IAA Risk Book Chapters

Using the Risk Book:

• Using the Risk Book

Core Concepts: 

• Risk and Uncertainty   (June 2017)
  
• Materiality, Proportionality and Similar Terms    (Updated September 2025)
   

Primers: 

• Introduction to Inclusive Insurance   (February 2023)
  
• Reference: Addressing the Gap in Actuarial Services in Inclusive Insurance Markets

PROFESSIONAL ROLES: 

• Professional Standards   (Updated September 2025)
    (July 2015)

FINANCIAL STATEMENTS: 

• Reference: Discount Rates in Financial Reporting
• Reference: Risk Adjustments for Insurance Contracts under IFRS17

Governance: 

• Governance of Models   (May 2023)
     (May 2019)

Control Functions: 

• Actuarial Function  (Updated September 2025)
  
• Group Issues: 

• Addressing the Consequences of Insurance Groups  (May 2023)
  

Enterprise Risk Management: 

• ERM Insights from Failures and Near Failures   (March 2023)
• Reference: Actuarial Aspects of ERM for Insurance Companies

Overview: 

• Reference: Comprehensive Actuarial Risk Evaluation (CARE)

Reinsurance: 

• Reinsurance  (May 2023)
• Non-Proportional Reinsurance –  (September 2015)
• Intra-Group Reinsurance –   (August 2015)
• Reference: Intra-Group Reinsurance Transactions

Asset-Liability Management: 

• Asset Liability Management   (July 2025)
     

Hedging: 

• Dynamic Hedging

Stress and Scenarios Testing: 

• Appropriate Applications of Stress and Scenario Testing   (February 2020)
  
• Reference: Stress Testing and Scenario Analysis

Internal Models: 

• Reference: Stochastic Modeling
• Reference: Note on the Use of Internal Models for Risk and Capital Management Purposes by Insurers

Overview: 

• Reference: Blue Book: A Global Framework for Insurer Solvency Assessment   

Capital Adequacy:

• Capital – A Regulatory Management Tool   (August 2017)
  

Insolvency: 

• Resolution of Insolvencies   (April 2016)
  

Systemic Risks: 

• Reference: Actuarial Viewpoints on and Roles in Systemic Risk Regulation in Insurance Markets

Financial Statements: 
This paper has been withdrawn temporarily due to major changes to accounting standards currently in progress, i.e., IFRS9, IFRS17 and revisions to the US GAAP. Once changes have been finalized, this paper will be revised to incorporate them, an expected completion in 2023-2024.
Future Financial Condition: 

• ORSA   (May 2023)
     (March 2016)
• Reference: Deriving Value from ORSA – Board Perspective

Overview: 

• Reference:  Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins

Life Insurance Risks: 

• Policyholder Behaviour and Management Actions   (July 2022)
  
• Reference: Analysis on the Risk of Ebola

General Insurance Risks: 

• Non-Life Perils and Coverages  (May 2023)
• Liabilities for General Insurance  (March 2023)
• Catastrophe Risk (October 2025)

Pension Risks: 

• Reference: Note on Enterprise Risk Management for Pensions
• Reference: Joint Background Paper by IOPS and IAA: The role of actuarial calculations and reviews in pension supervision
• Reference: Defined Benefit Pension Plan Funding and the Role of Actuaries

Operational Risks: 

• Operational Risk   (March 2016)
  
• Distribution Risks (March 2025)

Social Security: 

• Reference:  Measuring and Reporting Actuarial Obligations of Social Security Systems
• Reference:  Stochastic Projections of the Financial Experience of Social Security Programs: Issues, Limitations and Alternatives
• Reference:  Long-Term Care: An Actuarial Perspective on Societal and Personal Challenges
• Reference:  The Impact of Personalized Medicine and Genomics on the Insurance Industry

Inclusive Insurance: 

• Reference: Addressing the Gap in Actuarial Services in Inclusive Insurance Markets

Retirement: 

• Reference: Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts

Overview: 

• Reference: Importance of Climate-Related Risks for Actuaries
• Reference: Decarbonization: A Briefing for Actuaries

Actuarial Impacts:

• Reference: Climate Change and Mortality