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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.
Integrating ERM into Strategic Planning and Company Culture: A Case Study
This session will discuss how to effectively integrate an ERM program into strategic planning and other business decision-making. A case study will be presented of an insurance company that succeeded in fully implementing ERM, and used it to enhance its strategic planning process, to make better decisions (including on acquisitions) and to generally embed risk culture into the company culture.
Source:
2011 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Gary Wang
Panelists:
Sim Segal, Richard Lauria
Capturing Risk Appetite through ERM - Implementation Challenges
The objective of this session is twofold: (i) illustrate that establishing Risk Appetite as part of ERM is a best practice in any financial services institution, (ii) highlight the challenges in using Risk Appetite itself as a risk management tool. We define Risk Appetite as the expression of the types and quantity of risk to which an institution wishes to be exposed. Risk Appetite reflects the business strategy, expectations of stakeholders, characteristics of the risk-bearing entities, nature of the risks undertaken, and possible internal and external contagion of risk situations across different organizational units at different time horizons.
With heightened focus on overall risk management amid the current financial crisis, an institution's Risk Appetite may drive its strategy and capital management process. By fully integrating Risk Appetite in business planning, the institution's performance can be enhanced by dynamically managing and monitoring its risk-reward framework. In that respect, Risk Appetite can be considered as the cornerstone of modern approaches to risk management.
While managing through Risk Appetite, an institution needs to find its right balance between subjectivity and metrics-driven approaches to risk management as Risk Appetite is prone to several organization and regulatory challenges. Even though establishing Risk Appetite is a best in class ERM practice, the implementation of Risk Appetite is still unproven and requires changing cultural mindsets and investment in technology and people. Risk Appetite by default would require greater transparency in corporate governance and with increased transparency comes greater responsibility and accountability. We present such implementation challenges.
Source:
2011 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Gary Wang
Panelists:
Varun Agarwal
Designing and Implementing ICAAP and ORSA: Challenges and Practices
This seminar directly addresses challenges faced by banks and insurance companies in building robust Internal Capital Adequacy Assessment Process (ICAAP) and Own Risk and Solvency Assessment (ORSA) respectively. The ICAAP and ORSA are an integral part of the Enterprise Risk Management system of every bank, insurance, and reinsurance undertaking. Industry practitioners and supervisors will provide insightful guidance that can help companies in setting internal capital targets and developing strategies for achieving those internal targets that are consistent with their business plans, risk profile, and operating environment. The interactive sessions will provide a thorough coverage of practical approaches and existing practices of developing and maintaining key components and processes of ICAAP and ORSA, including topics such as:
* ICAAP and ORSA Frameworks
* Supervisory expectations on design and implementation
* Effective governance and senior management oversight
* Sound capital assessment, planning and allocation
* Comprehensive assessment of risks
* Rigorous enterprise wide stress testing
* Effective capital management
* Independent end-to-end validation, and
* Effective internal control and audit reviews.
A panel of experts representing supervisory authorities, insurance and banking industries will wrap up the seminar with their views on the current status and future of ICAAP and ORSA.
Please feel free to join the online professional group ICAAP & ORSA: Challenges & Practices, which was created for participants of the Seminar/Webcast, as well as for practitioners in ICAAP & ORSA areas. The Group's open space will be used for facilitating technical discussions and asking the Faculty questions before, during and after the Seminar/Webcast. Contact Alexander Shipilov at alexander.shipilov@td.com with questions about the Group and its discussions.
Source:
2011 Enterprise Risk Management Symposium
Type:
seminar
Moderators:
Scott Sobel
Panelists:
Stuart Wason, Anand Borawake, Dan Rodriguez, Bogie Ozdemir, Leon Bloom, Julia Ross, Rodanthy Tzani, Alan Peng
Keywords:
ICAAP and ORSA
Price Optimization - An Introduction to Theory and Practice
Over the past decade, actuaries have been employing more sophisticated modeling techniques to analyze loss costs for ratemaking. More recently, we've also started studying policyholder retention and conversion rates in more detail. Our pricing decisions, however, often rely on judgment to synthesize the knowledge from these separate analyses. We're not leveraging the full potential of the underlying analyses. This session will explore how price optimization models can be used to determine rates that best match an insurer's strategic profit and growth objectives. The session will provide an overview of optimization, describe some of the technical aspects of the optimization process, and address some implementation challenges and solutions
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Claudine Modlin
Keywords:
Price Optimization
Expanding Analytics through the Use of Machine Learning
Machine Learning, what it is, how it compares to traditional techniques, and how it can change the use of analytics, will be discussed. Machine Learning techniques can produce surprisingly actionable results across a wide array of insurance functions. Many examples illustrating the wide variety of applications will be shown, with the emphasis on the creativity with which an insurer can utilize business information through analytics.
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Chris Cooksey
Keywords:
Expanding Analytics
How to Estimate Risk Adjustments under IFRS
In July, the International Accounting Standards Board issued an exposure draft of the International Financial Reporting Standard for insurance contracts. In this presentation, we'll summarize what this exposure draft requires for the estimation of risk adjustments for reserves. We'll then take you through a step-by-step example of how to estimate a risk adjustment using one of the most popular methods, the Cost of Capital method.
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Derek Jones, Jessica Leong
Keywords:
IFRS,Estimate Risk Adjustments
Insurance Contracts Project
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on numerous joint projects, one of which is a project on Insurance Contracts. This project has the potential of changing the reporting in the near future of insurance products for both U.S. GAAP and IFRS reporting. Among some of the changes, property and casualty insurance companies may expect to include loss reserves that will be discounted and include a margin for uncertainty, a new presentation in regards to the income statement, and far more extensive financial statement disclosures. The IASB recently issued an exposure draft that reflects several years of efforts on this project, and the FASB has issued a discussion paper on the same topic. The American Academy of Actuaries, with input from the Casualty Actuarial Society, is preparing comment letters to both the IASB and the FASB to respond to their proposals.
This session will provide a historical perspective on the Insurance Contracts project, a summary of the key decisions and views reached by the FASB and IASB, and explain the perspectives of the FASB and IASB board members and project teams that worked to shape their views. In addition, we will provide an overview of the Academy's comment letter, focusing on key issues that present challenges to property/casualty insurance companies and practicing actuaries.
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Marc Oberholtzer, Thomas Le
Keywords:
Insurance Contracts
Current CAS Issues and Directions
Alice Underwood, a member of the CAS Board, will provide an overview of the current issues being addressed by the Board. Topics likely to be of particular interest include the Global ERM Designation CERA; basic and continuing education issues; the proposed Foundational Statements, which were recently exposed for comment; and ACAS membership rights. Ample time will be allotted for questions from members and candidates.
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Alice Underwood
Reasons for Optimism Amidst Challenges in the P-C Insurance Industry
Following two extremely tough years for the P-C industry, it looks like 2010 will turn out to be better. We are tempted to look to 2011 expecting an even stronger and more profitable year. Yet it seems that each positive development comes with a challenge. Some examples: Will persistently low inflation devolve into growth-inhibiting deflation? Will another year without major hurricanes lead to increased resistance to setting risk-appropriate property insurance rates? Tort reforms enacted in the last decade slowed the tort onslaught of earlier times, but will the tort bar and its allies succeed in reversing these reforms? Now that the Great Recession is officially over, how long will it take to get back to "normal," and how will that affect the industry's operations? The session will discuss these topics in historical context and-perhaps-lead some attendees to form an optimistic outlook.
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Panelists:
Steven Weisbart
Keywords:
Optimism Amidst Challenges
Treasurer's Report
Business Meeting
Source:
2010 Regional Affiliate - CAMAR
Type:
affiliate
Erratic Case Reserving Practices
Source:
2010 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Scott Sobel
Keywords:
Reserving
Medical Professional Liability - Financial Update
Source:
2010 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Thomas Hess
Keywords:
Financial, Medical Professional Liability
ASOP 43 Property/Casualty Unpaid Claim Estimates
Source:
2010 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Carolyn Bergh
Keywords:
Unpaid Claim Estimates, Property/Casualty, ASOP
Using Scoring in Underwriting Analytics and Marketing
Source:
2010 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Ronald Baker
Keywords:
Underwriting Analytics, Marketing
Expanding Analytics Through the Use of Machine Learning
Source:
2010 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Larry Vitale
Keywords:
Expanding Analytics
Pricing Strategy And Risk Management
Since the emergence of predictive modeling in insurance pricing, the industry has re-learned the lessons of how pricing strategy can make or break a company. The ability to forecast the impact of pricing decisions is more important than ever. These forecasts must consider many elements of the dynamic marketplace, including competitive and customer retention/conversion effects. Forecasts of these elements are inherently uncertain. During this session, we will draw on risk management approaches, discussing how we can use uncertain information to make better and more robust strategic decisions.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Robin Harbage
Panelists:
Thomas Hettinger
Keywords:
Risk Management, Pricing Strategy
Update on Federal Insurance Reform
In late May, the Senate approved S. 3217, the Restoring American Financial Stability Act of 2010 or RAFSA. This is the Senate’s version of the House Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), which passed the House in December 2009. The legislation was approved by the Senate on July 15 and President Obama signed the H.R. 4173 bill into law.
The panel will discuss the Federal Insurance Office and highlight the regulatory implementation of the bill. Specifically mentioned will be the domestic and international powers of this new office and the potential positive and negative effects on the property and casualty insurance industry.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Robin Harbage
Panelists:
Mary Seidel, Dave Snyder, Steve Broadie
Keywords:
Federal Insurance Reform
An Analysis of the Limitations of Utilizing the Development Method for Projecting Mortgage Credit Losses and Recommended Enhancements
Actuaries are well positioned to support mortgage credit risk analysis. The rise and fall of subprime mortgage securitizations contributed in part to the ensuing credit crisis and financial crisis of 2008. Many participants in the subprime-mortgage-backed securities market relied largely on analyses grounded in the loss development factor (LDF) method, and many did not conduct their own credit analyses. Mortgages are long-duration assets and, similarly, mortgage credit losses are relatively long-tailed in nature. As casualty actuaries are aware, the LDF method has inherent limitations associated with immature development. The presenters will cite examples of parties relying on the LDF or similar methods for projecting subprime mortgage credit losses, highlight the limitations of relying exclusively on such methods for projecting subprime mortgage credit performance using publicly available historical data, and conclude by offering general enhancements for an improved approach that considers the underwriting characteristics of the underlying loans as well as economic factors.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Stephanie Rabin
Panelists:
Kyle Mrotek, Mike Schmitz
Keywords:
subprime mortgage securitizations, credit risk analysis
The Chartered Enterprise Risk Analyst (CERA) Designation
The CERA designation is a major step forward for the global actuarial profession and for the CAS. Consistent with our Centennial goal and in support of a heightened demand for quantitative enterprise risk management in the property casualty industry, the CERA allows those CAS members who wish to further leverage their skills in risk analysis and quantification and gain recognition in an expanding field of practice. While the session will provide historical context of the CERA for the CAS, this topic is timely: the CAS is in the home stretch of being able to confer the CERA designation to our qualified members. Our panelists will explain the value of a CERA to you and what it will take to qualify for the designation.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Stephanie Rabin
Panelists:
John Kollar, Kevin Dickson
Keywords:
Chartered Enterprise Risk Analyst, CERA
Committee on Theory of Risk Research Update
Results from the COTOR Risk Premium Project II, a review and analysis of Actuarial, Finance, and Risk Management Literature, 2000-2009, will be presented by one of the lead researchers, along with a demonstration of the interactive website of the literature citations, abstracts and keywords that will be available as a resource to CAS members. Concurrent and potential future COTOR research topics will also be discussed and suggestions sought from CAS member attendees.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Stephanie Rabin
Panelists:
Martin Eling
Keywords:
COTOR Risk Premium Project II, Actuarial, Finance, and Risk Management
Actuarial Applications of a Hierarchical Insurance Claims Model
This paper demonstrates actuarial applications that can be performed when modern statistical methods are applied to detailed, micro-level automobile insurance records. We consider 1993-2001 data consisting of policy, claims and payment ¯les from a major Singapore insurance company. A hierarchical statistical model, developed in prior work Frees and Valdez (2008), is ¯t using the micro-level data. This model allows us to study the accident frequency, loss type and severity jointly and to incorporate individual characteristics such as age, gender and driving history that explain heterogeneity among policyholders. Based on this hierarchical model, one can analyze the risk profile of either a single policy (micro-level) or a portfolio of business (macro-level). This paper investigates three types of actuarial applications. First, we demonstrate the calculation of the predictive mean of losses for individual risk rating. This allows the actuary to differentiate prices based on policyholder characteristics. The nonlinear effects of coverage modifications such as deductibles, policy limits and coinsurance are quantified. Moreover, our flexible structure allows us to unbundle" contracts and price more primitive elements of the contract, such as coverage type. The second application concerns the predictive distribution of a portfolio of business. We demonstrate the calculation of various risk measures, including value at risk and conditional tail expectation, that are useful in determining economic capital for insurance companies. Third, we examine the effects of several reinsurance treaties. Specifically, we show the predictive loss distributions for both the insurer and reinsurer under quota share and excess-of-loss reinsurance agreements. In addition, we present an example of portfolio reinsurance, in which the combined effect of reinsurance agreements on the risk characteristics of ceding and reinsuring company are described.
Source:
2010 Annual Meeting
Type:
paper
Moderators:
Stephanie Rabin
Panelists:
Peng Shi, Edward Frees, Emiliano Valdez
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:
2010 Annual Meeting
Type:
concurrent
Moderators:
Stephanie Rabin
Panelists:
Timothy Pollis, William Penn
Keywords:
Reinsurance, Property and Casualty Reinsurance Market
A Conceptual Proposal to Use Appraisal Value as a Supplementary Basis for Financial Valuation
This paper argues that no single valuation basis is completely reliable: neither market price nor other alternatives can accurately measure value. Therefore, this paper proposes that a preferable solution is to simultaneously record two bases of valuation: market price and appraisal value. Thus by expanding the dimensionality of financial reporting, one can provide a broader, richer, and more accurate measurement of value.
Source:
2010 Annual Meeting
Type:
paper
Moderators:
Stephanie Rabin
Panelists:
Neil Bodoff
Prediction Error of the Future Claims Component of Premium Liabilities under the Loss Ratio Approach
In this paper we construct a stochastic model and derive approximation formulae to estimate the standard error of prediction under the loss ratio approach of assessing premium liabilities. We focus on the future claims component of premium liabilities and examine the weighted and simple average loss ratio estimators. The resulting mean square error of prediction contains the process error component and the estimation error component, in which the former refers to future claims variability while the latter refers to the uncertainty in parameter estimation. We illustrate the application of our model to public liability data and simulated data.
Source:
2010 Annual Meeting
Type:
paper
Moderators:
Stephanie Rabin
Panelists:
Jackie Li
The Academy and Healthcare Reform
This panel presentation will focus on actuarial implications of the recently passed federal health reform legislation. It will address the role of the actuary in implementing reforms, and the efforts of the American Academy of Actuaries in ensuring appropriate actuarial input.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Pierre Picard
Panelists:
David Heppen, Cori Uccello, Karl Madrecki, Brian Webb
Keywords:
Healthcare Reform
