Actuaries have a responsibility to scrutinize the processes, systems and models we build to understand if the inputs and outcomes truly reflect fair and equitable practices. As part of the CAS strategic approach to Diversity, Equity and Inclusion, the CAS has developed an Approach to Race and Insurance Pricing, with activities in four key areas of Education, Research, Leadership and Collaboration. This work will enable our community of subject matter experts to proactively engage with the insurance industry as it addresses issues of potential racial bias over the coming years.
Continuing Education
- Check out the Race and Insurance Bundle on UCAS for FREE session recordings from past meetings
- Find Select recordings on the CAS YouTube Channel
CAS Research Papers
Access research produced by CAS members and staff related to Race and Insurance Issues:
- Insurance Rating Variables: What They Are and Why They Matter
- CAS Research Paper Series on Race and Insurance Pricing (Phase 1)
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New in 2024! Phase 2 Research Papers Now Available:
- A Practical Guide to Navigating Fairness in Insurance
- Regulatory Perspectives on Algorithmic Bias and Unfair Discrimination
- Balancing Risk Assessment and Social Fairness: An Auto Telematics Case Study
- Comparison of Regulatory Framework for Non-Discriminatory AI Usage in Insurance
- More Phase 2 papers are coming soon!
- Research from the CAS E-Forum
Collaboration on Industry Research
CAS appreciates the opportunity to partner with and review research performed by other insurance industry organizations.
- National Association of Mutual Insurance Companies (NAMIC): Matching Rate to Risk: Analysis of the Availability and Affordability of Private Passenger Automobile Insurance
Resources from the American Academy of Actuaries
Issue Briefs:
- February 2023 - Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance
- June 2022 - Sourcing Protected Class Information in P&C Insurance
- July 2022 - An Actuarial View of Correlation and Causation - From Interpretation to Practice to Implications
Comment Letters:
- January 2023 – Letter Regarding Draft Data Call on Unintentional Bias in Automobile Insurance
- June 2022 - Presentation for DC DISB Hearing on Unintentional Bias in Underwriting and Rating of Personal Automobile Insurance
- March 2021 - Letter Regarding CO Senate Bill 21-169 "Protecting Consumers from Unfair Discrimination in Insurance Practices"
- May 2021 - Comment Letter regarding NAIC Committee on Race and Insurance Proposed 2021 Charges
- May 2021 - Comment Letter Regarding CO Revised Statute 10-3-1104.9
- November 2020 - Comment Letter to NAIC Special (EX) Committee on Race and Insurance
- December 2020 - Comment Letter to NCOIL Special Committee on Race in Insurance Underwriting
Resources from the Canadian Institute of Actuaries
Questions or Comments?
