Insurance
Inflation hedging: How the Dutch pension sector is moving its focus from nominal to real liabilities
The Dutch pension sector has long-held a focus on nominal liabilities but both schemes and regulators are investigating whether a move to assessing real liabilities would be a step forward.
Understanding policyholder behaviour is crucial to the success of ALM and replicating portfolio strategies
Born of interest rate volatility, dynamic policyholder behaviour is a variable no insurer can afford to ignore – yet modelling it is problematic. How are companies adapting to the new market conditions?
MCEV provided reliable company values in recent economic turmoil argues Allianz’s Tom Wilson
The emergence of market-consistent embedded value has proved challenging for insurance traditionalists, but Tom Wilson, chief risk officer of Allianz, argues that not only has it provided an accurate reflection of shareholder value in the recent volatile…
Model misgivings
The insurance-based nature of Danish pension provision means almost the entire sector will fall under the remit of Solvency II. And despite the Danish industry’s groundbreaking work in stochastically modelling its assets, the potential extension of this…
Solvency abuse
Giovanni Cucinotta, head of research at Italian insurance regulator Isvap, talks to Alexander Campbell
Half empty, or half full?
The green shoots of economic recovery have been spotted in some sectors of the global economy, but with corporate insolvencies not tipped to peak until 2010 for those bodies charged with insuring pension scheme liabilities, the worst of the crisis may…
The tax timebomb
The decision by Royal Berkshire’s pension fund to conduct a longevity swap is an atypical action in a sector whose sky-high equity allocations and lack of risk awareness have seen the UK’s Local Government Pension Scheme plummet into the red over the…
An unhealthy interest
The rise of impaired annuity providers at the start of the decade prompted a migration of the least healthy annuitants away from traditional providers, skewing their mortality assumptions and capital reserves. But as mainstream annuity providers use an…
The finishing line is in sight for the Solvency II directive says Ceiops chair, but issues remain
An interview with Gabriel Bernardino, chairman of Ceiops
