Risks

... referred to the Report of the Committee on Valuation and Related Problems. In that report, the Trowbridge Committee identified three categories of hazards which may impair the financial health of the insurance enterprise. [C1, C2, C3]
The report of the committee can be read by the members in Volume 5, Number 1 of the Record of the Society of Actuaries.

1981 - SOA - Effective Use of Capital, Society of Actuaries - 24p

The Combination of Risks Task Force (CORTF) was organized in the summer of 1983.
- It reports to the Society of Actuaries Committee on Valuation and Related Problems.
- The charge of the Task Force as set forth in the SOA Yearbook is as follows:
  - “To develop understanding and quantification of risks of loss from combination of C-l, C-2, C-3 and C-4 risks and implications on statutory reserves, contingency surplus needed on inforce business, valuation statutes, early warning tests, and corporate planning.”

1991 - SOA - V. Report of Combination of Risks Task Force, Society of Actuaries - 186p

Our research generally indicates that the public can be best described as conservative and risk aversive when it comes to financial matters...
... but perhaps the most remarkable finding has been the stability of the public's financial needs and concerns over the years.

-- Walter Zultowski, not a member of the Society, is Director of Economics and Consumer Research at LIMRA.

1980 - SOA - Product Innovation - Response to Consumer Needs in the 1980's, Society of Actuaries - 14p

integrated risk management

Asset Concentration Risk
C-Risks, C-1, C-2, C-3
Conduct of Business Risk (COB)
Counterparty risk
Credit Risk
Cyber Risk
Default Risk
Disintermediation Risk
Difficult to Measure Risk
Durational Risk
Emerging Risks
Federal Reserve risk categories for banking organizations
- 2003-3, NAIC Proceedings - Financial Condition (E) Committee
- (p537) - 1. Mapping of Life Insurance Company Risks
Funding Risk
Interest Rate Risk (C-3/Trowbridge Committee-SOA)
Insurance Risks
Investment Risk
Lapse Risk
Liquidity Risk
Longevity Risk
Misconduct Risk
Mis-selling Risk
Mortality Risk
Maturity Mismatch Risk
Non-Traditional Risks
Operational Risks
Policyholder Behavior Risk
Pricing Risk
Product Design Risk
Reputational Risk
Solvency Risk (Insolvency)
Systemic Risk
Underwriting Risk

C-1 Risks
- 1987 - SOA - Quantifying The C-1 Risk (Defaults in Fixed Dollar Investments and Market Value Changes in Equity Investments), Society of Actuaries - 32p
- 1988 - SOA - Variable Products Update, Society of Actuaries - 18p
C-2 Risks
- 1987 - SOA - Quantifying The C-2 Risk (Premium Insufficiencies, Including Increasing Claims and Expenses), Society of Actuaries - 32p
C-3 Risks
- 1989 - SOA - A Guide to Quantifing C-3 Risk, Society of Actuaries (tsa89v418) - 42p

Interest Rate Risk
- 1994 - SOA - Long-Term Minimum Interest Rate Guarantees, Society of Actuaries - 18p
- 1998 - SOA - Interest Rate Scenarios, Merlin F. Jetton, Society of Actuaries - 54p

(p536) - The Subgroup also found that the remaining Federal Reserve risk categories for banking organizations – liquidity, operational, legal and reputational – encompass similar underlying concepts of risks associated with insurance operations, but that such risks are viewed somewhat differently in the context of the organization and management of the business operations of banks and insurance companies.
From the array of risks identified, however, the Subgroup determined that some insurance risks were exclusive to particular insurance products and were therefore not comparable to banking risks.
(p537) - 1. Mapping of Life Insurance Company Risks

2003-3, NAIC Proceedings - Financial Condition (E) Committee