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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.
Extended Warranties
Most property and casualty lines involve contracts whose term is one year or less and usually involve losses that arise uniformly, or nearly uniformly, during that policy term. The complexity then usually emerges from the development of losses that can extend for several years. Service contracts and related coverages such as gap, theft prevention (window etching), paint and fabric protection, and so forth turn this paradigm on its head. By and large, losses for such coverages develop quickly and do not pose much of a problem from a loss reserve point of view. The fact that losses typically cannot be expected to emerge uniformly during the life of such contracts give the unearned premium reserve (and similar liabilities) a greater importance and increased uncertainty. In this session we will explore the characteristics of such coverages, discuss some of the pitfalls that await the unwary, and provide some tools to help navigate those hazards.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Robert Campbell
Panelists:
Roger Hayne
Keywords:
Extended Warranties
Reserving for Mortgage Insurance and Title Insurance in a Changing Real Estate Market
Mortgage insurance and title insurance results are very sensitive to economic conditions, particularly changes in the real estate market. Our speakers will provide an overview of coverage for these insurance products, identify unique reserving issues, and then discuss the challenges of reserving in a changing real estate market. Companies must contend with the following complicating factors when establishing reserves for these unique coverages:
* Economically correlated insured risks
* Deteriorating housing market conditions
* New untested insurance products
* An imploding subprime mortgage market
* Rising loan delinquencies
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Robert Campbell
Panelists:
Michael Schmitz, Paul Struzzierri
Keywords:
Mortgage Insurance, Title Insurance , reserving
General Purpose Insurance Contracts Accounting
The International Accounting Standards Board (IASB) has requested comments on its white paper, "Preliminary Views on Insurance Contracts" by November 16, 2007. Financial Accounting Standards Board (FASB) is also considering this IASB document. The Securities Exchange Commission (SEC) is considering allowing foreign registrants (and perhaps U.S. registrants as well) to use International Financial Reporting Standards (IFRS) accounting without reconciliation to U.S. Generally Accepted Accounting Priciples (GAAP). It looks like international accounting may become domestic accounting as well.
The Group of North American Insurance Enterprises (GNAIE) favors and works for international accounting standards for insurance contracts, as well as for international insurance solvency regulation. GNAIE believes the IASB needs to modify some of its preliminary views if its accounting standards are to produce reliable and understandable financial reporting for insurance enterprises. Michael McCarter of GNAIE member company AIG and others will discuss some of the key issues on which GNAIE is preparing to comment.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Robert Campbell
Keywords:
International Accounting Standards Board
Actuarial Considerations for Captive Insurance Companies
The commercial insurance marketplace continues to exhibit its cyclical nature, with premium levels, policy terms, and capacity regularly fluctuating in response to economic, regulatory, and social events. Captive insurance companies continue to play a strong role in risk financing programs, primarily because such structure allows an entity greater control over its own destiny.
Actuaries work with captive insurance companies in several areas, including the establishment of a captive, and opining on loss reserves. This session will discuss how actuaries work with captive owners to ensure companies make the most effective use of their captives.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Keith Sunvold
Panelists:
Jessica Christensen, Allan Harris
Keywords:
Captive Insurance
Risk Transfer and Reserving: Is there a Connection?
The issue of risk transfer has received a lot of attention over the past few years. The NAIC instituted new reporting and disclosure requirements, FASB issued an Invitation to Comment on Bifurcation, and the American Academy has actively provided Practice Notes to assist actuaries as they navigate the issue. However, is the reserving actuary fully contemplating the loss sensitive features of reinsurance contracts?
This session will provide an update of developments on risk transfer. In addition, speakers will discuss how this issue can affect the reserving actuary’s estimates as a result of both assumed and ceded contracts. Due to the loss-sensitive features of many contracts that require risk transfer testing, loss reserve estimates can have a material impact on other insurance company assets and liabilities.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
Marc Oberholtzer
Keywords:
Risk Transfer and Reserving
Opinion Writers Symposium
Regulatory actuaries have been receiving and reviewing the Actuarial Opinion Summary (AOS) since 2005. A panel of regulators will discuss what they have learned from the AOS and contrast those thoughts with their initial expectations for this regulatory tool. These regulators deal with actuarial opinions and reports on a regular basis. What do regulators expect to find in your actuarial opinions, summaries, and reports? Are your opinions doing the job correctly? Do you have questions on requirements or how to handle a special situation in your report or opinion? Come and find out.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
Nicole Elliott, Melissa Greiner
Keywords:
Opinion Writers Symposium
Federal Income Tax
This panel will review issues with respect to the tax impact of insurance company loss reserves. This discussion will include an analysis of recent case law regarding IRS challenges to insurance company reserves, IRS technical pronouncements regarding the discounting of loss reserves for tax purposes, the impact of codification on loss reserve discount, and other tax trends regarding insurance company loss reserves. The panel will consist of insurance tax specialists, including advisors and industry personnel.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
Joseph Long, Craig Pichette
Keywords:
Federal Income Tax
RMAD - Risk of Material Adverse Deviation
ASOP 36 states that the opining actuary "should consider whether the future paid amounts are subject to significant risks and uncertainties that could result in a material adverse deviation," i.e., paid amounts materially higher than provided for in the reserves. Three panelists involved in actuarial, accounting, and regulatory aspects of materiality will discuss the implications of this statement-in particular, the relation between significance and probability (how significant?) and the relation between materiality and surplus, risk-based capital, liquidity, and IRIS ratios (material with respect to what?).
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
Charles Cook, M. Germani, Dale Ogden
Keywords:
Risk of Material Adverse Deviation, RMAD, ASOP 36
Statement of Actuarial Opinion - Changes for 2007
Every year, regulators seem to add new requirements and disclosures to the Statement of Actuarial Opinion (SAO). While there were only minor changes to the instructions for 2006 (title insurance), more significant changes have been approved for 2007. These include new electronic submission requirements and added disclosures about the Appointed Actuary and his/her relationship to the company.
Moreover, the American Academy of Actuaries recently approved changes to the Qualification Standards for signing SAOs. The new standard upgrades the continuing education requirements and expands considerably the scope of what constitutes an SAO.
This session will discuss these new requirements and standards from the perspective of CAS members generally, the perspective of an opining actuary, and a regulator from California.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
Mary Miller, Ronald Dahlquist
Keywords:
Statement of Actuarial Opinion
Solvency II and the Swiss Solvency Test
Solvency II, which entails the new proposals for insurance regulation, will not only have significant implications for the insurance industry in Europe, but also outside Europe. The session will explain briefly the aims and the concepts of Solvency II and pay attention to internal models that companies are allowed to use for the assessment of their solvency position. The industry has been engaged in the development of Solvency II and has participated in several Quantitative Impact Studies. The main results and findings will be discussed.
In addition, Solvency II has had important precedents. Internal Capital Assessment Studies (ICAS) have been conducted in the U.K., and in Switzerland the Swiss Solvency Test (SST) has been carried out for a number of years. Our presentation will pay special attention to the SST and will also highlight the differences and similarities between the SST and Solvency II.
We will finish off with the expected implications Solvency II will have on insurance and reinsurance companies.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
A.M. Roest, Janos Blum
Keywords:
Solvency II
International Accounting - Emerging Issues
This session will present an overview of the key items in the International Accounting Standards Board [IASB] discussion paper. An overview of the International Actuarial Association paper and feedback given by the American Academy of Actuaries will also be discussed.
The session will mainly be concerned with implications of these documents ranging from recent announcements by the Financial Accounting Standards Board and the Securities and Exchange Commission on working with the IASB, allowing companies to report under International Accounting Standards, as well as Links to Financial Accounting Standards 157 and 159. Feedback from other actuarial bodies and/or regulators will also be discussed to formulate a more holistic view.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gavinn Lienemann
Panelists:
James Christie, Gareth Kennedy, Thomas Le
Keywords:
International Accounting
ERM 1: Strategic Planning and Plan B
Treating Risks holistically requires gauging the correlation and diversification benefits across risk, not the least which covers the domino effects ultimately affecting the risk that reserves carried by the company prove to be deficient. Prudent enterprise risk management requires best practices in the assessment of the interplay of the timing of the risk of inadequate pricing, inadequate reinsurance coverage, and the ultimate realization of reserve deficiencies. This session is intended to cover best practices and diagnostic tools in assessing the risks underlying the cycle of business planning/pricing/underwriting/reinsurance placing/loss reserving and the resultant effects on strategic planning when things do not go as planned.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Mark Lyons
Panelists:
Thomas Hettinger, Michael Angelina
Keywords:
ERM
Comparison of Regulation in Australia, Canada and the U.K.
Insurance regulation in the U.S. has evolved over the years, and it seems that the current pace of change is faster than ever. In some other countries, however, the pace of change has been even greater and many innovative techniques have been introduced. This session will review the current regulatory environment in three of the more progressive countries: Australia, Canada and the U.K., with comparisons and contrasts to the U.S. system as appropriate. The speakers will also provide an overview of the Solvency II developments in Europe and recent developments at the International Association of Insurance Supervisors. This session will help attendees get a better perspective of how the U.S. regulatory environment compares to those of other countries and provide a perspective on the challenges faced by international insurance companies.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Glen Barnett, David Oakden, A.M. Roest
Keywords:
Regulation
ERM 2: Reserve Risk and Economic Capital
Reserve Risk is one of the major risks facing a property casualty insurer. How can ERM processes aid in the identification, prioritization, assessment, and ultimate management of Reserve Risk in the enterprise risk management process? Carried Reserves affect income statements. Capital reflects the risk of ultimate material deviations thereof. This session will discuss approaches and best practices in balancing how much reserve to carry relative to having sufficient capital to support it.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Mark Lyons
Panelists:
Roger Hayne
Keywords:
Reserve Risk, Economic Capital
Intermediate Track 3: Case Study
Developed as a workshop, this session covers the concepts discussed in the preceding intermediate sessions. Audience members are encouraged to analyze and discuss the cases, and propose techniques to apply for estimating the loss reserves. Various techniques will be discussed. A calculator will be helpful. Laptop computers are not necessary, but if participants have them, Excel spreadsheets will be available to let participants test multiple scenarios. The spreadsheet will be available on the CAS Web Site following the seminar.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Panelists:
D. Lamb, Lorie Darrow, Christopher Tait, Karin Rhoads
Keywords:
loss reserves
Intermediate Track 2: Investigating and Detecting Change
This session will explore a variety of techniques to detect and address changes in mix of business, claim closing patterns, and case reserve adequacy. When changes in history are verified through discussion with claim, underwriting, reinsurance, and field staff, the actuary can pick the right tool for the job. Adjustments of loss reserve methodologies to account for each situation will also be discussed.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Jeremy Pecora, David Vogt, Antony Burke, Lawerence White
Keywords:
mix of business, claim closing patterns, and case reserve adequacy
Intermediate Track 1: Considerations in Evaluating Changing Conditions
In an ideal situation, loss reserving would begin with a long, stable history of consistent claim experience with no significant environmental or operational changes affecting the mix of business, claim handling, or terms of coverage. However, that situation is often far from the reality. Changing conditions contribute to volatility and uncertainty in estimates that are mechanically produced. The Intermediate Track begins with a series of considerations that can help bring understanding volatility of initial estimates. These considerations lead us to diagnostic tools for clues. More complete understanding requires communication with other operating units.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Jane Taylor, Robin Davis, Richard Atkinson
Keywords:
loss reserving
Basic Track 3 - You Set the Reserve!
Participants will receive three sets of data and will be asked to develop reserve estimates using the basic methods presented. A calculator will be helpful. Laptop computers are not necessary, but if participants have them, Excel spreadsheets will be available to let participants test multiple scenarios. The spreadsheet will be available online following the seminar.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Panelists:
Charles White, Christopher Lattin, Craig Taylor, Laura Cali
Keywords:
reserving
Basic Track 2 - Comparison of Techniques
Building on Basic Track I, this session presents basic questions surrounding a reserve estimate: “Is it reasonable?” and “How sensitive is the estimate to alternate assumptions?” Participants will then walk through basic expected loss ratio methods, with a comparison to the loss development method. Advantages and disadvantages of methods will be presented. The session will conclude by describing the Annual Statement Schedule P, with terminology and data available from that schedule.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Nancy Arico, Vincent Yezzi, Elliot Burn, Bonnie Shek
Keywords:
reserve estimate
Basic Track 1 - Considerations in Evaluating Reserves
Basic understanding begins with the "CAS Statement of Principles Regarding Loss and Loss Adjustment Expense Reserves," including the definitions and considerations that guide the actuary. Following the discussion of the "Statement of Principles," participants will walk through, step by step, the most basic of reserving techniques-the loss development method. The presentation will include examples of data organization, link ratios, key assumptions, and potential problems.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Marc Oberholtzer, Kurt Johnson, Weng Leong, Grace Yang
Keywords:
Reserves, Statement of Principles Regarding Loss and Loss Adjustment Expense Reserves
When Numbers Get Serious!
Financial reporting requirements have dramatically increased. Actuaries have broadened the scope and detail of their reviews and opinions. They are increasingly required to comment on the risk and uncertainty inherent in their forecasts. The statutorily required Actuarial Opinion Summary can require a range estimate for carried reserves. In fact, the SEC has increasingly been focusing on publicly traded companies, and strongly encouraging those companies to provide a likely range for their reserves when filing Forms 10-K and 10-Q.
Our profession must meet the challenge of providing such range estimates. This session will examine the regulatory and financial reporting demands for range estimates. Actuaries, regulators, and financial reporting experts will discuss these range requirements. This session will include practical guidance on how to best derive and present such estimates. This discussion will set the stage for many practical and theoretical sessions throughout the seminar on reporting risk, uncertainty, ranges, and enterprise risk management.
Source:
2007 Casualty Loss Reserve Seminar (CLRS)
Type:
general
Moderators:
Mark Lyons
Panelists:
Mark Shapland, Richard Sherman, Nicole Elliot
Keywords:
Reserving, Reserve Variability, Rangers, Distributions
General Business Skills Education Workshop: "Writing Technical Papers That People Will Read"
Learn to produce papers that are readable, effective, and suitable for the new journal, Variance. The first half of this experiential workshop focuses on developing good writing skills and the second half on editing. Please indicate your interest in this workshop on the registration form as there are only 50 spots available.
Source:
2007 Spring Meeting
Type:
Workshop
Panelists:
Henriette Klauser
Keywords:
Writing Technical Papers
ERM Case Study
This session will describe the work casualty actuaries are doing to develop an ERM program for the Casualty Actuarial Society as a non-profit organization.
Source:
2007 Spring Meeting
Type:
concurrent
Moderators:
Mark Lyons
The Goal of ERM is to “Create Value” - But to Whom?
This session will discuss the mechanics of the potential value creation for a P&C insurer and its potential benefits with respect to the company, stakeholders, the market place, and regulators. In particular, the discussion is intended to reflect the value creation of ERM with respect to:
* Value to the Foreign parent
* Value to the Insurance Group
* Agency Ratings
* Wall Street
* Regulatory Review
* Value to a Small Company
Source:
2007 Spring Meeting
Type:
concurrent
Moderators:
James King
Panelists:
William Panning, David Ingram, Waynev Fisher
The Power of an ERM Program- Diversification and Correlation
The power in implementing an Enterprise Risk Management (ERM) approach is essentially not reflective of any new concepts but, rather, in its optimizing and categorizing the best strategies to employ to create value by using the characteristics and tools involving the laws of probability and statistics.
When risk is managed in silos, a potential domino effect or a diversifiable event can be missed. Inherent hedges to risk may be ignored, thereby not optimizing the best risk/return trade-off of a company strategy. This session, in essence, will discuss the lifeblood of ERM; namely, measuring and exploiting the threats and opportunities underlying diversification and correlation of risk.
Source:
2007 Spring Meeting
Type:
concurrent
Moderators:
Brian Stoll
