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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.
The Downward Spiral: Don't set yourself up for failure with your boss
Actuaries usually work for a number of bosses, including other actuaries, underwriters, financial officers, and senior management. Have you ever worked for a difficult boss? You know, the kind of boss whom it was hard to influence, and maybe a little bit hostile? Did you ever wonder why this boss did not have the confidence in you that you knew you deserved? Have you ever counseled someone in this position? This session will explore ways actuaries contribute to their unhealthy relationship with the boss who prevents them from getting the recognition they deserve. By the end of this session you will be able to identify the cues to watch out for, recognize how you contribute to the problem, and develop strategies to turn the situation around.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Daniel Roth
Panelists:
Robert Orr
What's the future of asbestos and can lead paint be the next major crisis?
Since the last global asbestos cost estimates were published in 2001, there has been a flurry of activity on both the federal and state legislative and judicial arenas to address the concerns of plaintiffs, defendants, insurers, and reinsurers. One of the major concerns was to address the needs of those who are truly sick with asbestos-related diseases. This meant getting rid of the many unimpaired and frivolous asbestos cases that were clogging both federal and state court dockets. One solution was the FAIR Act introduced out of Senate committee last fall. Alternatively, many states are adopting their own versions of asbestos and basic tort reforms that will limit mass screenings and extreme verdicts that threaten the solvency of many current and new asbestos defendant companies.
Has any of this activity helped the asbestos crisis? What can be expected when new global cost estimates are published? Another potential legal crisis emerging comes from the recent lead paint court decisions is several jurisdictions. Will lead paint become the new asbestos crisis of this century or will the lead paint crisis benefit from all the lessons learned (or not learned) from asbestos.
This panel will address the legal landscape of asbestos and lead paint in the continuing flux of state v. federal legislative activities and the expected future costs/savings arising out of reforms.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Daniel Roth
Panelists:
Christine Fleming, Joanne McMahon
Keywords:
asbestos, federal and state legislative
Wait! I thought the reserves were deficient? An update on California Workers Compensation
At year-end 2001, the Workers Compensation Insurance Rating Bureau (WCIRB) estimated that the California workers compensation was underreserved by $14 billion. Now, four years later, the WCIRB is projecting a redundancy of $5 billion. Clearly, the legislative reforms, among other factors, passed in recent years have had a tremendous impact of losses in the state. This session will highlight the major provisions of the reforms, with special emphasis on how they may affect frequency, severity, medical cost and utilization, and access to medical care, trend factors, and development patterns. Actual post-reform experience will be presented to see whether evidence of the projected savings can be seen in emerging data.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Alex Swedlow, Guy Avagliano
Keywords:
California Workers Compensation
Personal Auto: Special Reserving Issues
This session will examine reserving issues unique to personal auto insurance. The panelists will discuss the effect tort selection, fee schedules, increasingly refined rating algorithms, and other issues have on the reserve estimation process. They will offer suggestions regarding how to best deal with these phenomena.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kevin Wick
Panelists:
Steven Lehmann, William Carpenter
Keywords:
Reserving, Personal Auto, algorithms
An insider's guide to Workers Compensation Loss Reserving
Two experienced practitioners will present a variety of practical tools for evaluating workers compensation loss reserves. Both primary and reinsurance perspectives will be discussed.
This session will presume a basic knowledge of standard actuarial reserving methods. Discussion will focus on what can go wrong (or right) when applying these techniques to workers compensation data.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Lawerence Vitale, Richard Zatorski
Keywords:
Workers Compensation, Loss Reserving
Homeowners, Property, and Catastrophe Reserving
In recent years a spate of hurricanes has hit the Southeastern U.S. They present a fairly unique set of reserving problems: a large volume of losses coming from a single loss date; difficulties obtaining basic resources such as adjusters and building materials; and the possibility that reinsurance limits may be exhausted. Not surprisingly, many companies have experienced significant adverse development on hurricane reserves. This session is targeted to give the attendees a sufficient overview of the aspects of hurricane loss reserving to develop an approach for their circumstance. More specifically, common hurricane reserving issues stemming from operational issues will be discussed, the structure of a typical hurricane reinsurance program will be explained, a sample hurricane reserve analysis approach will be presented, and guidance on obtaining and producing reserving data will be given.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Paul Kneuer, Joseph Boor
Keywords:
Homeowners, Property, Catastrophe Reserving
Current Issues and Trends in Medical Malpractice
Focusing on recent changes in the medical malpractice market, this session will emphasize the impact of these changes on loss reserve estimates. Among the topics discussed will be tort reforms and frequency and severity trends.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
William Burns, Gail Tverberg, Edward Wrobel
Keywords:
Medical Malpractice
Contractual Liability Coverage for Warranty Business-More than Meets the Eye
During the past few years, many companies offering extended service contracts for vehicles (automobile warranties) have formed risk retention groups (RRGs) to provide themselves with contractual liability insurance coverage to guarantee their performance on these service contracts. There are many interesting and unresolved issues regarding coverage provided by these RRGs, many of which have been heightened due to the recent insolvency of a major RRG. Currently, the NAIC's Casualty Actuarial Task Force has formed a subgroup to review certain actuarial and financial issues affecting these RRGs.
This session will discuss some of the fundamentals of automobile extended service contracts with an emphasis on the issues of loss reserving and statements of actuarial opinion that arise at the risk retention group level. Lessons learned from recent activities will also be offered. Finally, the session will also present the issues being discussed at the NAIC level and some of the proposals being considered regarding the regulation of these RRGs.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Mark Sobel, Leslie Jones
Keywords:
Contractual Liability Coverage
Solvency II: Implications for Loss Reserving
This session will focus on the impact of Solvency II on loss reserving in Europe. Topics to be addressed include the time horizon used to measure reserving risk, the calculation of risk margins, and the integration of the reserving process into the risk management function. The session will also discuss regulatory changes recently enacted by the Financial Services Authority (FSA) in the United Kingdom.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Douglas Collins, John Charles
Keywords:
Loss Reserving, Solvency II
Catastrophe Reserving from an International Perspective
Reserving for catastrophic events continues to be a significant challenge for the global insurance industry. Outside the U.S., countries have adopted various approaches allowing companies to establish catastrophe reserves to fund different kinds of exposures. This session will discuss some of the approaches and considerations with respect to qualifying events and accounting treatments. The panel will focus on the practices and regulations in the European, Asian, and Latin American insurance markets.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Paul Gates, Peter Royek, Eduardo Fischer
Keywords:
Catastrophe Reserving, international
ULAE/A&O Estimation and Modeling
Existing actuarial literature provides guidance on the use of dollar- and count-based methods for the estimation of unallocated loss-adjustment expense (ULAE) or adjusting and other expense (A&O) reserves. Dollar-based methods are based on widely available, and usually audited, company financial data, whereas count-based methods rely on relatively detailed information regarding the number and cost of various claim-handling activities and events. One panelist will present an estimation method that possesses some of the benefits of the count-based methods, while relying solely on dollar-based loss data. The other panelist will show how to convert a count-based method into statistical model, from which one may obtain a probability distribution of unpaid ULAE/A&O that impounds process, parameter, and modeling uncertainties.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kevin Wick
Panelists:
Leigh Halliwell, Robert Conger
Keywords:
ULAE/A&O Estimation and Modeling
Sarbanes-Oxley
This session will provide company, advisor's, and auditor's points of view on the implementation of Sarbanes-Oxley as it relates to the actuarial functions. Included topics will be the difficulties that can be expected, what impact implementation has on company processes, and what companies can do to help streamline the implementation of these processes. In addition, future regulatory implications will be discussed.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kevin Wick
Panelists:
G. Nyce, Brian Reilly, Sally Kaplan
Keywords:
Sarbanes-Oxley
Reserves and Federal Income Tax Implications
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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kevin Wick
Panelists:
Joseph Long, Craig Pichette
Keywords:
insurance company loss reserves, tax
Materiality and the Risk of Material Adverse Deviation: A regulatory perspective
In this era of transparency and increased disclosure, materiality is a hot topic in financial markets in general and especially in the insurance industry. Casualty actuaries are becoming increasingly interested in materiality standards. Materiality issues are on the forefront of many regulators' minds, in particular as they relate to disclosures for the risk of material adverse deviation (RMAD) in statements of actuarial opinion (SAOs). The credibility of the casualty actuarial profession has also come into question in the past several years due to high profile insolvencies in relation to prior statements of actuarial opinion. This panel will provide insight into the regulatory perspective.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Ali Samad-Khan
Panelists:
M. Germani, Melissa Greiner
Keywords:
Risk of Material Adverse Deviation, regulatory
Actuarial Opinion Requirements 2006
The Actuarial Statements of Opinion have evolved in to a continuing enhancement of "more disclosure" and less "disclaimer." This session intends to present discussions on recent changes to the statutory requirements, whether they made a difference in 2005, and what's in store for additional requirements in 2006 and beyond.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Joseph Herbers, Nicole Elliott
Keywords:
Actuarial Statements of Opinion
Understanding Collateral Requirements in Relation to Self-Insurance
This session will demonstrate why insurance companies require self-insurers to post collateral, how the amount of collateral is determined, how to plan for future collateral requirements, how to positively affect future collateral requirements, what program structures or collateral alternatives are available, and how the various program structures or collateral alternatives impact their flexibility to pursue the company's business strategies. After the session, the attendees should understand and be able to explain how each program structure will affect the company's balance sheet and income statement, the company's working capital and credit capacity, and the company's compliance requirements.
The two speakers for this session will present actuarial and insurance company perspectives regarding collateral. Actuaries, whether working for a self-insurer or an insurance company, need to understand the business purpose for collateral, and the financial effect its loss reserve selections and loss projections underlying premium have upon the self-insured's financial statements. In addition, an insurance company representative will present the reasons for the establishment of collateral.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Marn Rivelle, Thomas Fuller
Keywords:
Self-Insurance
Rating Agency View of ERM
Enterprise risk management (ERM) is gaining importance in evalauting the financial strength of P&C insurers. How are rating agencies evalauting the ERM strategies of companies and how are these strategies reflected in the overall company ratings provided? These questions and more will be addressed by representatives from the Standard and Poor's, Fitch, and Best's.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Thomas Mount, David Ingram, Brian Schneider
Keywords:
Enterprise risk management, ERM
Implications of Technology In Claims Operations
Insurance carriers have aggressively managed down operating and acquisition expenses, while technology has driven significant breakthroughs in underwriting sophistication. Could claim operations be the next battleground? Historically actuaries have spent little time working with claims operations. This session will focus on how claim actuaries can not only support better reserving and pricing, but also support loss cost and loss adjustment expense reductions through development of claim operational metrics, application of actuarial analytical skills and modeling techniques.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Brian Stoll, Kathleen Cullen
Keywords:
Claims
The Correlation between Pricing and Reserving: An Enterprise Risk Management Perspective
This session will examine the link between pricing and reserving within the enterprise. Special attention will be focused on how this link can affect the reserving process. In addition, the propensity for this link to increase or decrease enterprise risk will be examined.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Elise Liebers
Panelists:
Russell Bingham, Curtis Parker
Keywords:
Pricing, Reserving, Enterprise Risk Management, ERM
The Actuarial Role in Liquidity Risk Assesment
Some insurance companies have become insolvent not from the value but rather from the liquidity of their assets in relation to the demand for liability payments. Positive surplus is no longer a guarantee that an insurer can, and will, pay its claims. Liquidity specific diagnostics must be implemented. This session will examine the actuary's role in this critical process.
Source:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Elise Liebers
Panelists:
Orin Linden, Michael Belfatti, Christopher Diamantoukos
Keywords:
Risk Assesment
Intermediate Track II: 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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Anthony Burke, Lawrence White, David Vogt, Jeremy Percora
Keywords:
mix of business, claim closing patterns, case reserve adequacy
Intermediate Track I: 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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Jane Taylor, Robin Davis, Theodore Shalack, Craig Taylor
Keywords:
loss reserving
Basic Track III: 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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Panelists:
Charles White, Richard Atkinson, Christopher Lattin, Sharon Carroll
Keywords:
reserving
Basic Track II: 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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Nancy Arico, Vincent Yezzi, Elliot Burn, Bonnie Shek
Keywords:
reserve
Basic Track I: 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:
2006 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Marc Oberholtzer, Kurt Johnson, Huey Yang, Weng Leong
Keywords:
Reserves
