News Brief - October 08, 2025

Audience: All

Charles Cowling, Immediate Past President, and Mathieu Langelier, Executive Director, attended the 2025 Annual Meeting of the Actuarial Association of Europe (AAE) in Paris, hosted by the Institute of Actuaries.

The meeting brought together over 120 actuaries, including IAA representatives, for discussions on pensions, education, insurance, risk management, and social security. The event provided an important opportunity for knowledge exchange, networking, and strengthening collaboration across the European and global actuarial community.

Audience: All

The Insurance Regulation Committee is pleased to publish a new chapter in the IAA Risk Book on Catastrophe Risk. Catastrophe risk has become an increasing focus for those involved in risk management, largely driven by catastrophic events such as hurricanes, floods, wildfires, windstorms, and earthquakes in various parts of the world. This chapter provides an overview of the types of catastrophes faced by the global insurance industry and discusses how companies estimate and manage catastrophe risk. While this chapter is written at a particular point in time, our understanding of catastrophes and the tools used to quantify and manage catastrophe risk continue to evolve. This chapter, after a brief introduction, discusses how the risk of such events is generally quantified, and the issues associated with such quantification. 

The IAA Risk Book is developed and maintained by the IAA Insurance Regulation Committee, providing high-quality reference materials to help readers better understand how actuaries contribute to the assessment and management of risks and inherently uncertain future outcomes often in the financial services (insurance, investment, pension etc.) but also more broadly. 

The Risk Book is intended to be a dynamic and evolving resource, updated over time, reflecting new areas where actuarial expertise can add value, experience and advances, and topics of current interest and importance. 

Please visit the IAA website for more information regarding the IAA Risk Book. 

Audience: All

The International Actuarial Association (IAA) is pleased to share the Global Actuarial Initiative (GAIN) Pricing Toolkits, created by Milliman and the United Nations Development Programme (UNDP). 

These toolkits provide practical models and guidance for pricing microinsurance products, an important but often underserved area of the insurance market. They include: 

The toolkits aim to help develop actuarial expertise in microinsurance and support solutions for low-income communities worldwide. 

(Global Actuarial Initiative (GAIN) Pricing Toolkits) 

Audience: All