Influenza pandemics: Time for a reality check? webinar
Webinar description
Topic
While mortality has generally been improving for many decades, life insurers still face the risk that an influenza pandemic could cause a one-time mortality shock. It is not easy for life insurers to specify in advance the loss value from such an event, and therefore the amount of capital to hold, and many companies lack the tools to determine these numbers.
Further, with the move in many markets from a rules-based or formulaic solvency requirement to a principles-based approach, regulators are showing an increasing interest in the use of internal models. At the same time, there is a heightened general awareness of a pandemic threat, with various views being expressed on the possible impact.
In light of these developments, Swiss Re has developed a sophisticated epidemiological model to improve the level of understanding of the potential range of outcomes from a pandemic.
Read more... A new Focus report summarizes the workings of a sophisticated epidemiological model Swiss Re has developed to improve the level of understanding of the potential range of outcomes from an influenza pandemic.
Speakers
Bob Howe, Chief Risk Officer for Swiss Re’s worldwide Life & Health business.
In this role, he is involved in a wide range of issues, including: the development of realistic performance measurement built around economic principles; the emerging regulatory framework, especially Solvency II; the review of large or complex transactions and of acquisitions; and the understanding of extreme risks, including a global influenza pandemic. In this latter capacity he has been closely involved in the development of Swiss Re’s pandemic model. His unit has also been instrumental in the development of Swiss Re’s Vita bonds, which transfer mortality risk to the financial markets. He is a graduate of Imperial College, London, and a Fellow of the Institute of Actuaries. He has spent all of his working career in the reinsurance sector. Stephen Kramer
Stephen Kramer is Swiss Re’s head of Life & Health parametric modelling, based in London. He relocated to London from South Africa for the specific purpose of constructing a pandemic influenza model for Swiss Re, having previously gained extensive experience in modelling AIDS/HIV in sub-Saharan countries. Roles prior to joining Swiss Re include being Head of AIDS Research at Metropolitan Life, providing consultancy services to various government agencies and companies, and modelling work for the Centre for Actuarial Research at the University of Cape Town. In South Africa he developed AIDS/HIV and demographic models for a number of countries, was a member of the AIDS sub-committee of the Actuarial Society of South Africa, and was a founding member of the Life Offices Association AIDS Strategy committee. He has written and spoken extensively on AIDS/HIV, including writing the introductory chapter of the Southern African HIV clinicians’ handbook (social epidemiology), articles on AIDS/HIV modelling, and industry opinions on AIDS/HIV and insurance.
Target audience
This webinar is designed in particular for professionals in the life insurance industry involved in capital management, along with representatives of regulatory bodies who are involved in addressing life insurance solvency requirements.
