interest rates. Is this a bold and brilliant policy move or the last gasp of failed policy?
28 January 2016 - By Stephen H. Conwill
This paper focuses on the management of insurance risk under Solvency II and similar regimes.
28 January 2016 - By William C. Hines
This briefing note discusses transition issues due to the different effective dates of International Financial Reporting Standard (IFRS) 9 Financial Instruments and the forthcoming new IFRS 4 Insurance Contracts. The brief also examines the proposed amendments to address these transition issues.
18 January 2016 - By Neil Cantle
Insurers have responded to Solvency II and can leverage their skills to prosper.
31 December 2015 - By Mike Claffey, Karl Murray
The European Supervisory Authorities have now published the draft regulatory technical standards on PRIIPs – these pose significant challenges to firms for compliance by 1 January 2017.
27 December 2015 - By Aaron C. Koch
The insurance-linked securities market is starting to focus on bringing new types of risk and new sponsors.
18 December 2015 - By Stephen H. Conwill, Takanori Hoshino, Kenjiro Ito, Takahiro Kinoshita, Stuart Reynolds, Philip Simpson
This mid-year publication provides an update on the embedded value reporting for European insurance companies that have published interim embedded value results in 2015.
30 October 2015 - By Mike Claffey, Gillian Tucker
In 2014, there was life insurance premium income of €35 billion and total assets of €194 billion.
06 October 2015 - By Mike Claffey
Mike Claffey discusses the requirements for the “Head of Actuarial Function” under Solvency II issued today by the Central Bank of Ireland.
06 October 2015 - By Kevin Manning
Kevin Manning discusses the more onerous aspects of what Solvency II requires within an ORSA and the current challenges in finalising your 2015 FLAOR and preparing for the 2016 ORSA.
06 October 2015 - By Padraic O'Malley
Padraic O’Malley discusses our list of “hot topics” in finalising the calculation of Technical Provisions and the Solvency Capital Requirement in time for 2016.
05 October 2015 - By Ashlee Mouton Borcan, Josh Collins, Robert M. Damler, Daniel Henry, Rebecca L. Johnson, Aaron S Wright
Milliman and the International Actuarial Association have collaborated on a health microinsurance pricing tool for the microinsurance community.
24 September 2015 - By Eoin O'Baoighill
Ger Bradley and Eoin O’Baoighill present our analysis of the 2014 regulatory returns of companies writing motor insurance in the Irish market.
21 September 2015 - By Zohair Motiwalla, Padraic O'Malley, Eamonn Phelan
This report provides benchmarking information that will help companies address the needs of internal stakeholders in cost effectively conducting and implementing an Own Risk and Solvency Assessment (ORSA) process.
18 September 2015 - By Mike Claffey, Patrick Meghen
This briefing note summarises some of the common themes and issues regarding unit pricing practices across three regulatory reviews.
15 September 2015 - By Karl Murray, Russell Ward
This paper analyses and explains the challenges facing the Black model in the current interest rate environment and introduces an alternative model to address them.
31 August 2015 - By Sinéad Clarke, Eamonn Phelan
This paper outlines how insurers in different European countries have approached the preparatory guidelines of Solvency II and what steps can be taken to build on the progress achieved during the preparatory phase to meet the full ORSA requirements from 2016 onwards.
25 August 2015 - By Karl Murray
Following publication of its PRIIP Technical Discussion Paper in June, the European Supervisory Authorities have now published industry responses.
07 August 2015 - By Mike Claffey, Andrew Kay
The standard formula is expected to be appropriate for many companies, but the work in carrying out this assessment should not be underestimated.
05 August 2015 - By Stuart Reynolds, Philip Simpson
This paper focuses on embedded value (EV) results at year-end 2014, including an overview of the methodologies companies used and a discussion of current hot topics in EV.
19 June 2015 - By Donna McEneaney, Michael Leitschkis
This briefing note discusses the proposed accounting standard for insurance contracts “IFRS 4 Phase II” and how insurance companies’ opening balance sheets will change at the transition date.
10 June 2015 - By Donna McEneaney
A comparison of the proposed accounting standard for insurance contracts, IFRS 4 Phase II, with Solvency II and MCEV.
22 May 2015 - By Michael Culligan
Michael Culligan discusses the role of Independent Reviews under Solvency II, including an overview of the current consultation paper (CP92) from the CBI on the Role of the Actuary.
22 May 2015 - By Padraic O'Malley
Padraic O’Malley discusses the ORSA and current hot topics in preparing the 2015 FLAOR.
26 March 2015 - By Mike Claffey
Insight into the 2014 Forward Looking Assessment of Own Risks (“FLAOR”) process for low and medium-low PRISM impact companies.
11 February 2015 - By Michael Culligan
Michael Culligan reviews the responsibilities of the actuarial function, including underwriting and reinsurance, technical provisions and risk management.
11 February 2015 - By Andrew Kay
Andrew Kay discusses the latest developments surrounding Solvency II, including regulatory changes and major priorities.
11 February 2015 - By Kevin Manning
Kevin Manning discusses managing capital in a Solvency II environment, covering dividend constrictions, reinsurance and investment strategy.
05 February 2015 - By Fred Vosvenieks
In this research report, we demonstrate the application of causal techniques on operational risk with reference to a case study firm in the Asian insurance market.
30 January 2015 - By Mike Claffey
An update on Solvency II with a focus on Implementing Technical Standards.
28 January 2015 - By Sinéad Clarke, Kevin Manning, Eamonn Phelan
With the introduction of Solvency II next year, insurers are focusing on capital management and strategic implications surrounding the programme.
12 January 2015 - By Mike Claffey, Andrew Kay
How companies using the Milliman Solvency II Readiness Assessment Tool are doing in meeting the major requirements and approaching deadlines of Solvency II.
26 November 2014 - By Karl Murray
Firms will face challenges in meeting new requirements related to PRIIPS, which will go into effect at the end of 2016.
11 November 2014 - By Jeffrey A. Courchene, Vincent Robert, Gary Wells
An overview of the many ways that Solvency II will affect capital management for insurers and reinsurers.
05 November 2014 - By William C. Hines, Kurt Lambrechts
The IASB continues its deliberations; final standard likely to be issued in late 2015.
25 September 2014 - By Mike Claffey
In 2013, there was life insurance premium income of €30 billion and total assets of €167 billion.
23 September 2014 - By Mike Claffey
Mike Claffey discusses preparatory guidelines leading into Solvency II.
23 September 2014 - By Andrew Kay
Andrew Kay presents information on FLAOR and Pillar 3.
23 September 2014 - By Mike Claffey, Andrew Kay
Information on the Solvency II regulatory timetable and CBI preparatory guidelines.
01 August 2014 - By William C. Hines, Kurt Lambrechts
Final standard could be issued in 2015.
01 August 2014
Expert insights on the European insurance industry.
17 July 2014 - By Sinéad Clarke, Eamonn Phelan
This paper addresses key issues for insurers and reinsurers with regard to capital management in a Solvency II world, including how investment strategy fits in, uses of reinsurance, the new regulatory landscape, and more.
16 July 2014 - By Mike Claffey, Andrew Kay
We asked 13 life companies that are based in Ireland and are using our Solvency II Readiness Assessment Tool to share their current levels of preparedness for Solvency II.
03 July 2014 - By Stuart Reynolds, Philip Simpson
EV results take cues from improved financial landscape and developing Solvency II guidance.
12 June 2014 - By Neil Cantle
Neil Cantle in the London office gives his presentation, “Understanding Business Performance,” which covers new management thinking and cultural drivers, among other topics.
12 June 2014 - By Padraic O'Malley, Eamonn Phelan
Eamonn Phelan, Padraic O’Malley and Ger Bradley discuss ORSA’s origins and how it can be used as a risk management tool.
12 June 2014 - By Ken Mungan
Ken Mungan presents on the use of managed risk funds in the retirement savings industry in the United States.
12 May 2014 - By Eoin O'Baoighill
This briefing paper covers changes since Consultation Paper 73, governance requirements, the role of the signing actuary, the scope of the statement of actuarial opinion, internal audit requirements, the margin for uncertainty report and peer review.
09 April 2014 - By Kurt Lambrechts
This market update gives a summary of feedback received by the IASB on its 2013 exposure draft regarding insurance contracts and recent discussions by the board.
11 March 2014 - By Mike Claffey
Milliman analysis of life assurance business from the Insurance Statistical Review 2012.
04 December 2013 - By Padraic O'Malley, Eamonn Phelan
Numerous insurance regulators around the world are introducing ORSA requirements, how do requirements compare in Europe (through Solvency II), the US, and Australia?
20 November 2013 - By Dermot Corry
Dermot Corry presents information on Solvency II Preparatory Guidelines Omnibus II.
20 November 2013 - By Kevin Manning
Jim Murphy and Kevin Manning present material about Solvency II’s system of governance and actuarial and risk management functions.
06 November 2013 - By Karl Murray, Eamonn Phelan
This proxy modeling technique is well suited for variable annuity business.
31 October 2013 - By Kevin Manning
Under Solvency II, insurers need to establish a risk management function and are required to appoint a Chief Risk Officer.
15 October 2013 - By Emma McWilliam, Richard See Toh, Philip Simpson, Stuart Reynolds, Kenjiro Ito, Stephen H. Conwill, Takahiro Kinoshita, Takanori Hoshino
Disclosed EV results suggest growing consumer confidence in the European market.
15 October 2013 - By Mike Claffey
Ger Bradley and Mike Claffey discuss Consultation Paper 73 - Reserving and pricing for non-life insurers and reinsurers.
14 October 2013 - By Russell Ward
New proposals from the Prudential Regulation Authority aim to help insurance companies monitor required capital.
09 October 2013 - By Luca Inserra
What does the promising VIF monetization trend mean for the European life insurance market?
03 October 2013 - By Dominic Clark, Jeremy Kent, Ed Morgan
Survey results presenting current practices for modeling dynamic policyholder behavior and management actions in Europe, the US, and Japan.
01 October 2013 - By David E. Olsho
In September 2013, EIOPA published its final guidelines on the preparation for Solvency II following a public consultation earlier in the year.
27 September 2013 - By William C. Hines, Takanori Hoshino, Kurt Lambrechts, Henny Verheugen
Major characteristics of the proposed IFRS accounting standards for insurance contracts.
24 September 2013 - By Ed Collinge, Serkan Bahceci, William Coatesworth
Current Solvency II guidelines do not distinguish between the different types of infrastructure investing and their broad range of risk-return profiles—what will the impact of this be for insurers?
04 September 2013 - By Neil Cantle
Big data is taking us into a new era of decision-making and learning, insight and explanation
13 August 2013 - By Aisling Barrett, Mike Claffey
31 July 2013 - By Patricia L. Renzi
Milliman’s MG-ALFA provides a unified modeling platform for UK closed-fund consolidator.
17 July 2013 - By Padraic O'Malley, Eamonn Phelan
An overview of risk assessment requirements in preparation for Solvency II.
28 June 2013 - By John McKenzie, William Coatesworth
EIOPA recommendations aim to simplify long-term guarantee package.
25 June 2013 - By Dennis L. Stanley
Moving actuarial models to the cloud can cut computing costs and provide much-needed flexibility.
24 June 2013 - By Kevin Manning
An overview of Actuarial Function requirements for the interim phase of Solvency II.
19 June 2013 - By Emma McWilliam, Richard See Toh, Philip Simpson, Stuart Reynolds
EV calculations are a key part of European companies’ 2012 disclosures.
04 June 2013 - By Robin Preijer
QIS IORP results differ among EU countries.
16 May 2013 - By Padraic O'Malley
In accordance with EIOPA’s recent consultation on interim measures for the implementation of Solvency II, insurance and reinsurance undertakings will be required to prepare a Forward Looking Assessment of Own Risk during 2014.
09 May 2013 - By John McKenzie, William Coatesworth
EIOPA System of Governance guidelines for NCAs mirror those of Level 3 pre-consultation.
09 May 2013 - By Dale S. Hagstrom, Steven I. Schreiber
An overview of the risk assessment and mitigation options available for extreme mortality events.
01 May 2013 - By Aisling Barrett, Padraic O'Malley
In March 2013 the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on the guidelines for the preparation for Solvency II.
25 April 2013 - By Dominic Clark
The value-of-in-force business (VIF) is a concept used within insurance that essentially refers to the future profits expected to emerge from a particular life insurance portfolio.
23 April 2013 - By Robert Bugg
A guide to new requirements covering submission of information to NCAs.
17 April 2013 - By Wouter Elshof, Peter Franken, Kurt Lambrechts, Henny Verheugen
EIOPA’s consultation paper on submission of information to national competent authorities proposes a significant level of disclosure of quantitative and narrative information to national supervisors in advance of the introduction of Solvency II.
10 April 2013
The challenges facing multinational insurers and investment banks looking to engage in cross-border M&A transactions.
05 March 2013 - By Jim Murphy
A presentation from the "Getting the balance right: Private insurance for social needs" conference held at the Swiss Re Centre for Global Dialogue on the 5th March 2013.
01 March 2013 - By Mike Claffey, Andrew Kay
01 March 2013 - By Mike Claffey, Andrew Kay
20 February 2013 - By Jim Murphy
13 February 2013 - By Joshua Corrigan, Paola Luraschi
Current methods and emerging practices in operational risk across the world.
05 February 2013 - By Christian Bettels, Florian Ketterer, Michael Leitschkis
Least Squares Monte Carlo approach offers advantages for Solvency II coverage ratio projections.
05 February 2013 - By Wouter Elshof, Kurt Lambrechts, Henny Verheugen
What the requirements may mean for firms participating in the assessment.
31 January 2013 - By John McKenzie, William Coatesworth
The Long-Term Guarantee Assessment (LTGA) requires participating firms to test the application of the proposed package of measures designed to address issues affecting products with long-term guarantees under a variety of scenarios. false
31 January 2013 - By Andrew Kay, Eamonn Phelan
Now is the time to prepare for the long-term impact of the new regime on business strategy.
24 December 2012 - By Elizabeth Bart
Cyber risk is not a mere technology issue, but a pervasive business risk with significant negative impact on assets, revenues, and profitability.
24 December 2012 - By Neil Cantle
As solvency issues take a back seat, it's time to refocus on traditional areas of ERM.
23 December 2012 - By Andrew Gilchrist, Jeremy Kent, Russell Ward
How Solvency II management actions impact the solvency capital requirement and best estimate.
14 November 2012 - By Gregory Campbell, John McKenzie, William Coatesworth
Implementing valuation of assets and liabilities under Solvency II.
14 November 2012 - By Gregory Campbell, John McKenzie, William Coatesworth
New Solvency II technical specifications discuss the Solvency Capital Requirements.
14 November 2012 - By Gregory Campbell, John McKenzie, William Coatesworth, Zeljko Strkalj
Implementing Solvency II Minimum Capital Requirement, Own Funds, and Groups.
31 October 2012 - By Wouter Elshof
Does the Solvency II standard formula provides a good measure for the interest rate risk faced by insurers?
23 October 2012 - By Patricia L. Renzi
- - At the 4th Annual Cloud World Forum in London earlier this year, MG-ALFA ® global practice leader Pat Renzi gave a presentation on Milliman's implementation of a groundbreaking actuarial systems transformation solution for The Phoenix Group, the largest consolidator of closed life funds in the
09 October 2012 - By Patricia L. Renzi
How Milliman employed cloud computing to create a transformative platform.
16 August 2012 - By Andrew Gilchrist, Jeremy Kent, Russell Osman, Russell Ward
How Solvency II management actions impact the solvency capital requirement and best estimate.
27 July 2012 - By Neil Cantle, Dominic Clark, Jeremy Kent, Henny Verheugen
Managing operational risk is increasingly important for insurance management.
27 July 2012 - By Gregory Campbell, John McKenzie, William Coatesworth
How the EIOPA final report may affect companies in the run up to Solvency II implementation.
17 July 2012 - By Neil Cantle
EIOPA’s review of the draft ORSA guidelines aims to give firms more clarity around the scope and application of the ORSA requirements.
01 July 2012 - By Aisling Barrett, Kevin Manning
EIOPA has published its final report on the reporting and disclosure requirements under Solvency II.
31 May 2012 - By Mike Claffey
31 May 2012 - By Emma McWilliam, Richard See Toh, Philip Simpson, Stuart Reynolds
Methodology hot topics and results from 2011.
30 May 2012 - By Padraic O'Malley, Eamonn Phelan
09 May 2012 - By Joanna David
Enterprise risk management (ERM) has evolved from an interesting discussion to a critical requirement for many companies. While ERM has become far more prevalent, different companies are at different stages in the maturity of their ERM strategy.
23 February 2012 - By Andrew Kay, Jim Murphy
An analysis of guidelines recently issued by the European Commission on the application of the Gender Directive.
02 February 2012 - By Elliot Varnell
Under Solvency II, firms will need to calculate the capital they need to withstand an extreme financial shock.
25 January 2012 - By Andrew Kay
20 January 2012 - By Neil Cantle
Adapting phylogenetic analysis may make it possible to achieve risk DNA, which could start to unlock some of the secrets of complex risk behaviour.
16 January 2012 - By Neil Cantle
The public consultation paper on the proposed additional templates for reporting information for Financial Stability purposes extends the reporting requirements for large companies and groups.
10 January 2012 - By Michael Leitschkis
The LSMC method requires much less manual intervention than some alternatives and can give valuable economic insights about the interplay of different risk drivers.
03 January 2012 - By Derek Newton, Gary Wells, William Coatesworth
A summary covering the non-life aspects of the EIOPA report.
03 January 2012 - By Joanne Buckle, Simon Moody
A summary covering the health NSLT aspects of the EIOPA report.
23 December 2011 - By Neil Cantle
Even as Solvency II is being finalised and delivered and firms work to implement Solvency II with maximum efficiency, future revisions to Solvency II are certain.
08 December 2011 - By Mike Claffey
06 December 2011 - By Dominic Clark
Full implementation of the standard formula under both Solvency II and SST is far from trivial and requires review and validation.
28 November 2011 - By Neil Cantle
The practical applications of innovative research that looks at companies as complex adaptive systems.
14 November 2011 - By William Coatesworth, John McKenzie
The first public consultation papers on the proposed guidelines for supervisory reporting and public disclosure look set to increase the level of disclosure required under Solvency II.
08 November 2011 - By William Coatesworth, John McKenzie
The release of EIOPA’s consultation paper on the ORSA process marks the first public consultation of the Solvency II Level 3 text.
27 October 2011 - By Neil Cantle
A summary of EIOPA's final reports on the supervisory regimes of Japan, Switzerland, and Bermuda, and their equivalence with Solvency II requirements.
17 October 2011 - By Stuart Silverman, Philip Simpson
The potential benefit to annuity writers of reflecting mortality rate volatility in the liability calculations of internal models.
30 September 2011 - By Nick Kinrade, Thomas Guidon
This Milliman Apéro briefing presents a comparison between Solvency II and SST and a discussion of strategic and business impacts.
25 September 2011 - By Aisling Barrett, Mike Claffey
On 21 September 2011, a seventh revision of the Presidency compromise text for Omnibus II was released by the Presidency of the Council of the European Union.
23 September 2011 - By Patricia L. Renzi
How Milliman harnessed the power of grid computing to deliver a cost-effective solution for clients facing ever more complex valuation challenges.
01 September 2011 - By Aisling Barrett, Mike Claffey
01 August 2011 - By Padraic O'Malley, Eamonn Phelan
A significant amount of information is now available in relation to Pillar III requirements and reporting deadlines.
15 June 2011 - By Nick Kinrade
This paper examines in detail the similarities and differences between the key quantitative aspects of the standard formulae of the Swiss Solvency Test (SST) and Solvency II, as specified in the fifth Quantitative Impact Study (QIS5). This research report, which focuses on aspects related to life insurance, a
01 June 2011 - By Michael Culligan
11 May 2011 - By Neil Cantle
How businesses can identify critical failures that might lead to a systemic breakdown.
11 May 2011 - By Neil Cantle
Standard ERM templates and models do not provide reliable protection against emerging risks.
11 May 2011 - By Neil Cantle
In an increasingly complex and interconnected economy, emerging risks often go unnoticed until they reach crisis point.
01 May 2011 - By Aisling Barrett, Kevin Manning
To assist you in digesting the report, we have prepared this short summary of the content of the document, covering the key issues and including a brief analysis of the key concerns and the potential impact of these on insurance markets.
16 March 2011 - By Neil Cantle
EIOPA has published the results of the intensive fifth Quantitative Impact Study conducted across reinsurance and insurance undertakings throughout Europe during 2010. Milliman has produced the following short summary highlighting the key results and findings from the EIOPA report.
01 March 2011 - By Aisling Barrett, Mike Claffey
28 February 2011 - By Christopher Clarke, Derek Newton, Gary Wells
Insurers that handle asbestos, pollution, and health hazard claims will face specific challenges under the new reporting regime.
31 January 2011 - By Neil Cantle
New documents mark progress toward Solvency II, but also pose challenges.
23 November 2010 - By Kevin Manning
10 November 2010 - By Aisling Barrett
01 November 2010 - By Neil Cantle
In this interview, Milliman's Neil Cantle discusses the types of risks that today's businesses face.
14 October 2010 - By Michael Culligan
01 July 2010 - By David Wang
Automating MCEV reporting can streamline MG-ALFA processes.
01 June 2010 - By Dominic Clark, Scott C. Mitchell
How will the new technical specification affect solvency positions in Europe's life insurance market?
01 May 2010 - By Joanna David-O'Neill
A review of the challenges organizations face in implementing enterprise risk management processes.
01 May 2010 - By Dervla Tomlin, Jim Murphy
26 April 2010 - By Jim Murphy
25 March 2010 - By Michael Culligan
01 January 2010 - By William C. Hines, Henny Verheugen
This document combines periodic updates on IFRS and Solvency II.
03 December 2009 - By Michael Culligan
01 October 2009 - By Joshua Corrigan, Gary Finkelstein
Capital is likely to play an increasingly important role in the product development process, especially after Solvency II takes effect.
01 October 2009 - By Aisling Barrett
30 September 2009 - By Jim Murphy
30 September 2009 - By Padraic O'Malley
30 July 2009 - By Laurent Devineau, Stéphane Loisel
This paper presents an algorithm that can significantly reduce the number of simulations applied in a Nested Simulation (NS) projection.
01 July 2009 - By Wade Matterson, Sam Nandi
01 May 2009 - By Neil Cantle
The recent volatility in the capital markets and the consequent adverse developments across the financial services industry have stimulated interest in more sophisticated risk management techniques.
01 May 2009 - By Ken Mungan, Peter H. Sun
01 March 2009 - By Takanori Hoshino
This paper reviews the application of a simplified method to Japanese products.
01 December 2008 - By Michael Culligan, Padraic O'Malley
QIS4 built on the work of earlier QISs and focussed on a number of specific areas including internal models, group supervision and a new approach to the Minimum Capital Requirement (MCR).
01 November 2008 - By Dominic Clark, Oliver Gillespie, Henny Verheugen
This paper considers two approaches for accelerating the calculations involved in constructing an economic balance sheet in the context of life insurance.
23 April 2008 - By Patricia L. Renzi
Milliman and Microsoft have joined forces to provide an affordable, scalable, and easy-to-implement solution to exponentially increase both your calculation capability and your productivity.
01 June 2007 - By Ed Morgan, Gary Wells
The move from the formulaic Solvency I system to the realistic and risk based Solvency II system is one of the most fundamental changes to take place in European insurance in the past 20 years. It will bring significant new
01 May 2007 - By Michael Culligan, Padraic O'Malley
Quantitative Impact Study 3 (QIS3) was undertaken in 2007 in order to aid the design of the Solvency II system. All European Insurance companies were invited to participate so that both Regulators and CEIOPS could understand how the proposed new system would affect companies’ balance sheets. Lessons learned from QIS3 helped form the final shape of Solvency II.
01 August 2006 - By Ed Morgan, Marc Slutzky
Solvency II is the name given to the European Union's fundamental and wide ranging review to establish a solvency system that better matches the risks of insurers. It reflects a trend throughout the EU towards the convergence of the economic