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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.
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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.
The CAS and You: An Overview for New Members
You know the CAS as the organization that has provided your development and learning opportunities through the examination process. Do you know the mission of the CAS, its history or governance structure? Are you familiar with the member services available from the CAS? During this session this CAS leader will provide this information and more. She will also share information about the additional personal development and enrichment available through the CAS volunteer opportunities.
Source:
2011 Spring Meeting
Type:
concurrent
Panelists:
Pat Teufel, Joanne Spalla
Mixture Distribution and its Applications on P&C Insurance Data
Insurance data is generally skewed. Empirical studies often show evidence of mixture distribution: a relatively stable and less skewed distribution reflecting normal conditions and a volatile and much skewed distribution reflecting severe situations. Because of this mixture nature, commonly used distributions, such as lognormal, gamma, or Pareto may not fit insurance data well. Finite mixture models (FMM) expand popular GLMs by incorporating mixture distributions in the regression. FMM have been used for more than 100 years, but have recently seen a rapid increase in popularity given advances in computing power and availability of software. The panelists will offer several real world case studies (cat aggregate loss, by-peril homeowner loss, equity return, etc.) and highlight the usage of software tools such as Excel Solver, R, SAS Proc NLMIXED, and SAS/JMP scripting language (JSL).
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Ken Dubbs
Panelists:
Matthew Flynn, Douglas Pirtle
Workers Compensation Frequency and Experience Rating Plan
Workers compensation ratemaking frequency can be viewed as a weighted average of industry frequencies. Because frequencies vary across industries, a change in industry weights (as caused by changes to industry employment proportions) may affect the overall ratemaking frequency. The first half of this session will discuss and quantify the frequency impacts of the recent housing bubble and the subsequent collapse in construction activity.
NCCI has recently concluded a comprehensive review of their Experience Rating Plan, the first such review in over a decade. The second half of this session will discuss the items that were reviewed, the analyses supporting the planned changes, and the estimated impacts from the changes.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
Frank Schmid, Tony DiDonato
Update on CAS and Academy Activities
This session will provide an update on recent activities of interest at the CAS and AAA. The following issues will be addressed: the CAS vision and mission statements, actuarial skill set, the new CAS CE policy, CERA, bylaws proposals (ACAS rights and joint discipline), international, foundational statements, among others.
Source:
2011 Spring Meeting
Type:
concurrent
Panelists:
Ralph Blanchard, Mary Miller
Own Risk and Solvency Assessment
The Own Risk and Solvency Assessment (ORSA) is a regulatory tool adopted as an ERM standard by the International Association of Insurance Supervisors-so no matter where in the world you practice, you’ll probably come across ORSA implementation in the next few years.
With focus on the European Union and U.S. plans and proposals, panelists will discuss ORSA, what it means to companies today, and what impact it could have on actuaries down the road.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
Kris DeFrain, Kathryn Morgan
Copula Regression
Regression analysis is one of the most commonly used statistical methods. But in its basic form (ordinary least squares (OLS)) it is not suitable for actuarial applications because the relationships are often non-linear and the probability distributions are non-normal. One approach that has been successful in overcoming these challenges is the generalized linear model (GLM), which requires that the dependent variable have a distribution from the exponential family. In this paper, we present copula regression as an alternative to OLS and GLM. The major advantage of a copula regression is that there are no restrictions on the probability distributions that can be used. In this paper, we will present the formulas and algorithms necessary for conducting a copula regression analysis using the normal copula.
Source:
2011 Spring Meeting
Type:
paper
Moderators:
Stephen Low
Panelists:
Stuart Klugman, Rahul Parsa
Keywords:
statistics
Flood - Australia and Other International Exposures
The recent flooding in Australia has led to increased attention to the risk of inland flooding across the globe. Is the insurance industry prepared for these risks? The first speaker will provide details on the Australia flood: how it occurred, the extent of damage, insurance coverage, and division of losses between the private and public sector. She will also consider the flood risk management solutions available in other countries and to what extent similar solutions might be useful in Australia. The second speaker will address challenges and solutions to modeling large-scale flood risk and an innovative approach to modeling inland flood risk.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
David Lalonde, Jane Toothill
Catastrophes and Workers Compensation Ratemaking
This paper describes the new ratemaking methodology that NCCI has filed in many states to improve the treatment of large individual claims and catastrophic multi-claim events related to the perils of industrial accidents, earthquake, and terrorism. We discuss how certain traditional areas of aggregate ratemaking were modified: loss development including the tail factor, trend, capping losses, and application of excess provisions. The paper also documents for the first time in CAS literature how computer modeling was applied in workers compensation to determine loss costs by state.
Source:
2011 Spring Meeting
Type:
paper
Panelists:
Thomas Daley
Keywords:
Catastrophes, Workers Compensation, ratemaking
Optimal Layers for Catastrophe Reinsurance
Insurers purchase catastrophe reinsurance primarily to reduce underwriting risk in any one experience period and thus enhance the stability of their income stream over time. Reinsurance comes at a cost and therefore it is important to maintain a balance between the perceived benefit of buying catastrophe reinsurance and its cost. This study presents a methodology for determining the optimal catastrophe reinsurance layer by maximizing the risk-adjusted underwriting profit within a classical mean-variance framework. The paper considers catastrophe and noncatastrophe losses simultaneously, and risk is measured by lower partial moment, a more reasonable and flexible measure of risk than the traditional variance and Value at Risk (VaR) approaches.
Source:
2011 Spring Meeting
Type:
paper
Panelists:
C.K. Khury, Luyang Fu
Keywords:
Catastrophe Reinsurance
Medicare Set Asides - What Every Actuary Needs to Know
Introduction to Medicare Set Aside laws and recent developments in regards to changes in its application. The session will cover information that actuaries need to be aware of in setting reserves and understanding the impacts on historical claims (general liability and workers compensation). There will also be an update on how the industry views these laws and what is being done legislatively to account for these changes. There will be a Q&A session at the end to discuss any additional questions.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
Timothy Doherty, James Price
Secret Language of Influence: The Sequel
"The Secret Language of Influence: The Sequel" an all new session from Dan Seidman, will cover more influence strategies-even influencing yourself through altering attitude, healthy self-talk, and the like. This will include a very unique element on the psychology of how our brain accepts, then validates excuses. We actually expose this destructive thinking, show how to eliminate it-all through an interactive program where learners can work on any excuses that are limiting their success (personal issues, business issues, etc.). If you have heard Dan speak previously, come back to expand on the skills you learned. If you have never sat in on one of Dan’s sessions, come to this session to pick up some great skills that you can apply to both your professional and personal life!
Source:
2011 Spring Meeting
Type:
concurrent
Panelists:
Dan Seidman
Open Source: What Is It Worth?
What is meant by"open source?" What is meant by "commercial open source?" How do these differ from "proprietary" products? How do other forms of intellectual capital share in the open-source paradigm? Our panelists will discuss these questions, the advantages and disadvantages of the open-source and proprietary business models, how they compete and how they cooperate, and related topics, all in the context of actuarial software and thought development. Examples of products available in today's market will be used to highlight the different value propositions.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
Markus Stricker, Benedict Escoto
Uncovering the Mysteries of the Insurance Cycle
Where are we in the insurance pricing cycle, and what needs to happen for it to turn? How have the cycle management practices of insurance companies impacted their long-term profitability? How does the cycle affect actuarial estimates? A review of past cycle turns (and failures to turn) can shed light on the current cycle. This panel will discuss the dynamics of market cycles and address some key drivers that can impact the path of future cycles. We will also discuss how cycles significantly affect actuarial estimates used in reserving, pricing, and ERM.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Stephen Low
Panelists:
Jessica Leong, Meyer Shields, Shaun Wang
Emerging Risk - Reinsurance
What peril is out there that will unveil itself in the future? Could it be as extensive as asbestos? Will it reveal itself over a period of years similar to asbestos or will it manifest itself suddenly like the subprime mortgage debacle? What are insurers doing to investigate the dangers that are currently out there? How are they protecting themselves? Furthermore, what are reinsurers doing to protect themselves? Are they investigating potential emerging risks too? Are they addressing these potential risks in the reinsurance contract? If so, how?
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
Jeremy Pecora
Panelists:
David Mordecai, Samantha Kappagoda
Past Court Rulings Effect on Reserving: Florida Personal Auto as an Example
Court decisions affect the process around adjusting auto claims in many jurisdictions. How the claims organizations and actuaries evaluate the impacts of these decisions in establishing reserves must be considered. Florida has had some court decisions in the last 10 years that raise many questions in the handling of claims and thus are needed to be considered when setting adequate reserves. Failure to comply with these rulings may lead to settlements that are in excess of the policy limits due to supposed bad faith actions against the insurance companies. How are we reserving for the expected amounts in excess of limits and how are we tracking these costs? Companies cannot use these amounts in their pricing or in the excess profits filings. An attorney will discuss the key court decisions and we will talk about the activities from the claims organization to accommodate the rulings and how companies take this into consideration when establishing reserves.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Robert Flayman, John Graziano
A User’s Guide to Writing a Good Actuarial Report
Are your actuarial reports written such that another actuary practicing in the same field could evaluate the work? Do your reports show the analysis from the basic data to the conclusions? Do the narratives clearly describe the business and the analyses performed? Do they adhere to relevant ASOPs? They should! Come see an outline of a good actuarial report and see what should be included in the report. Learn how your reports stack up to others in regards to materiality standards, ranges, reconciliations, disclosure, etc. Hear perspectives from regulators and consultants alike.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Mary Miller
Systemic Risk in the US Insurance Market
Systemic risk is the buzz word from the financial crisis. In this talk, we discuss what it means for the insurance industry. We will explore how it affects the industry through the underwriting and reserving cycles. Through our analysis of the historical underwriting cycle, we will develop a regime-switching model for simulating future cycles, and show its superiority to an autoregressive approach. We will also clearly show evidence of systemic risk in reserves, and how reserve risk measurement is affected by the reserving cycle. Lastly, we will explore what can be done to manage the cycle, and mitigate systemic risk.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Jessica Leong, Shaun Wang
Expanding Analytics Through the Use of Machine Learning
Machine learning as a discipline originates from computer scientists, not statisticians. Consequently, it looks at model building from a different perspective than how most actuaries approach it. This session will delve further into describing and demonstrating what machine learning is and how it compares to traditional statistical techniques. We will discuss how machine learning can change the use of analytics in insurance, and will illustrate how these techniques can produce surprisingly actionable results across a wide array of business functions. Additionally, the panelists will emphasize how creativity can be interjected into the process of utilizing machine learning.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Joel Reott
Data Visualization
Would you like to win friends and influence people (with data)? Then this session is for you!
People think visually. However, most of the tools that today's information workers use actually confuse our natural visual interpretation skills. In this session, Juice Analytics will present practical guidance to help you optimize your work in displaying information. Some of the topics to be discussed include information layout and workflow, information visualization, chart selection, and styling. We'll show real-life examples to demonstrate how applying these best practices enable charting laymen to work like visualization ninjas.
Juice Analytics is a globally recognized expert in crafting information applications that help people understand and act on your data.
Source:
2011 Spring Meeting
Type:
concurrent
Panelists:
Ken Hilburn
Everything You Ever Wanted to Know about Health Reform but were Afraid to Ask
The Health Reform landscape is continually evolving. Get the most current details on what is happening today and what is on the horizon. Our expert panel includes a Washington policy analyst, a company actuary, and a regulator who will share their views from their unque perspectives. Be prepared to think of what health actuaries might be able to learn from your P&C experiences.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Joshua Goldberg, Douglas Lynch
The State of the Reinsurance Market
The session will give the audience an update on the current Property and Casualty Reinsurance Market, the reinsurance needs of various insurance entities as well as how reinsurers are responding to those needs both from a Property as well as Casualty perspective. The panelists will share their perspective on the topic and give the audience the opportunity to ask questions and share their perspectives.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
Panelists:
Roderick Thaler, Joshua Everdell
CAS Actuaries Working Overseas
With the phenomenal demand for actuaries worldwide, it is important to learn from others who have worked overseas if this opportunity comes to you one day.
How are the job markets and work conditions for actuaries in other countries? Are the qualification standards, regulations, and accounting standards similar? What are the advantages and disadvantages working abroad? What kind of cultural differences did they experience? What are the challenges and practical barriers they faced?
Our panelists will address these and other questions in the context of their work experiences in Europe and Asia.
Anyone who is interested in international opportunities or wants to hear about the experiences of other CAS actuaries who have spent time working abroad should attend this session.
Source:
2011 Spring Meeting
Type:
concurrent
Moderators:
D. Lamb
No Insurer is an Island
Insurance boundaries are disappearing. Without exception U.S. insurers and regulators should no longer view themselves as islands unto themselves. Increasingly, the business and regulation of our industry will be influenced as much by developments and trends from across the seas as from within our own shores. Consequently, insurance company self-examination will not be limited to the confines of our own organizational structure but will also require a global perspective that considers emerging macro trends as potential sources of risk.
This international panel will discuss risk management performed by insurers in comparison with the new cadre of solvency monitoring/management schemes rapidly gaining traction and adoption in regulatory arenas around the world. Panelists will provide background and context to current developments and, perhaps even more importantly, suggest how and when these developments will impact actuaries in all practice areas. Insurers around the world are already using these risk management techniques for competitive advantage.
All practicing actuaries should find relevance in this session. Whether a consultant or a regulator, a chief actuary for a large international insurer or a pricing manager for a regional insurer, you likely will soon be called upon, (if you have not already received the invitation!) to participate in risk quantification in multiple facets and applications. This session will shed light on the evolving issues and their implications for you.
Source:
2011 Spring Meeting
Type:
general
Moderators:
D. Lamb
Panelists:
Kris DeFrain, Kathryn Morgan, Alessandrea Quane
Catastrophe Modeling for Commercial Lines
Source:
2011 Regional Affiliate - CANW
Type:
affiliate
Moderators:
D. Lamb
Keywords:
Catastrophe Modeling, Commercial Lines
Data Mining for Actuaries
Source:
2011 Regional Affiliate - CANW
Type:
affiliate
Moderators:
Jay Votta
Keywords:
Data Mining
