ERM Glossary

International ERM Glossary

The International ERM Glossary is intended to provide users with a set of definitions that are in common usage around the world by actuaries, regulators and members of the insurance industry. The purpose in developing the glossary is to help provide a common understanding of the terms currently in use, as definitions and meanings have varied over time, and among practitioners. It can also be used as a training and educational tool for regulators.

The glossary can be consulted per letter, organization or grouping.

DISCLAIMER: The content of the International ERM Glossary has been compiled by the Joint ORSA Subcommittee of the Insurance Regulation Committee and the Enterprise and Financial Risk Committee of the IAA. This information has been collated and presented for educational and informational purposes to the members of the IAA and interested parties. The IAA assumes no responsibility for the accuracy, completeness, currency, reliability of the information in the International ERM Glossary or access to any information contained on any of the sources cited in the Glossary. The IAA, its employees and officers shall not be liable for any loss or damage, direct or indirect, which may arise or occur as a result of the use of or reliance upon any of the material in the International ERM Glossary.

Glossary
A C D E F G I L M O P R S T U V

Term	Grouping	Organization or Jurisdiction Defining Term	Source of Definition	Definition	Hidden
Underwriting Risk	Risk Categories	IAIS	IAIS ICP 16	in a broad sense and includes claims, expense and reserving risks and the risks associated with guarantees and options embedded in policies	U
Underwriting Risk	Risk Categories	IAIS	IAIS Supervisory Material	Includes claims, expense and reserving risks and the risks associated with guarantees and options embedded in policies.	U
Underwriting Risk	Risk Categories	International Actuarial Association	IAA - Acturial Aspects of ERM for Insurance Companies	The risk of loss arising from movement in insurance variables including claim incidence, claim termination and persistency.	U
Underwriting Risk	Risk Categories	The European Economic Area	PRA Rulebook	The risk of loss or of adverse change in the value of insurance liabilities, due to inadequate pricing and provisioning assumptions.	U
Underwriting Risk	Risk Categories	The European Economic Area	Solvency II	The risk of loss or of adverse change in the value of insurance liabilities, due to inadequate pricing and provisioning assumptions. (Solvency II Directive art. 13(30)	U