September 21, 2011
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IAA and IMF hold Joint Workshop on Stress-Testing for the Global Insurance Industry

The International Actuarial Association (IAA) and the International Monetary Fund (IMF) sponsored a joint IMF/IAA Stress-Testing Workshop that took place at IMF headquarters in Washington on Thursday September 8. This workshop was designed with a primary focus on risks within the global insurance industry.The workshop was a well-attended full-day event with more than thirty participants from the IMF, IAA, and the insurance industry, as well as regulators and members of the academic research community. The International Association of Insurance Supervisors, Financial Services Authority (UK), National Association of Insurance Commissioners (US), Office of the Superintendent of Financial Institutions (Canada), and the Bermuda Monetary Authority were represented at the workshop.

Principal speakers for the IMF were:

  • Ceyla Pazarbasioglu, Assistant Director, Monetary and Capital Markets Department
  • Li Lian Ong, Deputy Division Chief, Capital Markets Monetary and Financial Systems Department
  • Rodolfo Wehrhahn, Technical Assistance Advisor, Financial Sector Oversight Division

Principal speakers for the IAA were:

  • Dave Sandberg, Chairperson, ComFrame Task Force
  • Dave Ingram, Chairperson, Enterprise and Financial Risks Committee

Participants in the workshop reviewed the complex areas of focus over the last two years concerning systemic risk in the insurance sector, including macroeconomic tools covering the whole financial sector, and analysis of potential contagion sources and pathways within and among groups, while advancing some concepts to allow more effective and focused use of stress-testing on those areas of risk of most importance to a particular risk exposure of an enterprise.

To learn more about the work of the IAA on this topic, contact the IAA Secretariat, care of the Chairperson of the Enterprise and Financial Risk Committee

The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
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