Drawing on Canadian defined benefit concepts and the experience of one long-standing Australian Church-based defined pension plan, Colin Grenfell believes there is a solution to provide attractive lifetime group annuities.
The increase in industry consolidation has heightened the need for clearly defined data models, supporting integration and scalability.
As a collaboration between the Actuaries Institute Superannuation Practice Committee (SPC) and Risk Management Practice Committee (RMPC), a small working group of actuaries (Tim Gorst, Vivian Dang, Matthew Burgess, Taleb Hassan, Bloreen Abbasi) worked together to explore the use of risk based scenario analysis in developing an internal operational risk-based capital (ORBC) position for Australian Super Funds. Their work considered the following core question “Is there a pragmatic way that a set of operational risk scenarios can be both parameterised and then aggregated to infer an internal ORBC position for an Australian Super Fund?”
An economic downturn is intuitively associated with higher morbidity claims costs in general and, unemployment rate tends to be a fairly good proxy for the state of the economy. However, the relationship between unemployment rate and disability claims experience is poorly understood and it is a challenge to accurately quantify the link between the unemployment rate and disability claims costs.
