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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.
Solvency II Round Table
This panel will explore insurer reactions to the Solvency II regulations, their means of planning for the changes, the implications of Solvency II to insurance companies, as well as a comparison to the current U.S. regulatory requirements.
Source:
2007 Spring Meeting
Type:
general
Moderators:
Shawna Ackerman
Panelists:
Maryelle Coggins, David Lightfoot, Arne Sandstrom
Florida Homeowners Insurance-How Big is the Availability Problem? Is There a Fair Solution?
Since Hurricane Andrew, availability and affordability for homeowners insurance in Florida has been an ongoing discussion topic. Over the past several months a variety of different solutions have been suggested. Recently, some companies have implemented their own solutions including restricting the amount of business they will write in Florida's coastal areas, extreme rate increases, and buying additional reinsurance, then passing the cost on to insureds.
The Florida legislature has responded by recently passing legislation limiting the changes companies can make and providing greater reinsurance availability to companies doing business in Florida. Session panelists will discuss the viewpoint on how these changes affect the marketplace on both a short- and long-term basis, and if they think we are any closer to solving the homeowners insurance availability and affordability concerns in Florida-or if they believe that this really was an issue!
Source:
2007 Spring Meeting
Type:
general
Moderators:
Marcus Tarrant
Panelists:
Bradley Kading, Locke Burt, Ray Spudeck, Paul Palumbo
Traditional Actuarial Roles - Putting it All Together in an Enterprise Risk Management Framework
Enterprise Risk Management (ERM) envisions a holistic treatment of risk-both positive and negative-across an enterprise. Pricing and reserving are the traditional actuarial functions. How do those "silos"-pricing and reserving-relate to an insurer's enterprise-wide ERM process? How is pricing an ERM function? What aspects of reserving coincide with ERM? The panelists will address these and many more issues regarding ERM, including risk and return analysis and planning.
Source:
2007 Spring Meeting
Type:
general
Moderators:
Marcus Tarrant
Panelists:
John Kollar, Eugene Connell, Russell Bingham
Predictive Modeling
While predictive modeling is a hot topic for actuaries working on primary personal lines and small commercial lines business, the typical reinsurance actuary knows little about the topic. This session will address what reinsurance actuaries should know about predictive modeling and explain how predictive modeling is being used by some of our cedants.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Marcus Tarrant
Panelists:
Peter Wu
Reinsurance and Rating Agency Models
This session will cover how a company’s reinsurance program is considered in a rating agency evaluation. Reinsurance is a significant rating criteria with respect to risk management and has quantitative implications in the capital adequacy models employed by the rating agencies. Reinsurance affects the capital adequacy models with respect to required premium, reserve, recoverable, and catastrophe risk capital. This panel will provide perspective from two major rating agencies as well as insight on how reinsurance transactions are analyzed for rating agency implications.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Gloria Huberman
Panelists:
Susan Witcraft, Thomas Mount, Damien Magarelli
Run-Off Considerations
Over the past several years, many companies have elected to put parts of their business or their entire operations into run-off. Once in run-off, these companies face many unique considerations. Senior management oftentimes wants to completely exit the business, while others believe that the operations can be run-off profitably over time. Some considerations to be discussed include:
* Selling the whole operation or part of it to another entity—Pros and Cons
* Pursuing commutations
* Developing arbitration strategy
* Retaining employees
* Outsourcing versus doing functions in-house
These and a host of other items will be discussed.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Leigh Halliwell
Panelists:
Oliver Horbelt, Standley Hoch
Enterprise Risk Management
The past few years have been a turning point for enterprise risk management as it has evolved from the conceptual talking points to the actual implementation and results. This was driven by many factors, such as the need for coordinating risk management across all classes of risk, technology, and the rating agencies. Our panel will discuss economic capital and operational risk as well as the results of a survey of more than 200 insurers regarding their views on ERM. The panel will also highlight recent developments at one of the rating agencies.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Leigh Halliwell
Panelists:
Donald Mango, Michael Belfatti, David Ingram
Reinsurance Research Corner
Hosted by the CAS Reinsurance Research Committee, the Research Corner is a forum to present preliminary reports on works in progress or recently completed. Research Corner participants can pose new problems and demonstrate innovative practical approaches. Individual investigators as well as representatives of research working parties and other groups are encouraged to participate. There is no need to preregister—“walk in” speakers are most welcome, though advance notice is appreciated whenever possible. Speakers should plan on having ten to fifteen minutes to make their presentation. Attendees who would like to present their work during this session are invited to contact the moderator.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Leigh Halliwell
Reinsuring Small/Regional Insurers
This session will cover the issues associated with reinsuring small or regional insurance companies. What is the ceding company’s motivation for buying reinsurance? What do they look for in a reinsurer or intermediary? From the perspective of the reinsurer, what are the challenges associated with underwriting and pricing such business? How can it be analyzed in an efficient manner? In addition to these questions, the panel will discuss the current state of the market for this niche.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Marty Arnold, Jerry Howard, Tim Madden
Summary of DRM and COTOR Working Party Development of Reserving Tools
Established by the Dynamic Risk Modeling (DRM) Committee, the CAS Loss Simulation Model Working Party (LSMWP) has been charged to create a simulation model of the process of loss emergence and settlement, commonly known as loss development, that underlie the loss “triangles” and other statistics used by actuaries for analyzing loss experience. The model will be made available to CAS members for use in determining the most appropriate reserving methods or models to use on a particular data set. The LSMWP has also developed a statistical procedure that will be used to test if simulated loss triangle data can be distinguished from actual data. This is a key test of the quality of the simulation model. The LSMWP plans to further test the model by issuing a challenge to CAS members to see if simulated triangles can be distinguished from actual triangles. Robert Bear will summarize progress to date as well as plans to complete the project and make this simulation tool available to CAS members.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Louise Francis, Robert Bear
Hidden Risks in Casualty (Re)insurance
Projecting loss costs on long-tail casualty business can be a difficult and sometimes tricky proposition. Parameter risk can be a significant source of error in an actuary’s assessment of casualty risk. Reliance on accurate trend assumptions, LDF assumptions, contract provisions, and changes in terms and conditions can introduce significant, and often hidden, uncertainty in one’s analysis. In addition, scrutiny of risk transfer testing has caused actuaries to think more critically about the amount of risk inherent in writing long-tail casualty business, how to model it, and how to properly document it. This session will examine these issues and discuss various approaches the reinsurance pricing actuary can use in practice.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
David Clark, Spencer Gluck, Alice Underwood
Credibility-Theory and Practice in Excess Reinsurance
While credibility concepts are well established for actuaries pricing primary insurance, credibility concepts are fairly ad hoc for actuaries pricing reinsurance. This session will provide some theory on developing credibility models and will address two areas of application: 1) using multidimensional credibility at the classification level to price excess of loss reinsurance for workers compensation; 2) credibility weighting of exposure and experience rates for excess reinsurance.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Gary Venter, David Clark
Umbrella Liability
As the casualty market softens, umbrella liability is particularly susceptible. Given rate decreases coupled with double digit loss trends, profitable business from just a few years ago can very quickly cross over into yielding poor results. The speakers will discuss the state of the umbrella market today and focus on what actions they are taking to maintain profitable writings.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Stephen Kantor, Russell Buckley, Stephane Lalancette
Professional Liability Update
This panel will cover recent developments regarding medical malpractice and lawyers E&O. The current medical malpractice "state of the market" will be discussed, including the latest financial results and the recent changes in the market. Lawyers E&O will be discussed from both the point of view of a pricing actuary and an underwriter in the London market.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
James Hurley, Simon Brickman
Excess Workers Compensation Pricing and Reserving
Excess workers compensation is one of the most difficult coverages to price and reserve. Severe claims are paid for decades and during this time period medical inflation, medical procedures, and utilization are changing dramatically. Also, life expectancies are increasing. In the mid-1990s, it looked like managed care had workers compensation costs under control; however, the reinsurance results of the late 1990s display how quickly trends can change. This session will discuss what items need to be reflected in pricing and reserving for workers compensation insurance.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Gary Blumsohn, Matthew Sondag
Workers Compensation Update: Recent Reforms and Notable Issues for Reinsurers
Our panelists will review recent state reforms and potential reforms, highlighting California, New York, and Texas. The overall system impact of those reforms will be addressed. Issues pertinent to reinsurers such as excess loss factor updates and catastrophic exposures (including earthquake and terrorism) will be discussed.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Karen Ayres, Gerald Yeung
D&O Pricing Approaches and Market Update
In the current softening D&O market, having objective pricing and underwriting tools is critical. This session will focus on describing two approaches for pricing public D&O insurance and one sophisticated risk assessment model. Panelists will also provide an update on market conditions including the impact of Sarbanes Oxley and recent legal decisions, as well as an update on options backdating.
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Wallace
Panelists:
Vvagif Amstislavskiy, Nicholas Durant
Terrorism Risk Insurance: Who Pays and How Much
With the expiration of the Terrorism Risk Insurance Extension Act (TRIEA) on December 31, 2007, the property casualty insurance industry and reinsurance industry is pursuing a long-term public-private partnership solution for financing the risk of terrorism losses in the U.S. economy. Discussion topics include the following:
* What coverages/pricing strategies are reinsurers pursuing currently and what coverage do they anticipate offering in the future?
* What risk management options are primary companies pursuing with respect to the risk of terrorism?
* How will primary companies react to the availability issue going forward?
* What likely steps will the federal government take to deal with the expiration of TRIEA and what are some of the policy options being discussed?
Source:
2007 Seminar on Reinsurance
Type:
concurrent
Moderators:
Jonathan Evans
Panelists:
J. Brosius, Ed Hochberg, Kim Welsh
General Session 4
This session will offer several financial ERM perspectives, including development and best execution of strategic risk management and ERM best practices that align incentives across silos and confront the challenges faced by financial services, bank, life and property casualty insurers. This will be contrasted with their establishment of ERM programs. Bev Margolian will describe the long path that led to Manulife's strong risk management culture and investments, which was recently recognized as a best practice when they were upgraded to AAA rating by Standard & Poor's, who cited their "excellent enterprise risk management framework." Joan Lamm-Tennant will recount her experience in risk management for property casualty and reinsurance and consulting. Shyam Venkat will contrast bank and insurance risk management practices and their evolution. He will also contrast ERM, economic capital, and strategic risk management, as well as discuss results of survey of senior management views on risk management trends and utilization.
Source:
2007 Enterprise Risk Management Symposium
Type:
general
Technical Innovations: Dashboards
This session provides a comprehensive discussion on the latest developments in technology and tools for real-time risk assessment, monitoring, and decision support for senior management. Examples of dashboard technology facilitating consolidated reporting for senior management and interactive decision support for ERM, ALM, Op Risk, Basel II, market, and credit risk for corporations, banks, insurers, and reinsurers.
Top industry experts will discuss practical issues arising in developing internal ERM measurement and monitoring systems, and address fundamental quantitative and implementation issues. Audience questions and participation are welcomed and encouraged.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Interdisciplinary Panel
Risk management is new and ever-evolving. Many of the industry sectors are trying to solve a variety of risk management issues, each from their own perspectives. Differing terminology and varying standards exacerbate the issue. Only recently has there been more dialogue and collaboration among the groups. A joint effort incorporating communication and partnership can help to better frame the issues, understand the process, and advance the state of risk management practice.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
New Rating Agency Capital Models for Property Casualty Insurance Companies
Because of changes in risk and the perception of risk in recent years, rating agencies have refined their property-casualty capital models to adapt to this new reality. This session will discuss the role of capital models in the rating process, rating agencies' goals for their capital models, and the coexistence of property-casualty companies' own capital modeling with rating agencies' capital models.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
ERM in Insurance
ERM has several stages of development, ranging from largely compliance-related activities to better decision-making tactics that appropriately consider risk-reward trade-offs and value creation. Although insurance companies are beginning to recognize the potential for creating value through integrated risk and capital management, many still lack the practical methods for doing so. In this session, we will compare and contrast the state of the property/casualty insurance industry with the life insurance industry in regards to ERM. Expert panelists will lead a moderated discussion covering a variety of issues including:
* How and if companies are thinking about risk limits,
* Where they see themselves on the continuum between compliance and value creation,
* How companies are responding to increasing rating analyst interest in ERM, and
* Challenges they face in operationalizing ERM.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
General Session 3
ERM is a disciplined management approach adopted by leading firms in industry who have integrated risk management into all aspects of their business. Global and local regulators have typically adopted a more parsimonious approach to risk management that relies heavily on onsite examination of operations and offsite monitoring of financial statements-especially capital. This session will explore the limits to the current regulatory frameworks across the globe, the issues dominating policy debates, and the opportunities to incorporate ERM concepts into future policy discussions.
Source:
2007 Enterprise Risk Management Symposium
Type:
general
Beyond Basel II - Leveraging Economic Capital to Achieve Strategic Objectives
While banks and insurance companies must comply with the Basel II and Solvency II frameworks the application of economic capital should go beyond regulatory requirements. Learn from an actual case study of how EDC implemented a successful capital management project. Discussion topics include:
* Establishing the appropriate scope for economic capital including strategic business credit market and operational risk;
* Defining the business and risk management applications for economic capital;
* Leveraging the economic capital framework to support board-approved capital management and dividend policies;
* Developing economic capital methodologies including strategic risk capital, business risk capital, and credit and market risk integration; and
* Managing a successful capital management project-best practices and lessons learned.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
