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Debate: Negative interest rates

Debate : Negative interest rates

Some possible considerations for discussion :

Background

  • Negative interest rates can be considered as an economic anomaly and a consequence of a thoughtless policy of the Central Bank.
  • Negative interest rates appear in shorter duration, even if we exceed more than 4 yeas today, it still not an economic reality Discounting
  • The interest curve used by the actuary depends on the context : can the actuary chose the interest curve, has the actuary to respect the prescribed curve ?
  • Actuaries should in any case explicitly refer to the negative interest rate reserve.
  • Not only the level of the interest rate is important, the volatility has also to be considered Actuarial practice
  • The normative framework and professional judgement determine the actuarial practice
  • What is the attitude of the stakeholders, insurance companies, pension funds, … ?

Impact

  • EIOPA is looking for solutions
  • SII is not the only problem : corporate valuation, solvency, accounting, pricing, reserving, financial transactions, “usufruit”, indicative tables, … are impacted

Any other matter

 
 
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