SOA International Experience Study (IES)actuaries.org/.../IES_Presentation_WilliamH.pdfIES HISTORY...
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SOA International Experience Study (IES) Hong Kong May 10, 2012
Transcript of SOA International Experience Study (IES)actuaries.org/.../IES_Presentation_WilliamH.pdfIES HISTORY...
SOA International Experience Study (IES) Hong Kong May 10, 2012
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IAA Fund Meeting SOA IES Overview
“ Beware Greeks Bearing Gifts ”
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IES HISTORY 2002 “Brainstorming”
2003-4 International Surveys 2005 + Country Initiative and IES “Tool Kit” 2008 + IAA MWG Endorsed & Adopted IES
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IES Organization
IES
SOA
IAA MWG Corporate Contributors
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IES Outreach Effort No Cost to participating companies
SOA confidentially compiles data
Local actuaries supervision
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Finances Contributions
Company EU ISC SOA
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Corporate Sponsors AXA ING MetLife New York Life Prudential Financial (US) Zurich
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Finances Expenses
Tool Travel
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Finances MOST IMPORTANT
• Volunteer Time! • Over 50 companies have participated • Over 1,000 hours invested
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Local Country Initiative Local Actuarial Association Sponsors
• Vietnam Chief Actuaries (2006) • Actuarial Society of Philippines (2008) • Estonia Actuarial Society (2009) • Hong Kong Actuarial Society (2010) • Caribbean Actuarial Association (2010) • Croatia Actuarial Society (2011) • Colombia Industry Association (2011)
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Country Experience Risk exposure is country specific Examples
• Argentina • Caribbean • Estonia • Philippines • Poland • Vietnam
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0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Argentina Exposure
Male
Female
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0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Caribbean Exposure
Male
Female
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0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Estonia Exposure
Male
Female
15
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Philippines Exposure
Male
Female
16
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Poland Exposure
Male
Female
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0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
10 23 28 33 38 43 48 53 58 63 68 73 78 83
Polic
y Ye
ars
Issue Age
Vietnam Exposure
Male
Female
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Experience Caution
• Early studies • “Data cleaning” is prospective (future) • Credibility (small samples)
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0%
5%
10%
15%
20%
25%
30%
35%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Laps
e R
ate
Policy Duration
Lapse Rates
Argentina
Caribbean
Estonia
Philippines
Poland
Vietnam
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0.00%
0.01%
0.10%
1.00%
10.00%
100.00%0-9 10-19 20-24 25-29 30-34 35-39 40-49 50-59 60-69 70-79 80+
Mortality Rates (annual)
AR
HK
PH
PL
VN
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Next! Demonstration of “tool kit” Meet Local Actuarial Participants
• Vietnam • Philippines
