There are many moving parts in current frameworks for Risk Measurement—Assumptions, historical data, models, time horizon, assets, liabilities, processes and internal and external drivers. Discussants will review the current state and evolution of the practice of risk measurement.

Also discussed will be “Value at Risk—The Next Generation.” Value at risk methodology for the insurance industry is evolving and remains challenging. This session will reveal enhancements to the basic methodology, addressing common criticisms relating to alternative distributions, tall dependencies and non-linear behavior. The presenter will demonstrate ways to communicate these ideas simply and to rank the most likely causes of financial distress.