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International Experience Study
The International Experience Survey (IES) is a pilot study being
sponsored by the International Section to provide actuaries with practical
information on experience in emerging and other markets outside of the United
States and Canada. A working group has been established to define the project,
variables and countries to be studied, review the research results and methodology
and report its findings to the membership. The IES report is continuously updated
as new information becomes available.
This research initiative currently surveys individual life
insurance mortality and persistency as well as limited surveys of agent retention
and, possibly in the future, company expenses. In addition, members of the
working group annually publish a survey of embedded value financial assumptions in
order to present more comprehensive information for actuaries practicing
internationally. The working group is pleased to present the following
reports.
IES Report
The September 30, 2006, working group report containing survey
data on a number of countries such as Argentina, Brazil, Poland, South Korea and
Taiwan. More extensive mortality and persistency studies are reported on a
national basis for some countries such as Argentina and Poland, where local
actuaries have formed working sub-groups.
IES Embedded Value Financial Assumptions Survey
2006 annual survey of embedded value financial assumptions
The IES is a new initiative that involves limitations that are not common in more established studies performed by the Society of Actuaries. The following should be considered as results are reviewed:
- Studies are being performed in a number of countries and business practices vary from country to country;
- Most, if not all, markets under study are substantially smaller than the North American market, so there is a higher likelihood of results being distorted by random fluctuations;
- Within a given market results may differ from the entire country since the number of participating companies may not represent a significant proportion of the market; and
- Companies may not be experienced in performing these types of experience studies while the SOA is not able to perform the range of data validations performed in other studies.
If you have any questions about this study, you may contact Jack Luff, experience studies actuary, at 847.706.3571, or Ronora Stryker, research actuary, at 847.706.3614.
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