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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Price Optimization vs. Actuarial Standards
Price Optimization is one of the latest trends in the pricing of property/casualty insurance, which brings in likelihood of conversion and renewal. This ends up with a different result than traditional rate making would. The concern becomes whether price optimization might go too far. This session will discuss how price optimization may, or may not, fit into current actuarial standards – which many actuaries may be asking themselves.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Jim Weiss
Panelists:
Michael McPhail
Math Education - Why Every Actuary Should Care About Kindergarten
Every actuary learns to love math in elementary school. Math education begins long before your first actuarial exam sitting and your success can be traced back to early experiences that made you feel “good at math”. This session features what we know about the brain, how it loves to play with math and how today’s classrooms are being retrofitted with a common core of national standards that will affect every student’s math education from kindergarten through grade twelve. Come and learn with math educators who will describe some of the new developments in math education standards, techniques, and technologies intended to make every child share that “good at math” feeling. Presenters will show you the lessons and technologies that make a difference in math achievement and will feature an interactive experience developed for students in the area of probability. It will also include a representative of The Actuarial Foundation, the charitable arm of the actuarial profession, which has sponsored several important initiatives to engage young people in learning these fundamental skills.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Jim Weiss
Panelists:
Eileen Streu
Innovations in Vehicle Ratemaking
Traditional vehicle rating is based on grouping similar vehicles together with some adjustment for loss experience. This session will show two complementary concepts on how detailed vehicle information can be used to develop accurate predictions of insurance loss. For each concept, we discuss the types of data available, data preparation, the modeling process, and the results on actual industry loss data. The first part focuses on an advanced analysis of vehicle characteristics in addition to make/model/year/trim level. We look beyond simple VIN decoding approaches, and introduce text-mining tools in order to bridge disparate formats of key information. The second part considers vehicle history data on unique vehicles (i.e. the history of your specific car). Through pattern extraction and advanced analytics we create a score that adds substantial incremental segmentation power above and beyond the rating elements used today.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Jim Weiss
Panelists:
Glenn Hofmann
Determining the Impact of Climate Change on Insurance Risk and the Global Community
Climate Change poses a key emerging risk to the insurance/reinsurance industry. The industry, in its critical role as society’s risk aggregator/distributor, is positioned right in the forefront of a changing risk landscape due to climate change. Actuaries are entrusted with the task of studying and evaluating the uncertainty of future events and their financial consequences. However, the complexity of climate change impacts poses unique challenges to the risk assessment/quantification process. The American Academy of Actuaries, the Canadian Institute of Actuaries, the Casualty Actuarial Society and the Society of Actuaries are partnering on a research project to develop an index to help raise awareness of the potential risks associated with climate change and the risk management implications within North America and globally. The index would highlight important indicators of climate change such as: Temperature Extremes, Floods, Droughts, Sea level rise and Hurricane Intensity. In this session, the findings of phase 1 of a two-phase study regarding the index of the key climate change indicators will be presented.
The index is to be a resource for actuaries and others in developing predictive models for potential climate change related losses or opportunities as well as for risk management strategies. Actuaries might utilize the data and measures of the indicators and index in evaluating the potential risks of climate related changes to their employers. For example, a high index for increased hurricane intensity might indicate the potential for increased property damage, personal injury or death. In addition, the data and index might be useful to the American Academy of Actuaries and others in public policy discussions.
The session will also discuss actuarial perspectives on the use of climate change information in risk management and decision making. It will outline insurance product opportunities and underwriting/balance sheet risks that could emerge as a result of climate change. It will also explore how well-equipped actuaries and the insurance industry are in dealing with this challenge. There will also be a discussion on recent developments in the evolving area of regulatory oversight for monitoring and tracking of climate change risks.
Source:
2012 Spring Meeting
Type:
general
Moderators:
Jim Weiss
Panelists:
Andrew Weaver
Current State of the Reinsurance Market
Loss trends continue to climb upward. Yet, what’s happening to pricing levels? How are terms and conditions responding to the market? Property catastrophes over the last few years have been active. So what does that mean for the CAT market? Loss reserves appear to be about out of gas. Yet companies are reporting strong results. How can this be? How has all of this affected capacity? Have reinsurance buying patterns been affected? These are good questions. This panel will discuss these and other questions and will lay out their opinions as to current state of the reinsurance market.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Steven Kelner
Complementing an Actuarial Review with a Claims Review
Despite the fact that a claims review can greatly benefit both a company's profitability as well as an actuary's reserving analysis, they are often overlooked as a tool. Our presentation will include triggers that actuaries should look for to suggest claims reviews, details of what a claims review should include, as well as how both the company and the actuary can benefit from the results of the claim review. Examples from actual experience will be provided.
Specifically, we will discuss the development of a claim self assessment questionnaire that will calibrate claim professional adjudication practices to meet or exceed leading practices. Panelists will then discuss the development and utilization of key performance indicators to monitor claim activity which impacts the overall loss ratio improving the profitability of the portfolio.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Justin Brenden
Applying Optimization Methods in Ratemaking
There are a variety of ratemaking judgments that can be aided by optimization methods. Many of these judgments have to do with applying model-based indications in the presence of real-world constraints. This presentation will present a general overview of optimization problems and common solution methods. We will look beyond the “price optimization” applications to identify other situations that lend themselves to an optimization type of solution. Real-world examples will include geospatial smoothing and making structural changes to rate plans.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
David Cummings
An Update on CAS CE Requirements and Opportunities
Did you know that this session qualifies for 1.8 CE units? Come to learn more about continuing education in the CAS.
The panelists will provide an overview of the current CE requirements and a summary of the various CE opportunities provided by the CAS. CE policy questions are sometimes raised by CAS members. The panelists will discuss the process used by the CAS to respond to those questions. They will provide a high level overview of the status of CE compliance within the CAS membership, including the status of the audit process.
Source:
2012 Spring Meeting
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Leslie Marlo
European Debt Crisis and Its Impact On D&O
This session will examine the effect of current market and financial trends such as the European Debt Crisis on the U.S. D&O insurance business. In addition, trends in class action lawsuits will be compared and contrasted with changes in D&O rates and overall exposure to risk.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Jason Israel, Teresa Black
Climate Change
Assessing potential changes in natural catastrophe risk in response to global climate change is challenging. Understanding the impacts are not as direct as understanding global temperature and precipitation, but extend to understanding shifts in factors such as jet stream location and intensity. This presentation will discuss the sensitivity of natural catastrophes to climate factors and identify some of the expected responses to climate change. This will include discussion on the sources of uncertainty in performing climate analyses on these hazards, and will focus on hurricane, winter storm, and severe thunderstorm activity.
Climate Change is expected to modify the underlying risk factors of various perils underwritten by the insurance/reinsurance industry. However, the complexity of climate change impacts poses unique challenges to the risk assessment/quantification process. The American Academy of Actuaries, the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries are partnering on a research project to develop an index to help raise awareness of the potential risks associated with climate change and the risk management implications within North America and Globally. The index would highlight important indicators of climate change such as: temperature extremes, floods, droughts, sea-level rise, and hurricane intensity. The index is to be a resource for actuaries and others in developing predictive models for potential climate change related losses or opportunities as well as for risk management strategies. In this session, the findings of the first phase of a two-phase study regarding the index of the key climate change indicators will be presented. The session will also discuss actuarial perspectives on the use of climate change information in risk management and explore underwriting/balance sheet risks that could emerge as a result of climate change.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Vijay Manghnani, Tim Doggett
Catastrophe Pricing Methods
This session will provide an overview of the theory and practice of Cat XL treaty pricing, including loss costs (assumptions, credibility, uncertainty) and capital (risk measures, order dependence, market behavior).
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Jonathan Hayes, Ira Robbin, Timothy Aman
Cat Modeling:  Version 2012
What's new in catastrophe modeling? This session will provide a review of what changed when, where, and why - and reinsurance market/reinsurance buyer/rating agency responses to date. We will provide a few high-level model comparisons, look at upcoming model changes, and throw in a some general speculation on the future of catastrophe modeling from cat modeling, underwriting, and actuarial perspectives.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Krista Lienau, Michael Mahoney, Vaughn Jensen
Beyond the Matrix: Dependence Modeling with Risk Drivers
Tail or “stress scenarios,” the measures of required capital, are themselves a result of convergence or correlation of a wide range of possible risk drivers, including:
Common shocks to claim frequency or severity.
Clash of multiple claimants or lines of business.
Catastrophic perils.
Co-movement of price adequacy through underwriting cycles.
Calendar year inflation spanning assets and liabilities.
Capital modeling teams are investigating ways to implement these risk drivers in their model. Their thought process contemplates not only technical aspects but also clarity—a critical element in helping them gain buy-in from key internal opinion leaders, external stakeholders, and auditors. This session will discuss the limitations of the most common industry approach to stress scenario modeling—using correlation matrices—and show how risk drivers are implemented in Guy Carpenter’s MetaRisk® model.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Donald Mango, Dave Clark
Beyond the Buzzword: Realizing Value From Predictive Modeling
Predictive analytics continues to develop a great deal of buzz, sometimes to its own detriment. Managers at companies not already using predictive analytics are feeling a lot of pressure to join the movement. In this session, presenters will illustrate a failed predictive modeling implementation case study, describe the lessons learned, and give a practical roadmap for squeezing measurable return out of predictive modeling. A particular emphasis will be placed on applying predictive analytics within the context of a reinsurance placement.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Panelists:
Bret Shroyer, Dan Bankson
An Industry and Economy at the Crossroads: Overview and Outlook for Property/Casualty Insurance and Reinsurance Markets
This presentation will provide a comprehensive overview and outlook for the property/casualty insurance industry. Profitability and performance metrics will be reviewed as well as the major drivers of those metrics. Principal topics of discussion include underwriting performance, catastrophe claim cost trends, rate trends, and impacts of recent improvements in the economy on exposure growth and the tort environment. Other factors influencing profitability and performance, such as the investment environment and claim frequency and severity drivers, will be discussed for key lines.
Source:
2012 Seminar on Reinsurance
Type:
general
Moderators:
Hernan Medina
Panelists:
Robert Hartwig
Alternative Risk Management: Continuing Innovation in Reinsurance Risk Transfer
Insurance-linked securities (ILS) play a prominent role in a rapidly growing alternative risk transfer market. ILS enable insurers, reinsurers, governments, and corporations to efficiently transfer insurance risk to the global capital markets through a variety of different structures. In this session, you will learn about recent innovations in this sector from the perspective of various ILS market participants, such as primary carriers, reinsurers, and brokers.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Hernan Medina
Panelists:
Beat Holliger, Larry McClure, William Dubinsky
Aggregate Covers
This session will address the uses, purchase motivations and effectiveness of aggregate stop-loss reinsurance. Demand for this product will be discussed from both industry and individual company perspectives. Several examples will be used to demonstrate the design, modeling, and pricing of stop-loss transactions. Contract features such as multiple years, experience accounts, APs, commutations, and profit commissions will be considered. The Monte Carlo loss simulation will be the key tool to drive the modeling. The simulation method presented will reflect dependencies between lines of business, attritional and large losses, and multiple periods.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Mulquiney
Panelists:
Richard Rosengarten, Priyantha Perera
Emerging Market Pricing
The insurance and reinsurance business has grown rapidly in various emerging markets, in particular in Latin America and Asia. There are many challenges with conducting business in these growing markets, and it presents some interesting contrasts to what is seen in more developed countries. In this session, we will focus on the Latin American and Caribbean region as well as Asian markets, and discuss market dynamics, data and pricing challenges.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Mulquiney
Panelists:
Robert Blanco, Micah Woolstenhulme
Using Models with Uncertainty
Recent events have brought more attention to the uncertainty inherent in many types of models, including catastrophe models. Model uncertainty can be a very complex topic, but it is not new; actuaries deal with uncertainty regularly when working with pricing, reserving, and a wide variety of other analyses. This session will provide additional insight into catastrophe model uncertainties and suggest practical approaches that model users can utilize to deal with those uncertainties. It will also introduce a postmodern decision theory approach for making “robust” decisions that work over a set of models that are “near” the given model and show some evidence that this is in fact how reinsurance markets operate.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Mulquiney
Panelists:
John Major, Susan Curtis
Tornado/Hail: To Model or Not To Model
2011 brought on much unprecedented catastrophic activity and yet another confirmation of the difficulties in estimating Tornado/Hail (or Severe Convective Storm -SCS) exposure. A panel of experts will discuss the strength and limitations of CAT models in the evaluation of SCS and offer practical solutions on addressing these limitations in reinsurance contract pricing.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Mulquiney
Panelists:
George Davis, Mindy Spry, Halina Smosna
The Big Wave of Solvency Regulation: Solvency II and the Solvency Modernization Initiative
Will the NAIC Solvency Regulation converge with Solvency II?
The NAIC is currently considering a major Solvency Modernization Initiative which will include a requirement for U.S. insurers to periodically conduct an “Own Risk and Solvency Assessment” (ORSA). According to this process, U.S. insurers would need to assess the adequacy of their risk management and expected solvency. The NAIC is moving fast with the implementation timeframe.
This session will address the recent developments in the NAIC’s Solvency Modernization Initiative – ORSA, enhancements to the RBC formula and other developments, as well as the role of the Federal Insurance Office (FIO) in industry oversight.
This session will also explain Solvency II – what are its three pillars, what are the new accounting rules it mandates, and what is different about how it arrives at solvency requirements. The discussion will focus on insurance risk and reserve valuation. Topics will include discounting, risk margins, illiquidity premiums, one-year reserve risk, the Standard Formula, and several internal model approaches to reserve risk. The session will conclude with thoughts about why Solvency II is so controversial.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Mulquiney
Panelists:
Ira Robbin, Sarah Krutov, Joseph Sieverling
Risk Transfer Testing
This session will explore the current insights into risk transfer testing criteria. In recent years, there are expanding views on methodology beyond the 10/10 rule to make these assessments. We will also look at recent changes in the marketplace and trends in the structure of contracts.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Panelists:
Lynne Bloom, Anastasios Serafim
Reinsurance Mergers & Acquisitions
Everyone talks about mergers and acquisitions in the Bermuda and Global (re)insurance industry but why don’t we see more? We regularly hear industry observers suggest that an increase in M&A activity in the reinsurance marketplace is just around the corner, while year after year the level of activity never seems to meet expectations. Why is there not an increase in M&A activity in the (re)insurance industry? In this session three industry executives will debate the arguments for and against more M&A activity and present research on the topic from several different perspectives.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Panelists:
William Wilt, Bruce Fell, Jack Sennott
Professionalism: Avoiding Litigation and Disciplinary Risk
As a practicing actuary you may face the risk of professional litigation or disciplinary risk in pursuing your profession. Learn how to reduce these risks for yourself and your company from a panel of experts, including an attorney who specializes in defending actuaries in professional litigation and a former member of the ABCD. This session is expected to be highly interactive! This is a great opportunity to improve your understanding of both the litigation and disciplinary processes, to learn steps that you can take to reduce the probability of your becoming involved in either process, to learn how best to manage the process should you become involved, and to get your questions answered.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
James Merz
Panelists:
R. Muth, Michael Toothman
Modeling Casualty Cats/Clash Pricing
Similar to increasingly sophisticated property models, models are available to help casualty business writers exposed to mass torts evaluate and understand their risks. These models are especially timely for insurers bound by Solvency II, who will be required to explicitly estimate the potential impact of casualty catastrophes. Many casualty insurers are already aware that understanding their potential exposures to mass torts is critical for continued financial integrity and an important consideration within a sophisticated enterprise risk management framework. This session will examine the challenges insurers face when trying to model casualty catastrophes and describe approaches used to model these risks as reinsurers try to evaluate the risks and utilize reinsurance through clash coverages to address some of the exposures.
Source:
2012 Seminar on Reinsurance
Type:
concurrent
Moderators:
James Merz
Panelists:
Christopher Najim, Matthew Ball, Shannon Totten, Landon Sullivan
