Industrial accidents may be more amenable to regulation because actuarial risks may be easier to measure and reduce, but the socio-cultural and political context is still critical.
It serves as a reminder to practitioners that good regulation must be both operationally oriented to address the specific actuarial risks and socio-cultural fears, as well as being politically sensitive.
First, actuarial risk, which is the traditional understanding of risk that is more or less quantifiable by technical experts.
6 billion, Prudential will take on all of the investment and
actuarial risks, as well as administering the benefits, covered under this transaction, Tyson said.
Stiglitz said giant banks should be "forced" to return to the "boring business of doing conventional banking," and that too-big-to-fail insurance companies should be "limited" to selling "conventional insurance products, with well defined
actuarial risks.
The author notes that when the PBGC was established, a private pension insurance market did not exist, partly because potential insurers lacked sufficient information on
actuarial risks.
As insurers know, the latter includes actuarial risks, most notably property-liability and mortality risks.
Yet, the resources of the industry have traditionally been focused on actuarial risk management-and then only in an objective statistical sense.
Insurers must leverage their knowledge of the
actuarial risks faced in retirement, and find cost-effective ways to mitigate those risks by using existing product designs in different combinations, or creating entirely new ones.
