Valuation Actuaries and Property - Casualty Insurance

The concept of a valuation actuary (more recently referred to as an appointed actuary) has evolved more quickly for life insurance companies in the United States, Canada and Great Britain and, to a lesser extent, for property-casualty insurance companies in Canada than for property-casualty insurance companies in the United States. This paper provides background information regarding the evolution and current status of the concept for United States and British life insurers and property-casualty insurers in Canada. The paper then evaluates the application of this concept to property-casualty insurance companies in the United States, including the areas in which casualty actuaries, as a group, will need to expand their knowledge to be able to address the pertinent issues.