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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.
Diversity - Does is Really Matter?
Acheampong defined diversity, walked us through the business imperative, gave us a framework for action, and finished with an IABA example.
Source:
2009 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Acheampong Boamah
Keywords:
diversity
The Reasonability of Loss Reserves: A Reinsurers Perspective with Audit Actuary Perspective
Balance Sheet integrity is a critical component of the viability of insurance companies to sustain operations through the underwriting cycle. Loss Reserves are a significant component of the balance sheets. The reinsurance actuaries and audit support actuaries have a unique opportunity to evaluate the reasonability of reserves of many companies. These panelists will present their perspective on the reasonability of reserves throughout the underwriting cycle. They will discuss how estimates vary within the range of estimates as companies move through the underwriting cycle. In addition, the panelists will discuss how reinsurance companies combat any deterioration that they observe by their ceding companies.
Source:
2009 In Focus Seminar
Type:
concurrent
Panelists:
David Clark, Alice Underwood, Daniel Lowen
Predictive Modeling & the Underwriting Cycle
Started with the credit score revolution in personal auto almost two decades ago, applying data mining and predictive modeling techniques in enhancing pricing and underwriting has become popular for both personal insurance and small commercial insurance. Early users of such techniques have proven to gain significant competitive advantage in the market place. With the industry going through a cycle over the past several years, it is interesting to understand whether predictive modeling has a short term or long term impact on the cycle. It is also interesting to know how companies apply predictive modeling in addressing their pricing, underwriting and operation challenges as they go through a cycle. In this session, the panelists will discuss such interaction that may exist between underwriting cycle and predictive modeling.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Kiera Doster
Panelists:
Roosevelt Mosley, Catherine Eska
Asbestos and Environmental Reserve Levels
The asbestos and pollution reserves held by U.S. insurers transcend commercial and personal lines as witnessed by the types of business written by the top insurers according to carried reserves. Transitions from hard to soft markets in either commercial or personal lines can have dramatic effects on the level of carried reserves for these latent liabilities as well as changes in the relationship between case basis and Bulk and (True) IBNR reserves. This discussion will present industry statistics and compare them to changes and transitions between hard and soft markets. Effects on combined ratios, relationships between case and IBNR reserves, reserve adequacy metrics, and recent net to gross relationships will be examined.
Source:
2009 In Focus Seminar
Type:
concurrent
Panelists:
Christopher Diamantoukos
Pricing Monitoring for Property/Casualty Insurers
This panel discussion will focus on property/casualty insurance companies' approaches to price monitoring; challenges in developing a price monitoring system for various lines of business; and external benchmarks for comparing companies' price levels to overall market conditions.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Kiera Doster
Panelists:
Damon Lay, Catherine Eska, Jacob Roe
Validating Rate Change Indices with Regression
Source:
2009 In Focus Seminar
Type:
concurrent
ABCD Makes The Case
Mike Toothman, a CAS Past President and a current member of the Actuarial Board for Counseling and Discipline (ABCD), will discuss the processes of the ABCD and your obligations and responsibilities under the Code of Conduct. He will use several case studies to highlight common ethical issues. Lively audience participation is anticipated!
Source:
2009 In Focus Seminar
Type:
concurrent
Panelists:
Michael Toothman
The Reasonability of Loss Reserves: A Primary Company Perspective
Are Loss Reserves Reasonable in Light of Potential Underwriting Cycle Biases? Primary company actuaries will discuss how they reflect changes in the loss experience in their loss reserve estimates and whether that affects the balance sheet integrity. The panelists will provide a historical view of Industry reserve levels during the Underwriting Cycle, identify common pitfalls and considerations to address during the soft market, and discuss how to incorporate the cyclical changes into loss ratio projections to maintain adequate reserve levels through the cycle.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Kiera Doster
Panelists:
Timothy Landick, Ronald Zaleski
Rate Adequacy Monitoring: Gaining Pole Position in an Unruly Markets
As commercial lines markets transition between hard and soft phases, some insurers have found significant competitive advantages excelling in obtaining, interpreting, and acting on information from rate adequacy monitors. Others rely on anecdotal information on rate changes, or simply assume filed rate changes are realized. Actuaries note that lack of information regarding rate adequacy changes creates difficulty, not just in making operational decisions, but when misperceptions on rate adequacy are reflected in reserves, financial reporting is impacted as well. Discussion will include an historical look at the opportunities for improvement, publicly available industry information, the advantages that sound rate adequacy monitoring can bring individual companies even in unruly markets, and typical approaches to quantify rate adequacy changes. Potential solutions to challenges in rate adequacy monitoring will be discussed including how to address changes in terms and conditions, changes in underwriting quality, and shifts in business between Excess and Surplus lines and the admitted markets. Common impediments such as company culture and systems limitations will also be discussed. An illustrative implementation approach will be presented
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Brian Hughes, Chris Nyce, Steven Petlick
Rate Adequacy: A CPCU Perspective
Insurance companies have developed ways to measure how rates levels change through an underwriting cycle, and rating agencies have now developed similar measures. The view of how rates vary during an underwriting cycle, from an underwriter's perspective, may differ from actuaries' views, based on how rates are tempered in cycles by either actuaries or underwriters, or how the rates "on the street" may not be the same as what actuaries believe has been implemented. Our panel includes two CPCUs with personal and commercial lines backgrounds, who will discuss their perspectives on rates through an underwriting cycle.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Rob Galbraith, Eileen Gil
Exploring the Impact of Auditors and Rating Agencies on Underwriting Cycles
This panel will focus on the role, if any, that auditors and rating agencies play in affecting underwriting cycles. Auditors and rating agencies are independent of company management and serve an important role as independent professional observers. Auditors are relied on by investors and others to ensure that the company's financial statements are fairly stated and that internal controls over financial reporting are adequate. Rating agencies provide policyholders, depositors and investors with an independent assessment of the financial strength and creditworthiness of rated entities. Whether intended or not, the perspectives of auditors and rating agencies can and do influence company behavior. The panel will discuss a 2009 study conducted by A. M. Best that identified a number of demographic and performance differences between property/casualty insurance companies that have outperformed their peers through cycles and those that have not. Through a series of case studies, the panel will explore the roles of auditor and rating agency. Participants will be asked to "stand in the shoes of the auditor/rating agency" and weigh in on the independent professionals' deliberations.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Jay Votta, Jennifer Marshall
Cycle Drivers and Strategies
The history of the cycle will be reviewed and the literature on theories of drivers of the cycle, such as information lags and capital market effects, will be discussed. Strategies for coping with the cycle will be presented, highlighting the different positions of personal lines and commercial lines insurers and how the strategies might differ for domestic and offshore companies.
Source:
2009 In Focus Seminar
Type:
concurrent
Panelists:
Gary Venter
The CFO's Role in Managing the Company and Board Through the Cycle
This session will discuss what best-in-class CFOs and financial managers are doing in the face of our current economy and how they are attempting to lead their departments, companies and boards. Many of the items to be discussed are applicable in all economies, but are more acute in our current times.
Source:
2009 In Focus Seminar
Type:
concurrent
Panelists:
Bradley Diericx
Underwriting & Actuarial Interaction: The Role of the Actuary in the Underwriting Process
The traditional function of the actuary in the underwriting process is ratemaking; setting base rates & rating plans, and individual account rating. In this session we will explore some additional aspects of underwriting where the actuary is usually not included, but where he/she has important expertise and perspectives. The actuary’s participation in these non-traditional functions increases his/her contribution to the company and, at the same time, builds his/her own professional value.
We will discuss the following items from "Main Street" Commercial, Large Accounts, and Reinsurance perspectives:
* What do actuaries do well verses what do underwriters do well, and how their skills can complement each other.
* The role and value of the actuary at underwriting audits.
* The value of bringing an actuary to meet the brokers and clients.
* Considering legislative, underwriting, and claims handling changes: theoretical verses market treatments.
* How to move into non-traditional roles.
Many members of the audience will have their own experiences in non-traditional roles, and we hope they will also share them as a part of the discussion.
Source:
2009 In Focus Seminar
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
James Ely, Ira Robbin
Risk Perceptions and Their Impact on the Cycle
People naturally tend to have one of four broad views of risk and that leads to different choices of which risks they are willing to accept. These views shift as experiences in the world fail to conform with expectations. This process of shifting risk perception can be viewed in the context of the underwriting cycle and from it, strategies for managing expectations and influencing actions can be developed. This four point view of risk perceptions is much more robust than the standard one or two point approaches of classical economics or behavioral finance.
This framework is based on "Cultural Theory" a 25-year old idea from anthropology. This session will introduce the concepts and explain the applications to insurance risk and cycle management.
Source:
2009 In Focus Seminar
Type:
general
Panelists:
David Ingram
Credit Crisis Impact on D&O/E&O Market
A discussion of impact on pricing, capacity, and coverage issues and the follow-on effects in the reinsurance market.
Source:
2009 London CARe Seminar: Pricing and Issues in Today’s Market
Type:
concurrent
Panelists:
Jason Israel, Kimberly Holmes
Excess Pricing / Increased Limits Factors
A discussion on fitting curves to client and industry large claims data.
Source:
2009 London CARe Seminar: Pricing and Issues in Today’s Market
Type:
concurrent
Panelists:
Ana Mata, Oliver Bettis
Rate Monitoring
Why do we keep track of rate changes and what exactly does that mean? What are the common pitfalls in calculating and relying upon rate change indices? These issues will be explored with the help of some practical examples.
Source:
2009 London CARe Seminar: Pricing and Issues in Today’s Market
Type:
concurrent
Panelists:
Paul Lucas
Trend - U.S. Trend Sources and Techniques, A Comparison to European Methods
Source:
2009 London CARe Seminar: Pricing and Issues in Today’s Market
Type:
concurrent
Panelists:
Beth Fitzgerald, Niranjan Nathan
Are you Properly Calculating your Ceded Reinsurance Loss Reserves?
Often actuaries spend an enormous amount of time and effort calculating direct and gross unpaid loss liabilities only to hurry through evaluating the effect of ceded reinsurance on the net liabilities. This session will explore the various alternatives for calculating ceded loss reserves and the strengths and weaknesses of these methods depending upon the reinsurance structure. In addition, it will highlight common pitfalls that actuaries should avoid in order to derive an accurate ceded loss liability estimate. This session will discuss appropriate methods for quota share and excess of loss reinsurance contracts, catastrophe covers and more exotic terms including aggregate corridors, deductibles and limits.
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Gregory Chrin
Solvency II Update – How Does it Work, and Where Does it Stand?
The European Union’s (“EU”) Solvency II project seeks to reform regulation of insurance by introducing new rigor and risk sensitivity to the quantification of regulatory capital and incentives to enhance risk management and market discipline. The impact of Solvency II will go beyond the EU member states. This session will explain the concepts and implications of Solvency II on insurance and reinsurance companies.
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Gerald Kirschner, Thomas Guidon
Financial Guaranty Loss Reserving
Financial guarantee insurers (FGI) traditionally provided guarantees of timely interest and principal on municipal bond issuance's. However, FGI's expanded their product offering to include insuring structured finance securities such as asset/mortgage backed securities. As the mortgage meltdown materialized, loss reserving has become a more significant operation for FGI's. This session discusses key considerations and approaches of loss reserving for financial guarantee insurance of asset backed securities.
This session also discusses an approach to calculate loss and premium under the recognition approach consistent with FAS 163 (Accounting for Financial Guarantee Insurance Contracts). The changes to current practice in accounting for financial guarantee insurance contracts that result from applying FAS 163 relate to recognition and measurement of premium revenue and claim liabilities. Effective for fiscal years beginning after December 15, 2008, FAS 163 requires financial guarantee insurers "to measure the claim liability equal to the present value of expected net cash outflows. Expected net cash outflows are probability-weighted cash flows that reflect the likelihood of all possible outcomes for payments by the insurance enterprise under the insurance contract." This change poses the opportunity for increased actuarial involvement in financial guarantee loss reserving.
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Benjamin Rosenblum, Kyle Mrotek
Enterprise Risk Management : What Have You Done for me Lately?
This session presents an introduction to Enterprise Risk Management (ERM) by looking at real life situations where ERM has been used.
During the session, the following questions will be discussed:
* How has ERM been used in the last few years?
* How does the loss reserve process and ERM connect?
* How is ERM now perceived in the market?
* How is ERM going to make a difference in the future?
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Dan Burkauskas
Panelists:
Stephen D'Arcy, Abbe Bensimon
Practical Aspects of Using Variability / Range Results
Obtaining a distribution of reserves is grounded in strict theory. But once the distribution is obtained, how is it used in practice? Panelists during this session will discuss the following questions:
* What are the business applications of creating a distribution of possible outcomes? Or why should management care about distributions?
* How do you know if a distribution is reasonable?
* What happens when the mean of a distribution does not equal a best estimate?
* When management wants a distribution around their booked reserve, is it OK to re-center the best estimate distribution?
* What constitutes a "reasonable range" in the distribution? The 25th and 75th percentiles?
* How does a "reasonable range of outcomes" differ from a "reasonable range of estimates"?
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Mark Shapland, Anu Sundram, Josh Wykle
U.S. Financial Regulatory Changes on the Horizon - Model Audit Rule and Solvency Initiatives of the NAIC
U.S. insurance regulators continue to improve upon the financial regulatory system. The NAIC's new Model Audit Rule goes into effect for 2010. The session will provide advice to actuaries who are supporting their company's efforts to become controls compliant. This includes guidance on how to identify and document processes, identify risks, design and implement controls, and test controls for effectiveness.
The NAIC is pursuing a Solvency Modernization Initiative to improve the current regulatory system. The session will focus on some key areas of the initiative: capital requirements, international accounting, reinsurance, loss valuation and group solvency.
Source:
2009 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
A. Cummings
Panelists:
Kris DeFrain
