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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.
Impact of Current Tort Environment on Asbestos Reserves
The asbestos litigation environment changed dramatically over the past five years-mass recruitment of claimants ceased, mesothelioma claims now dominate the landscape, and asbestos bankruptcy trust payments have grown significantly.
The presentation will discuss how economic incentives drive developments in asbestos litigation and potential future changes. The panelists will present different viewpoints of U.S. property/casualty insurers' ultimate asbestos liabilities, and the items insurers should consider when establishing reserves.
Source:
2010 Annual Meeting
Type:
concurrent
Moderators:
Loren Nickel
Panelists:
Jennifer Biggs, Charles Mullin
Keywords:
Current Tort Environment on Asbestos Reserves
Does Casualty History Repeat Itself? - Emerging Risks and Casualty Insurance
Major correlated casualty events, like asbestos, tend to not repeat themselves in quite the same way. The casualty insurance industry and its insureds learn from such events. Some implement an avoidance strategy to mitigate the newly recognized risk in their portfolio. Others take advantage of the heightened risk perception to design new products and/or charge more premium. However, new correlated risks, like subprime lending and climate change litigation, emerge regularly and new correlated events, which never exactly mirror past events, continue to impact the industry. As a result, the early identification and management of emerging risks is an important and growing focus of the casualty insurance industry. In the long run, the development of methods to effectively assess cost and ultimately manage emerging risks is critical to the stability and profitability of the industry. But if emerging risks never look the same, how do we know them when we see them? This session will discuss the following questions:
* How do we define emerging risks?
* What are some of the practices employed by the casualty insurance industry to identify and manage emerging risks?
* While the specific materials or practices that lead to correlated losses may not repeat, are there common patterns in emerging risks?
* What new methods, technologies, or insurance products are being developed to identify and manage emerging risks?
* How can the reinsurance industry play a role in managing emerging risks?
Source:
2010 Regional Affiliate - CANE
Type:
general, affiliate
Panelists:
Kimberly Holmes, David Bassi, Robert Reville
CAS Update
Ralph Blanchard, President-Elect of the Casualty Actuarial Society will update us on all of the latest and greatest going on within the CAS!
Source:
2010 Regional Affiliate - CANE
Type:
general, affiliate
Panelists:
Ralph Blanchard
Reserve Variability Calculations
This session will demonstrate reserve variability under a variety of methods. The ChainLadder package is a library of functions written in R to perform reserve variability calculations, including Mack, Munich Chain Ladder and Bootstrapping. Simple examples will illustrate the package's use as a pure calculation engine as well as its integration with MS Office. Dave Clark's Curve Fitting method will also be demonstrated using Excel. This method uses maximum likelihood theory to model the distribution of loss development, estimate future loss emergence, and assess the variability around that estimate. It will be shown how using an exposure base to supplement the data in a development triangle can reduce variability. Practical estimation error and extrapolation issues will be discussed.
Source:
2010 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Ernesto Schirmacher, Jimmy Curcio
Keywords:
Reserve Variability
Do You Know the Rules of the Road?
Could you be pulled over by the "police" for an unsuspecting violation? Are you heading for an "accident"? Is your actuarial "license" in jeopardy of being suspended? Learn the rules of the actuarial road in this interactive session! You, the audience, will have the opportunity to vote for the best answer! Don't miss this fun way to reinforce the "rules" you are required to follow to maintain your "license"!! This session may count as professional continuing education.
Source:
2010 Regional Affiliate - CANE
Type:
affiliate
Panelists:
John Gleba
Measuring the Economic Value of Risk Classification
When building predictive models for risk classification, an initial instinct for many would be to evaluate a model by a goodness of fit statistic. This session will discuss ways to evaluate risk classification models from an economic perspective. The basic idea of risk classification from an economic perspective is to identify risks which are either significantly over- or under-priced using the current classification scheme. The presenter will discuss properties of various economic measures of risk classification such as Value of Lift and the Gini index. He will then show how the measures perform with real predictive models.
Source:
2010 Regional Affiliate - CANE
Type:
affiliate
Panelists:
David Cummings
Keywords:
Risk Classification
Florida's Forecast
This session will provide a view of Florida's seasonal forecast as the state continues to be ravaged by the after effects of the 2004 and 2005 hurricanes, regulatory and legislative changes, a complicated political race, an oil spill in the gulf, and new storms on the horizon.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Loren Nickel
Panelists:
John Rollins
Whose Line Is It Anyway? Terrorism and Crop
Few actuaries get the opportunity for exposure to two unique insurance products: multi-peril crop and terrorism.
The ratemaking methods for multi-peril crop insurance addresses elements not common to other property/casualty coverages, yet all actuaries can learn from the approaches used to overcome these distinctive challenges and can apply what they learn to dilemmas they face in other lines. This portion of the panel will focus on an introductory discussion of the product, distribution systems, reinsurance considerations, and pricing issues. In addition, profitability potential will be discussed in conjunction with the recently adopted contract between the private sector and the Federal Government.
Among the many effects of the 9/11 attacks was a severe contraction of the reinsurance market for protection against acts of terror. As reinsurance became scarcer for this peril, insurers were confronted with the choice of excluding acts of terror from their policies or bearing the financial risk completely by themselves. The latter option was complicated further by the lack of reliable metrics upon which to base rates. The natural result was significant uncertainty as to the availability and affordability of insurance protection against loss caused by acts of terrorism. This uncertainty, if left unaddressed, would likely have a material negative impact on the United States' economy. Faced with this potentially devastating scenario, The United States Congress passed the Terrorism Risk Insurance Act (TRIA) which was signed into law in November of 2002. TRIA, which was extended in 2005 and reauthorized in 2007 until the end of 2014, established TRIP as a temporary response to the problem. In addition to extending the life of the program, the reauthorization expanded the coverage to acts of domestic terrorism. The second portion of this panel will provide an overview of the functions of TRIP, TRIP operations, requirements of private insurers, pricing and recoupment provisions.
Terrorism is a longstanding disaster with various roots and forms. It has likewise generated a wide variety of governmental and insurance market responses. Given the magnitude of risk exposures any comprehensive solution it requires cooperation with the ultimate risk sharing community, the State. Worldwide schemes and pools (Gareat in France, Consorcio in Spain, Extremus in Germany, OVDT in Austria, Pool Re in UK, NHT in Netherlands, ARPC in Australia...) will be presented. Risk pricing approach by each national insurance program will be discussed.
Source:
2010 In Focus Seminar
Type:
concurrent
Federal Regulation - Yes or No?
The topic of federal regulation has been debated for several years now. However, in the recent months the discussions have intensified. There seem to be strong arguments by several insurance companies - some in favor of federal regulation, others very much opposed. This session will present two differing viewpoints. In the spirit of a formal debate each side will be allowed to present their case, and then later will be given an opportunity to respond to the other side. Finally, the session will conclude with questions from the audience.
Source:
2010 In Focus Seminar
Type:
general
Moderators:
Michael Dolan
Panelists:
Edward Collins, Jimi Grande
Law, Regulation and Property Residual Markets
The Industry exposure to Natural Catastrophes has grown dramatically in recent years due to increasing replacement cost values and new units in catastrophe exposed areas. As Primary insurers manage their catastrophe exposure, the property residual market entities that cover natural disasters such as hurricanes have seen their exposure and PML's grow even more. These residual market entities are generally not capitalized to be able to cover a mega-catastrophe. Additionally, there is regulatory pressure to keep rates low.
The panelists will examine regulatory and legislative environments as they pertain to the property residual markets in Florida, Massachusetts and North Carolina. In each state, the rate adequacy, the system of financing a mega-catastrophe, and how legislation has impacted property insurance will be addressed.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Emmanuel Bardis
Panelists:
David Chernick, Brian Donovan, Paul Ericksen
Using Your Professionalism GPS to Navigate the Actuarial World
The importance of actuarial work to the financial stability of a company may lead to varying ethical challenges for the actuary. However, every actuary has a "professionalism" GPS containing the Code of Conduct and Actuarial Standards of Practice specifically designed to navigate you through any business situation. Following a brief discussion of the importance of professionalism, panelists will facilitate the review of several hypothetical case studies that pose ethical dilemmas in a variety of situations. Each case study will include a review of relevant Code precepts and ASOPs that will help frame an ethical solution. Audience participation is highly encouraged to produce more thoughtful solutions to the cases. Note that under the current Qualification Standards, three of the thirty CE hours need to be on professionalism topics. This session would provide attendees with 1.8 CE hours related to professionalism.
Source:
2010 In Focus Seminar
Type:
concurrent
Panelists:
Stacy Mina, Marty Simons, Karen Terry
French Natural Catastrophe (Nat Cat) System
The French Natural Catastrophe System is based on the French Constitution and its principle founding elements: « Liberté, Egalité, Fraternité » (Freedom, Equality, Fraternity)! A discussion will be held on the regime's past, the necessary reforms going forward and the existing plans for improvement in the near future, as well as transversal interests of policyholders, insurers and reinsurance companies and brokers, financial and capital markets, government.
New developments of emerging public private partnerships projects throughout the world and particularly in the USA through the National Insurance Flood Program, but also insurance schemes (California Earthquake Authority) and financial structures (Alabama Insurance Fund) specially designed for large scale natural catastrophic events will also be highlighted.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Emmanuel Bardis
Panelists:
Bogdan Dumitrescu
Solvency Regulation in Canada and Mexico
Canadian solvency regulations will be reviewed both in the context of the current situation and the anticipated changes resulting from the introduction of IFRS in 2011. Further, the regulatory tools and philosophy will be outlined within an ERM framework.
Similarly, Mexican solvency regulations will be reviewed both in the context of the current situation and the anticipated changes resulting from the new law based on the European Solvency II regulations that are expected to be effective in 2012.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Emmanuel Bardis
Panelists:
Pierre Laurin, Eduardo Esteva
Credit Default Swaps - Insurance or Not?
This panel will provide an overview of Credit Default Swaps (CDS) as a mechanism for providing credit default protection and whether they can (or should) be recharacterized as insurance under state law. The panel will also discuss the historical view of why CDS have not been viewed as being "insurance" by insurance regulators, the more recent developments in New York to revisit the issue and the model "Credit Default Insurance" legislation adopted by the National Conference of Insurance Legislators (NCOIL). Finally, the panel will discuss the future regulation of CDS under the Federal financial reform legislation and the potential implications of CDS being regulated as insurance at the state level.
Source:
2010 In Focus Seminar
Type:
concurrent
Panelists:
Michael Goldman, Ellen Pesch
Workers' Compensation State Funds - An Evolving Market Force
State funds have evolved into a force in the workers' compensation market. Twenty-five states have active workers' compensation funds, either monopolistic or competitive. In many of the competitive states, these funds are the largest writer in their respective states. The state fund market is continuing to evolve as several state funds may soon be sold or mutualized. This session shall discuss the evolution of state funds, as well as the conditions that influence residual market share.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Emmanuel Bardis
Panelists:
Arthur Cohen, Rachel Dein
FTC Studies on the Use of Credit-Based Insurance Scores: Auto Study Highlights and Home Study Update
The first part of this session will focus on a review of the Federal Trade Commission study of auto insurance scoring and its effect on different segments of the population that was released in 2007. The study was based upon insurance data provided via the cooperation of three major trade associations, and data from the Social Security Administration and third-party data providers.
The second part of this session will provide an update on the ongoing study of homeowners insurance scoring. Like the auto study, a primary focus of the homeowners study will be to analyze the effect on different segments of the population. Since the study is ongoing, no findings will be provided. The discussion will focus on the purposes of the study, types of data being analyzed and data collection procedures.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Larry Haefner
Panelists:
Jesse Leary
NAIC Risk-Focused Approach
The NAIC has adopted a Risk-Focused Surveillance Approach for financial condition examinations. Actuaries working for the state are now called on to identify and evaluate risks related to pricing, catastrophic exposure, reinsurance agreements and assessment of a company's ERM procedures. Actuaries working for the company are called on to demonstrate the controls that exist in the various actuarial processes. The purpose of this session is to inform actuaries about the state examination process and the changes taking place under the risk based examination approach.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Larry Haefner
Panelists:
Richard Marcks, Alan Hines
Alternative Risk Transfer and Government-Sponsored Risk Pools
This session will describe the use of capital markets instruments, such as catastrophe bonds, to provide protection to government-sponsored entities, such as the Massachusetts FAIR Plan and Mexico's Fund for Natural Disasters. The panelists will discuss technical issues surrounding catastrophe modeling and the concerns that drive participation by governmental issuers and cat bond investors.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Larry Haefner
Panelists:
David Lalonde, Ivan Zelenko, Beat Holliger
Michigan Catastrophic Claims Association
The MCCA is a Quasi-Governmental Agency which reinsures the Unlimited Medical portion of Personal Injury Protection for Personal Automobile coverage in Michigan. In this session the chairman of the MCCA actuarial committee, the appointed actuary and actuary who provide the second opinion will discuss a range of items including the operating philosophy of the MCCA and the methods used to calculate the IBNR reserves for such an unusual entity.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Peter Rauner
Panelists:
Roger Hayne, Paul Kinson
P/C Insurance Company 10K Loss Reserve Disclosures
This session will explore the Securities and Exchange Commission's (SEC) interest and involvement in property and casualty loss reserves.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Christopher Walker
Panelists:
Michael Angelina
National Flood Insurance Program: Overview and Future Direction
The National Flood Insurance Program (NFIP) was enacted by Congress in 1968 to assess, insure, and manage our nation's flood risk. Since then, the program has grown to insure 5.6 million policyholders with $1.2 trillion dollars of coverage in over 20,000 communities nationwide. The NFIP has a unique private-public relationship through the Write Your Own (WYO) program in which participating insurance companies sell policies and adjust claims while the NFIP retains the flood risk. But in the years following Hurricane Katrina the NFIP has come under increasing scrutiny prompting Congress and others to consider whether it is time to re-chart the course of the NFIP.
This session will open with a brief history and overview of the NFIP, including a discussion of the rate setting process. In the second half of the session ongoing reform initiatives will be presented and time will be set aside for an open discussion about these initiatives.
Source:
2010 In Focus Seminar
Type:
concurrent
Moderators:
Anthony Bustillo
Panelists:
Andy Neal
Washington, D.C. - The New Insurance Capital?
The session will consider developments in Washington, internationally and in the States. Questions to be considered include: What are the key elements of an effective and efficient insurance regulatory system? What future role will Washington play in insurance regulation? What factors, including international, are driving developments in Washington? What is the response of the U.S. state-based insurance regulatory system to these developments? Do any of these developments move us closer to an effective and efficient insurance regulatory system?
Source:
2010 In Focus Seminar
Type:
general
Panelists:
David Snyder
The Technical Provisions in Solvency II -- What EU Insurers Could Do if They Had Schedule P
This paper first shows how to use the Schedule P data in an empirical Bayesian methodology to predict the distribution of paid outcomes for a loss reserve. It then uses this distribution to (1) calculate the best estimate of the reserve; (2) retrospectively test the assumptions underlying the model; and (3) calculate a risk margin for the reserve.
Source:
2010 Casualty Loss Reserve Seminar (CLRS)
Type:
paper
Panelists:
Glenn Meyers
Keywords:
Solvency II
Additional Results and Insights from Performance Testing
Earlier this year Yi Jing, Joe Lebens, and Steve Lowe published a paper on Variance, entitled Claim Reserving: Performance Testing and the Control Cycle. The paper discusses the need to formally measure the skill of different claim liability estimation methods, and offers up a case study to illustrate. In this session the authors will review the measurement of skill and offer some additional test results, with some further insights into the performance of different actuarial projection methods.
Source:
2010 Casualty Loss Reserve Seminar (CLRS)
Type:
paper
Moderators:
Anthony Bustillo
Panelists:
Yi Jing
Keywords:
Claim Reserving
Workers Comp Permanent Total Pension Cases: Reserving and Commuting Very Large Individual Claims
Workers compensation permanent total loss pension cases may have a potential value, given long survival, of over $50 million. These huge cases present special reserving issues in which an actuary should be involved. There are issues of inflation, discounting, and impaired mortality for which an actuary should provide appropriate professional support to the claims examiner's evaluation. Reinsurance is always involved in these cases, and allocating notice to various excess layers is a special modeling application. High excess layers, especially attaching over $25 million, may or may not be involved, depending on survival time and inflation rates. In all cases, but most particularly in reinsurance contracts with "sunset and commute" clauses, reinsurers who do not get early provisional notice of a possible far future penetration will resist payment when their layer is finally reached. In commutations, the consideration of a small percentage chance of long life, and the long-term compounding of inflation, will assure that the highest layers contribute their fair share to a settlement.
Attendees will reserve a very large case together as a group. The group will discuss and decide each issue, assumption, model element, and their problems as we go. We will then test the sensitivity of the results to the assumptions.
Source:
2010 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
