Search Presentations
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.
Refine Your Search
The presentation materials are offered in connection with CAS professional education offerings. © 2022 Casualty Actuarial Society. All Rights Reserved. The presentation materials may contain copyrighted content the use of which has not been specifically authorized by the copyright owner. You are permitted to view and print the materials for personal/professional noncommercial research purposes. Except for the foregoing, you agree not to reproduce, distribute, modify, create derivative works, or commercially exploit the presentation materials without prior written permission from CAS. Please direct any copyright permission inquiries regarding use of the presentation materials to acs@casact.org.
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.
ASOP #43
The Standard of Practice for Property/Casualty Unpaid Claim Estimates, or ASOP 43, governs virtually all reserving work done by actuaries. While ASOP 43 has been in effect for over a year, many practitioners are still unfamiliar with its contents and unclear on how to comply with the standard. This session will go through the important provisions of the standard. Practical guidance will be given on ways to comply with these provisions, drawing upon entries submitted for the contest "How Well Do You Know ASOP 43?" discussed at this year's CLRS.
Source:
2009 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Jason Russ
Keywords:
Standard of Practice for Property/Casualty Unpaid Claim Estimates, ASOP, ASOP 43
Thinking Outside the Black Box
Why do the results vary so widely between catastrophe models? What are the potential pitfalls of overreliance on the models? What steps can a company take to maximize the utility of the catastrophe modeling process, from the data gathering phase to results interpretation to decision making? Glen Daraskevich, Senior Vice President of Karen Clark & Company, will provide much needed insight into this topic and the future of catastrophe risk management consulting.
Source:
2009 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Glen Daraskevich
Keywords:
potential pitfalls of overreliance on the models, catastrophe modeling process, catastrophe risk management
Teen Safe Driving
This presentation will include a discussion of the risk factors associated with teen driving, the countermeasures for those risk factors and an evaluation of state graduation drivers licensing programs. Additionally, the presentation will include a look at losses for young drivers and the impact of vehicle selection.
Source:
2009 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Matthew Moore
Keywords:
risk factors, state graduation drivers licensing programs
Intermediate GLMs
Intermediate GLMs is a practical session focusing on important questions that a modeler must address during the modeling process. The discussion will cover topics such as the appropriate response variable when modeling claims, what to focus on when building and iterating models, methods of model validation, strategies for combining models, and techniques for incorporating real world constraints.
Source:
2009 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Emily Stoll
Keywords:
Intermediate GLMs, modeling claims, building and iterating models, methods of model validation, strategies for combining models, and techniques for incorporating real world constraints
Recruiting for Diversity
This session will include topics related to recruiting for diversity.
Source:
2009 Regional Affiliate - CANE
Type:
affiliate,general
Panelists:
Jeff Johnson
Keywords:
recruiting for diversity
Common Pitfalls and Practical Considerations in Risk Transfer Analysis
Risk transfer analysis has many nuances and pitfalls for an actuary testing a contract. This will be a discussion of several pitfalls and will provide direction on how to address them based on previously published materials from the accounting boards, the American Academy of Actuaries, and the Casualty Actuarial Society. The discussion will also address several outstanding risk transfer concerns that have no easy answers. While these issues do not have obvious solutions, the potential solutions will be presented with the intent to shed some light on these topics.
Source:
2009 Seminar on Reinsurance
Type:
paper
Moderators:
Dan Rosen
Panelists:
Paul Vendetti
Keywords:
Risk transfer, Common Pitfalls and Practical Considerations
Analysis of the Market Price of Cat Bonds
In this paper, we describe the market clearing price of cat bonds by modeling cat bond spreads as a linear function of the bonds' expected loss. This relationship between spread and expected loss, however, differs by cat peril and geographic zone; each unique combination of peril and zone includes its own "price line" with a different intercept and slope. We also present an approach which combines these individual models into one unified model. Whether using individual models or a combined model, the parameters change over time as market conditions change. We hypothesize that the key parameters in the linear models relate to two main drivers of price: required rate of return on capital and uncertainty of the expected loss. These two factors provide a road map for identifying situations that are most suitable for reinsurance versus cat bonds and vice versa. We also note that the factor relating to uncertainty of the expected loss may help explain the broader issue of the "credit spread puzzle", which appears in the corporate bond market.
Using the proposed linear models, we can compare the market clearing price functions for cat bonds for various perils and zones, how they compare and contrast to each other, and how they change over time. Such models help us understand the drivers of the price of cat risk and help us describe how prices have behaved in the past and, potentially, how they may behave in the future.
Source:
2009 Seminar on Reinsurance
Type:
paper
Moderators:
Dan Rosen
Panelists:
Neil Bodoff
Keywords:
modeling cat bond, expected loss, unified model, combined model
Unstable Loss Development Factors
Most actuaries learn loss development on the job and pick up whatever techniques are being used by those around them. The authors circulated a somewhat-unstable loss triangle and got development factor selections from 51 actuaries. The paper describes the wide range of results and the wide range of approaches taken by these 51 actuaries.
In presenting the paper, the authors will discuss the results of the survey, make some comments on the various approaches taken by the participants, as well as discussing the implications of this survey for actuarial education and for the "science" in actuarial work.
Source:
2009 Seminar on Reinsurance
Type:
paper
Moderators:
Dan Rosen
Panelists:
Gary Blumsohn, Michael Laufer
Keywords:
loss development, unstable loss
Environmental Insurance
This session will present an overview of Environmental Insurance from both underwriting and actuarial perspectives. The session will cover the origins and development of the market, common coverages, data issues, and current actuarial approaches to pricing and reserving.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Dan Rosen
Panelists:
Jennifer Kish, Richard Corbett, Kate Dodge
Keywords:
Environmental Insurance from underwriting and actuarial perspectives, common coverages, data issues
An Update to D'Arcy's "A strategy for Property-Liability Insurers in Inflationary Times"
You would have to go back to the early 1980's to find a time when inflation was as significant a risk to the economy and the insurance industry as it might be today. Stephen D'Arcy outlined a strategy for Property-Casualty insurers to follow in an inflationary environment based on regression analysis with insurance underwriting returns as well as investment returns with inflation. To help provide more insight regarding the observed relationships, an auto-regressive model is fit to the industry returns in addition to the fits that D'Arcy proposed. This paper updates D'Arcy's analysis to include the last 30 years and to test whether or not the strategy remains appropriate for insurers today.
Source:
2009 Seminar on Reinsurance
Type:
paper
Moderators:
Matt Feldman
Panelists:
Richard Krivo
Keywords:
Property-Casualty insurers, inflationary environment, investment returns, auto-regressive model
Structured Risk
This session will provide an overview of the current Structured Risk market. Panelists will discuss how today's structured products differ from those offered in the past, how the products are priced. In addition, discussion on how risk transfer issues are considered, and other concerns or considerations will be included.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Matt Feldman
Panelists:
Michelle Harnick, Vic Baillargeon, Russell Willmer
Keywords:
Structured Risk, risk transfer issues
Lessons of the 2008 Cat Season
The 2008 Atlantic Hurricane season brought 16 named storms, 8 hurricanes and 5 major hurricanes. The most surprising effect was from the 4 storms hitting Cuba and the actual losses on Ike. The Cuba losses resemble the frequency we saw in Florida during 2004 and as expected, Ike brought significant damage to Texas. However, the extensive area of destruction in the Midwestern U.S. was a surprise. In addition, the Texas Windstorm Insurance Association loss highlighted the importance of reflecting pool losses in contacts. The panel will discuss lessons learned from the 2008 season in reflecting loss estimates.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Sim Segal
Panelists:
Jason Harger, Paul Wilson
Keywords:
hurricane, Windstorm, natural disasters
The "Black Swan" and the Reinsurance Actuary
Nassim Nicholas Taleb's 2007 book "The Black Swan: The Impact of the Highly Improbable" is particularly relevant to the reinsurance business, and those who attempt to quantify it. In this session, we will discuss and debate the book's concepts and message, and consider whether actuaries are part of the problem, part of the solution, or perhaps both.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Sim Segal
Panelists:
Jonathan Hayes, Lixin Zeng, Alan Lange
Keywords:
The Black Swan: The Impact of the Highly Improbable, reinsurance business
What Does the Recession Mean for the (Re) Insurance Industry?
Economists and insurance industry analysts present their views on what may happen to the (re)insurance industry in 2009. The panel will focus on industry returns, investments, capital, pricing, growth, claims, expenses, potential regulation, and the new administration. A discussion of risks and opportunities will also be included as a part of this session.
Source:
2009 Seminar on Reinsurance
Type:
general
Moderators:
Sim Segal
Panelists:
Jay Cohen, Steven Weisbart, Sean Mooney
Keywords:
insurance industry, returns, investments, capital, pricing, growth, claims, expenses, potential regulation
Investments and ERM-a Credit Crunch Perspective
This session will discuss investment issues for (re)insurers particularly with relation to the credit crunch environment of 2008/09.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Sim Segal
Panelists:
Lixin Zeng, Steven Jakubowski
Keywords:
(re)insurers, credit crunch environment
Don't Be Left Exposed By "Bad" Exposure Data
Poor exposure data quality can affect modeled catastrophe loss estimate output, which will affect the price of catastrophe reinsurance coverage. Rating agencies are putting greater emphasis on the quality of data used by companies for their catastrophe risk management. For example, A. M. Best now asks all parties to respond to natural catastrophe-related data quality questions as part of their SRQ's. At this session, you will hear about the basics of the exposure data quality issue. Additionally, you'll follow the flow of exposure data through the insurance value chain. Finally, you'll hear the benefits of high quality versus the ramifications for poor quality exposure data from the representatives of the reinsurance community.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
Sim Segal
Panelists:
George Davis, Timothy Aman, Krista Lienau, Jed Rhoads
Keywords:
modeled catastrophe, loss estimate output, exposure data quality, Rating agencies, catastrophe risk management, data quality questions
Advanced Casualty Exposure Rating
This session explores various advanced topics associated with casualty exposure rating. Traditional exposure rating techniques are not truly independent of a typical experience rating approach, since these techniques usually rely upon an Expected Loss Ratio estimate derived from that very same experience. Therefore, credibility weighting experience and exposure rating answers combines two figures which are not statistically independent of each other. Our three esteemed panelists will discuss the aforementioned as well as the pitfalls of using simplified or summarized exposure data when rating casualty business. Panelists will also explore the bias that may be produced when not considering important qualities of the underlying exposures such as layered policies, partial participation within layers, ventilation between layers, and heterogeneous data.
In addition there will be discussion on the challenges involved in exposure rating European motor excess of loss business. Major issues include the lack of industry ILF curves, quantifying the impact of indexation clauses, dealing with the extreme long tailed nature of this exposure in many countries, and assessing the impact of regulatory changes, such as those arising from the Fifth European Motor Directive.
Source:
2009 Seminar on Reinsurance
Type:
concurrent
Moderators:
David Olson
Panelists:
Helina Smosna, Michael Caulfield, Jason Rosin
Keywords:
exposure rating techniques, Expected Loss Ratio estimate, credibility, exposure data
Actuarial Accounting - A Cautionary Report
With two CAS actuaries convicted of violating securities and criminal laws, and one of those actuaries just sentenced in December 2008, it is important that we remind ourselves of our legal obligations to the public. This presentation relays the case against five AIG and Gen Re insurance professionals, largely concerning the accounting of reinsurance contracts. The facts of the case are reviewed, according to the publicly available court records, and the audience is walked through the relevant securities and criminal laws. It is an eye-opening, professional presentation that will educate actuaries on the facts of the case, how important documentation is, how important it is to be conscious and precise in communications, and other pertinent professionalism considerations.
Source:
2009 Spring Meeting
Type:
general
Moderators:
David Olson
Panelists:
Dan Young
Keywords:
accounting of reinsurance contracts
Perspectives on the Financial Crisis and Enterprise Risk Management
The panelists will offer their perspectives on what caused the financial crisis. They will discuss financial bail-outs and stimulus packages and explain their views on what needs to be done. They will also consider the question, “Would actuaries have made a difference?” and provide their thoughts on whether the crisis has revealed ERM to be worthless or underscored the necessity for a more rigorous approach to ERM. Attendees are invited to bring their questions so that a lively dialog can transpire between audience members and the panelists.
Source:
2009 Spring Meeting
Type:
concurrent
Moderators:
David Olson
Panelists:
Paul Kneuer, Ira Robbin
On the Subadditivity of Tail Value at Risk: An Investigation with Copulas
In this paper, we compare the point of view of the regulator and the investors about the required solvency level of an insurance company. We assume that the required solvency level is determined using the Tail Value at Risk and analyze the diversification benefit, both on the required capital and on the residual risk, when merging risks. To describe the dependence structure, we use a range of various copulas. This allows us to judge whether or not the Tail Value at Risk is too subadditive under a wide range of conditions. Furthermore, we discuss the effect of different copulas on the diversification possibilities.
Source:
2009 Spring Meeting
Type:
paper
Panelists:
Neil Bodoff, Stijn Desmedt
Keywords:
Risk, Tail Value
Capital Allocation by Percentile Layer
This paper describes a new approach to capital allocation; the catalyst for this new approach is a new formulation of the meaning of holding Value at Risk (VaR) capital. This new formulation expresses the firm's total capital as the sum of many granular pieces of capital, or "percentile layers of capital." As a result, one must allocate capital separately on each layer and perform the capital allocation across all layers. The resulting capital allocation procedure, "capital allocation by percentile layer," exhibits several salient features. First, it allocates capital to all losses, rather than allocating capital only to extreme losses in the tail of the distribution. Second, despite allocating capital to this broad range of loss events, the proposed procedure does not allocate in proportion to average loss; rather, it allocates disproportionate capital to severe losses. Third, it allocates capital by relying neither upon esoteric parameters nor upon elusive risk preferences. Ultimately, on the practical plane, capital allocation by percentile layer produces allocations that are different from many other methods. Concomitantly, on the theoretical plane, capital allocation by percentile layer leads to new continuous formulas for risk load and utility.
Source:
2009 Spring Meeting
Type:
paper
Panelists:
Neil Bodoff, Stijn Desmedt
Keywords:
Capital Allocation
Catastrophe Risk Management Best Practices
Catastrophe models have evolved as a valuable tool for managing catastrophe risk over the last two decades. While the science of the models has received considerable review, there is an increasing focus from regulators, rating agencies and boards on how the models are employed within organizations. This session will help actuaries gain knowledge of the benefits of applying best practices to model related decisions like analyzing complex reinsurance structures and grow/retract decision scenarios. Learn how integrated and iterative model usage in all areas of your company can improve profitability and reduce threats to your surplus. Explore how sensitivity analyses can enhance underwriting decisions and influence cost benefit analysis.
Source:
2009 Spring Meeting
Type:
concurrent
Moderators:
David Olson
Panelists:
Lawrence Steinert
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 Spring Meeting
Type:
concurrent
Moderators:
Urban Leimkuhler
Panelists:
James Ely, Jennifer Levine
Price Monitoring for Property/Casualty Insurers
Price monitoring is a critical and complex process for p/c insurers. This panel discussion will focus on: p/c insurance companies’ approaches to price monitoring; challenges in developing a price monitoring system for various lines of business; external benchmarks for comparing companies’ price levels to overall market conditions; and, evolving rating agency expectations in this arena.
Source:
2009 Spring Meeting
Type:
concurrent
Moderators:
Jeanne Camp
Panelists:
Matt Mosher, Damon Lay
The Current Financial Crisis - Insights from the Industry
This session will represent the views of essay authors from the recently published e-book “Risk Management: the Current Financial Crisis: Lessons Learned and Future Implications”. With the current financial crisis as the backdrop, the speakers will share their insights from a risk management point of view on what has worked and what has not in the insurance industry and suggest how these learnings could be applied to other industry sectors in terms of analytical tools, regulation, contractual obligations and prudent risk trading schemes.
Source:
2009 Spring Meeting
Type:
concurrent
Moderators:
Jeanne Camp
Panelists:
Louise Francis, Gary Venter, Philip Heckman
