IAA Risk Book

This collection of papers has been produced and approved by the Insurance Regulation Committee of the International Actuarial Association (IAA). 
In some cases, translations of certain chapters have been made by local member associations or members. The IAA has neither reviewed nor endorsed them. However, we are providing them on our website as a service to members.

     Risk Book Chapters 

    1. Introduction to IAA Risk Book – by David Sandberg (approved on 29 September 2015) Translated Version:  
    2. Actuarial Functionby Stuart Wason (approved on 31 August 2015) Translated Version: 
    3. Professional Standards – by Godfrey Perrott (approved on 23 July 2015) Translated Version: 
    4. Operational Risk – by Peter Boller, Caroline Grégoire, and Toshihiro Kawano (approved on 15 September 2015 and amended on 8 March 2016) Translated Version: 
    5. Catastrophe RiskThe updated version of this paper is in progress and will be posted as soon as available.
    6. Non-proportional Reinsurance – by Michael Eves, Alexander Fritsch, and Eberhard Müller (approved on 8 September 2015) Translated Version: 
    7. Intra-Group Reinsurance – by IAA Reinsurance Sub-committee (approved on 19 August 2015) 
    8. Addressing the Consequences of Insurance Groups- by Alan Joynes, Ralph Blanchard and Stuart Wason (approved on 8 March 2016) Translated Version: 
    9. Distribution Risk- by Sam Gutterman (approved on 8 March 2016) Translated Version: 
    10. ORSA- by Maryellen Coggins, Nick Dexter, Malcolm Kemp and John Oost (approved on 8 March 2016) Translated Version: 
    11. Resolution of Insolvencies - by Nick Dexter (approved on 8 April 2016) Translated Version:  
    12. Capital - A Regulatory Management Tool - by Dave Sandberg (approved on 16 August 2017) Translated Version: 
    13. Asset Liability Management - by Charles Gilbert (approved on 24 October 2016) Translated Versions:      
    14. Financial Statements - This paper has been withdrawn temporarily due to major changes to accounting standards currently in progress, i.e., IFRS9, IFRS17 and revisions to the US GAAP.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.
    15. Governance of Models - by Trevor Howes, Godfrey Perrott, Sheldon Selby, David Sherwood (approved on 9 September 2016, revised 21 May 2019) 
    16. Materiality, Proportionality, Etc.- by Ralph Blanchard (approved on 10 October 2016) Translated Version:
    17. Risk and Uncertainty - by Sam Gutterman (approved on 6 June 2017) Translated Version: 
    18. Policyholder Behaviour and Management Actions - Updated and published in the new format in July 2022 (see below new/updated chapters) Translated Version: 
    19. Appropriate Applications of Stress and Scenario Testing - by Eberhard Müller and Dave Sandberg (approved on 21 February 2020)  Translated Version: 

    New/Updated Chapters

    Inclusive Insurance - by Jules Gribble (Editor), Jeff Blacker, Nigel Bowman, Barbara Chabbaga, Denis Garand, Agrotosh Mookerjee, Hassan S. Odierno, Donna Swiderek, Henry Yan (approved in December 2021)

    Non-Life Liabilities - by Ralph Blanchard (approved and published in July 2022)

    Policyholder Behaviour and Management Actions –by Jari Niittuinperä (approved on 14 February 2017; revised and approved on 21 February 2020 and published in the new format in July 2022 )

    Each paper has an email address ( posted in the footer to allow readers to easily submit comments to the author, or to report problems with the website.

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