The world has entered an “Age of Uncertainty,” a period of exceptional fragility and volatility in the global economy. Life insurers have a fresh set of challenges dealing with emerging risks such as inflation and interest rates. In the second in a series of papers, we turn our attention to how insurers' models performed amid recent economic challenges and consider the implications for management teams. The paper presents three main sections discussing the monitoring and performance of the following models during the events of 2022 and 2023:

• Capital models
• Asset-liability management models
• Liquidity models