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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.
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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.
Excess Liability
Industry leaders will present a global perspective on the excess liability market, including developments in pricing and exposure across insurance and reinsurance in the United States and overseas.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Zilan Shen
Panelists:
Russell Buckley, David Gansberg
Medical Malpractice
Panel discussions will include updates on medical malpractice financials, tort reform, and insurance reform. In addition, current approaches in modeling retentions, and pricing and reserving for physician and hospital professional liability will be covered.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Zilan Shen
Panelists:
James Hurley, Kirk Bitu
Crop Insurance
Farmers purchase insurance to cover their agricultural crops against the reduction in yield or revenue because of specified perils. Expertise is typically required to underwrite and price a crop reinsurance program because of the wide range in agricultural crop exposures. This session will provide an overview of crop insurance, including an outline of the government assistance programs in the United States, and will discuss how crop reinsurance programs are developed. Additional topics may include the affect of projected climate changes and the crop insurance marketplace in other countries.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles Romberger
Panelists:
James Maher, Susan Witcraft, S. Lee
"Transition-Matrix Theory and Individual Claim Loss Development"
This paper applies Transition-Matrix theory to a large collection of general liability reinsurance claims to model claim development and compares results to the empirical ones.
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
John Mahon
Keywords:
Claim Loss Development, Transition-Matrix theory
"On Optimal Reinsurance Arrangement"
To measure the cost of capital for catastrophe reinsurance covers, the paper cites a number of studies, such as Kielholz (2000) and Cummins and Phillips (2004).
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
Yisheng Bu
Keywords:
Reinsurance, catastrophe, cost of capital
"On Predictive Modeling for Claim Severity"
For pricing excess of loss reinsurance treaties, data usually includes only a handful of claims. How do you decide between the use of industry aggregate data and fitting a distribution to the submitted data?
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
Glenn Meyers
Keywords:
reinsurance, Claim Severity, Predictive Modeling
"On the Optimality of Proportional Reinsurance"
This paper analyzes possible selections of proportional reinsurance programs that can optimize performance for the ceding company.
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
J.F. Walhin, I. Lampaert
Keywords:
reinsurance
"Stochastic Excess of Loss Pricing Within a Financial Framework"
The theory of extreme values can be used within a financial framework to price excess of loss reinsurance treaties.
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
Neeza Thandi, Ernesto Schirmacher, Doris Schirmacher
Keywords:
price excess of loss reinsurance treaties, paper
"Reinsuring for Catastrophes through Industry Loss Warranties - A Practical Approach"
Reinsurers may guard against extreme losses in the event of catastrophes through the purchase of Industry Loss Warrantees. The paper discusses pricing these using size of loss distributions.
Source:
2005 Seminar on Reinsurance
Type:
Paper
Panelists:
Ali Ishaq
Keywords:
Reinsurers, loss distributions, Industry Loss Warrantees
My Ceding Company's Data is Not Credible, So NOW What Do I Do?
Reinsurance pricing actuaries are often in search of external sources of data to support their pricing activities. The panel will discuss sources of data in workers compensation, professional liability, personal lines, and other insurance lines of business. The discussion will cover the source, availability (cost) and form of the data, as well as advantages/disadvantages of particular data sets. As time permits, the speakers will also discuss how some of these data sets have been used to develop rating models.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles Romberger
Panelists:
Linda Bjork, Jason Kundrot, Moshe Goldberg
Keywords:
Reinsurance, workers compensation, professional liability, personal lines, and other insurance lines of business
Property Ratemaking - An Advanced Approach
This panel will explore advanced topics in property. Exposure rating for per risk and large losses will be a central point. Several lines will be explored that center on practical application of the tools in the actuary's and underwriter's arsenal, which are not widely known among the actuarial community.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Steven White, Sean Devlin
Keywords:
Exposure rating for per risk and large losses, actuary's and underwriter's arsenal, Property Ratemaking
Catastrophe Pricing - The Finer Points
In light of the active hurricane season in 2004, many people have wondered whether the climate is changing to cause more events like this. The panelists will explore whether the climate is changing and the effects on land falling hurricanes. In addition, adjustments to modeling results will be explored to account for poorly modeled perils and changes in the market place, such as increased hours clauses and changes in laws.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Sean Devlin, Dail Rowe
Keywords:
Catastrophe Pricing, climate change
Workers Compensation Excess Loss Factors
NCCI's Workers Compensation Excess Loss Factors (ELF) serve as industry benchmarks for analyzing WC excess layer costs and, as such, can have major implications for most self-insureds, insurers, and reinsurers. NCCI has recently revised its ELF methodology. The session will discuss the key components of the new methodology, review the resulting changes in the new ELF, and explore the reasons for the observed changes.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Gregory Engl
Keywords:
Workers Compensation Excess Loss Factors, new methodology, review the resulting changes in the new ELF, and explore the reasons for the observed changes
Return Measures
Why do different reinsurers often make different decisions when it comes to pricing the same risk? The answer can usually be found in the various ways that companies measure their profitability and evaluate their results. In this session, the panelists will be presented with various reinsurance opportunities. The panelists will discuss how different reinsurers could measure the return of each scenario. They will discuss the pros and cons of each measure while considering both actual returns and expected future results.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Paul Kneuer, Susan Patschak
Keywords:
reinsurers, Return Measures
Risk Load, Profitability Measures, and Enterprise Risk Management
The panel will take a fresh look at the interrelated pricing issues of profitability measurement, risk load, and enterprise risk management. Attendees will be given two related, leading edge, practical methods for integrating pricing (or hedging or plan portfolio composition) with an internal risk model, which is a core component of ERM for a reinsurer. The methods provide valuable insights into pricing individual risks, portfolio management, and reinsurance purchasing decisions.
Source:
2005 Seminar on Reinsurance
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Donald Mango, Rodney Kreps
Keywords:
interrelated pricing issues of profitability measurement, risk load, and enterprise risk management, ERM, valuable insights into pricing individual risks, portfolio management, and reinsurance purchasing decisions
Actuaries Versus the Insurance Cycle - An Executive View
Insurance prices rise and fall much like ocean tides ebb and flow. While it is impossible to alter the tides or the insurance cycle, there are strategies that companies can employ to maximize profits throughout the cycle. There is a natural tendency to establish prices that are in line with market rates. After all, it is safer to stick with the herd than to risk the criticism that can come from being different. How do we keep underwriters and actuaries honest during market peaks and troughs? What is the actuary's role in helping the company manage through the cycle?
Should we simply write less of the same type of business during the soft phase? Should we pursue different lines or classes of business? As a reinsurer, should we change our mix of proportional and excess of loss business? How can we best position the company during a soft market to take full advantage of the next hard market? This session will explore some of the strategies that companies can employ to manage the insurance cycle and will focus on the actuary's role in developing and implementing these strategies.
Source:
2005 Seminar on Reinsurance
Type:
general
Moderators:
Steven Armstrong
Panelists:
Brian Duperreault, John Doucette, Marc Grandisson
Keywords:
proportional and excess of loss business, soft market
Proceedings Paper Presentations: "Riskiness Leverage Models"
"A general formulation of risk load for total cash flows is presented. It allows completely additive co-measures at any level of detail for any dependency structure between random variables constituting the total. It is founded on the intuition that some total outcomes are more risky per dollar than others, and the measure of that is a "riskiness leverage ratio." This riskiness leverage function is an essentially arbitrary choice, enabling an infinite variety of management attitudes toward risk to be expressed.
The complete additivity makes these models useful. What makes them interesting is that attention can be turned toward asking "what is a plausible risk measure for the whole, while being prepared to use the indicated allocation technique for the pieces?" The usual measures are special cases of this form, as shown in some examples.
While the author does not particularly advocate allocating capital to do pricing, this class of models does allow pricing at the individual policy clause level, if so desired.
Further, the desirability of reinsurance or other hedges can be quantitatively evaluated from the cedant's point of view by comparing the increase in the mean cost with the decrease in capital cost from reduction of capital required."
Source:
2005 Spring Meeting
Type:
Paper
Panelists:
Rodney Kreps
Keywords:
risk measure, risk load for total cash flows, Riskiness Leverage Models, paper
Discussion Paper Program: Modeling the Solvency Impact of TRIA on the Workers Compensation Insurance Industry
The enterprise in a rating bureau risk model is the insurance industry. This paper describes how statewide or national loss exceedance curve output from a catastrophe model for workers compensation losses from terrorist attacks can be combined with insurance industry financial data in a basic model to estimate the financial impact on the United States workers compensation insurance industry. Many different metrics of impact on the industry are calculated for different percentile levels for the loss size of a single terrorist attack. The model is run with and without consideration of recoveries to insurers from the Terrorism Risk Insurance Act (TRIA) in order to assess the impact of this law on industry solvency. Qualitative results that indicate that TRIA does provide a very high level of protection to the industry are discussed.
Source:
2005 Spring Meeting
Type:
Paper
Panelists:
Harry Shuford, Jonathan Evans
Keywords:
Solvency, Workers Compensation
Discussion Paper Program: Risk Measurement in Insurance A guide to risk measurement, capital allocation and related decision support issues
Risk measurement provides fundamental support to decision making within the insurance industry. In spite of this, the limitations of the common measures are not well appreciated and there is little non-specialist awareness of the more powerful techniques. The published material on risk measurement is strong and has developed significantly in recent years. However, it is fragmented and is not always in a form that is accessible to many industry practitioners. Also, notwithstanding the theoretical merits or otherwise of different techniques, many practical attempts to measure risk can be compromised by inappropriate use and interpretation. This paper aims to give an accessible overview of the full range of risk measurement and allocation techniques, critiquing both technical properties and practical considerations. A simple example is used throughout the paper to help illustrate the various measures and methods, with values being calculated using stochastic simulation.
Source:
2005 Spring Meeting
Type:
Paper
Panelists:
Paul Kaye
Keywords:
Risk Measurement
Why do Specialty/Niche Companies Outperform Their Peers?
This session studies the issues around whether Specialty Companies do actually outperform their larger multi-line competitors, and if so, how do they do it? What advantages do these companies have that their larger competitors don't have?
What are the drivers behind their performance? Better data, more concentrated customer focus, and more specific underwriting knowledge of their customers are all possible explanations. Or instead of any knowledge based explanations, do some companies simply have a "reputation as experts" and can charge however much they want?
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Steven Armstrong
Panelists:
Michael McManus, Kenneth Quintilian, Gary Josephson
Keywords:
Specialty Insurers, Financail Results, Lawyers Professional Liability
What Is The Next Asbestos?
Is there another mega exposure like asbestos lurking in the dark for the Insurance Industry? Each year the estimate of the ultimate cost of asbestos claims continues to grow. Given that asbestos was not considered a significant exposure initially, what other exposures loom over the industry.
Will the next mega exposure be pharmaceutical drugs that may cause heart problems? How about silica or mold? Is cyber crime a significant exposure?
How do insurers forecast and deal with these changing exposures? What are actuaries and underwriters doing to analyze and mitigate these exposures? The panel will discuss emerging exposures and offer their opinion as to their likely impact on the P&C Industry.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
David Appel
Panelists:
John Yonkunas, Bonnie Boccitto
Update on a Global Risk Based Capital Standard
Acting in support of the International Association of Insurance Supervisors (IAIS) in its initiative on developing a global framework for risk-based capital for insurers, the Insurance Regulation Committee of the International Actuarial Association (IAA) formed the Insurer Solvency Assessment Working Party in early 2002 to prepare a report on insurer solvency standards. The Report of the Working Party was completed in late 2003 and represents the culmination of that mandate. (Note- the report can be downloaded from the IAA website). In the course of its mandate, the Working Party presented its work to various insurance supervisory and actuarial meetings. Feedback from these presentations has been both positive and constructive.
In the course of its mandate, the Working Party presented its work to various insurance supervisory and actuarial meetings. Feedback from these presentations has been both positive and constructive. This session will discuss the critical components of the Working Party's recommendations while balancing its focus between practical and sophisticated methodologies, with greater weight on those methodologies with the greatest likelihood of practical implementation. Audience participation and discussion is strongly encouraged.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Glenn Meyers, Nino Savelli
The State of Construction Defects
It's been almost 9 years since the Montrose case and 8 years since the Stonewall case which opened the flood gates for construction defect claims. The insurance industry reacted by revising CGL policies, tightening underwriting guidelines and restricting coverage. Despite the passage of years and the hindsight changes in coverage, construction defect claims continue to emerge, including a notable surge in 2003. Like other mass tort issues, construction defect remains a current topic relevant to the many companies who wrote general liability coverage for construction risks throughout the 1990's.
Key states have statutes of limitations ranging from 6 years to 10 years after construction is finished. At almost 9 years out, with some statutes starting to run, we can get a better handle on how to estimate the ultimate losses and what effect the remediation measures have had on the losses.
The panel will discuss claim characteristics, settlements and awards, evolving reserving and adjusting practices, the frequency and severity of claims, data segmentation, actuarial techniques for estimating ultimate losses and potential future issues.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Ronald Kozlowski, Paul Swank
Privacy of Information
Increased access to computing and modeling technology has made the widespread use of data for analysis of risk and exposure more common and more likely. Often these models have made use of data that individuals felt was private information. Individuals have reacted to this use and perceived abuse of personal information by demanding greater restrictions on the uses and users of this data. This Panel will discuss whether the restriction on the use of data on the grounds of privacy protection could have profound effects on the ability of insurers to:
* Underwrite risks
* Build underwriting or scoring models
* Adjust claims or detect fraudulent activity in claims
* Correctly and adequately rate risks
In addition, under various information privacy and security laws insurance companies face a risk of potential liability for any breach of information privacy that may occur in their handling of data.
The panel will discuss the possible doomsday and real scenarios embodied in the current laws and proposed legislation.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
John Storey, Jon Neiditz
Presenting Dynamic Financial Analysis Results to Decision Makers
This session will summarize the work to date of the CAS Research Working Party on Executive Level Decision Making Using DFA. The panel of working party members will begin by reviewing their survey of past DFA presentations and will highlight slides or presentation techniques that work well when presenting DFA studies. A PowerPoint template for DFA presentations will be introduced followed by sample presentations that illustrate how the template can be applied. The panel will share their insights gained from their survey of DFA presentations and their own experiences.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Aleksey Popelyukhin, Raju Bohra, Michael Larsen
