In a SSAP 62 risk transfer analysis, what discount-rate property should hold across simulated iterations?

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The main idea here is to keep the discounting consistent across all simulations. In a SSAP 62 risk transfer analysis, you generate many scenarios to see how the cash flows shift under different conditions, but you don’t want the discount rate to introduce extra variability. By using the same discount rate for every simulated iteration, you ensure that present-values reflect only the scenario-specific cash-flow differences (premiums, losses, recoveries, timing, etc.) rather than changes in the discounting assumption. Varying the rate by scenario would mix valuation effects, making it harder to attribute changes in value to the risk-transfer mechanics themselves. While you might choose a standard rate (like a given risk-free curve or another appropriate rate) in practice, the key property is keeping the discount rate constant across iterations.