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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.
Predictive Modeling - Panacea or Placebo?
The term "Predictive Modeling" has gotten a lot of visibility in CAS circles of late. It even got its own (very well attended) special interest seminar. Given that much of what actuaries do could be called predictive modeling, one could ask "What is different?" This session will describe the difference between the "New Predictive Modeling" and the "Old Predictive Modeling." Panelists will: (1) discuss what predictive modeling can and cannot do; (2) give examples of applications where the "New Predictive Modeling" gives superior results.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Cheng-Sheng Wu, Daniel Finnegan
Managing the Insurance Cycle
What are the causes of insurance cycles?
Is it possible for insurance and reinsurance companies to make money through the cycles? Are cycles inevitable?
The panel will discuss these points, sharing their own experience and perspectives.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Harry Shuford, Joseph Boor
Investment Principles - Session with the CAS Investment Committee
Many actuaries are knowledgeable about modern portfolio theory and investment principles that are used daily by investment professionals. Yet, very few of us get a chance to apply these principles in real life, except maybe for our own investments.
This session will cover basic investment principles and how they can be used in an investment strategy. From there, members of the CAS Investment Committee will present a history of their Committee, some of the recommendations they have presented to the CAS Board over the last few years and some of their current activities.
All members are invited to come hear more about how the Committee operates, and how it manages CAS investable funds in excess of $4 million. The session will also discuss basic strategies that can be used to manage personal investment portfolios.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
François Morin, Curtis Dean, Todd Rogers
Interaction With Underwriters
In most companies, Actuaries and Underwriters have constant and considerable interaction on a day-to-day basis. In some companies, Actuaries are part of the Underwriting Department; in other companies, they are separate. Actuaries work with Underwriters in setting large vision strategies, help them with product filings, pricing and structure of large accounts (and occasionally customer visits), and even some teaching and presentations - to name a few.
This session provides a glimpse of some of the work interactions that occur between Actuaries and Underwriters. The panelists will give some insight into their successes and failures in working with the Underwriting process.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
John Herder, Brian Evans
Insurance Accounting for Actuaries
This session addresses a major gap in the actuarial profession's continuing education. Instead of just going over the rules, this session will review the rationale behind the guidelines. For example, what is an accrual? What does it do and not do? Do larger reserves provide more financial protection?
Actuaries express strong opinions regarding how they view accounting guidance (which) does not allow the booking of margins) without full understanding of the financial protection, or lack thereof, of booking margins. Many of the arguments were raised 30 years ago and considered and rejected as misguided back when FAS 5 was promulgated.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Katharine Barnes
Panelists:
Roger Hayne, Kevin Wick
2004 Hurricanes and 2005 Reinsurance Market
Because of the "Big 4" in Florida, 2004 was another interesting year for hurricanes. Now that 2004 is over, we can look back at and evaluate some of the data from those hurricanes. The panel will examine the actual results and compare them to the hurricane model predictions. The panel will discuss the impact of the 2004 hurricane season on the 2005 reinsurance market and highlight techniques for companies to evaluate various alternatives.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Ronald Herrig
Panelists:
Thomas Hettinger, Randall Brubaker
Future of TRIA 2004
The Terrorism Risk Insurance Act (TRIA) expires on December 31, 2005. With the deadline approaching, what should be and what will be the future of terrorism cover?
Is terrorism risk privately insurable? Should it be covered by the government only? Will TRIA remain in its current form?
The panelists will discuss the pros & cons of the current TRIA and discuss the likely scenarios after December 31, 2005 with their implications.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Greg Engl
Panelists:
Lloyd Dixon, Glenn Pomeroy
From the Actuary's "Best Estimate Range" to "Management's Best Estimate." Which "X" Marks the Spot?
Here is the situation. You've completed a reserve analysis. You've provided a point estimate. Management has indicated their desire to book the number "x", which is consistent with its business plan, but falls below your original point estimate. Management is asking for your "best estimate" range around your point estimate in the interest of assessing the reasonableness of "x".
This session is intended to offer practical approaches and considerations in determining "best estimate" ranges using actual examples of best practices in determining reasonableness. Discussions will center on defining "reasonableness" in light of our written standards of practice and attempt to answer:
* Given your estimation of the range, what standards do you now apply to "x"?
* Does every number within your range constitute a reasonable estimate to carry as "x"? How can you differentiate between reasonable range and total range?
* Are they the same?
As next year's requirements of a Company's Appointed Actuary call for disclosure of both reserve point estimates and reserve ranges in an actuarial opinion summary (AOS) report, these discussions are timely. We welcome audience participation, and views/opinions.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Robert Wolf, Roger Hayne, CK Khury
Estimating the Effect of Tort Reform on Medical Malpractice Costs
Republican, Democrat, Libertarian, Green Party: medical malpractice tort reform is on everyone's agenda in 2005. Whether you are pricing, reserving, or preparing your financial plan, you need to be able to respond to the impending changes that federal and state legislation may be bringing.
The panel will provide an overview of the more common types of tort reform being proposed for medical malpractice, including:
* Award reductions (caps on non-economic damages and changes to joint & several statutes)
* Coverage restrictions (changes to contributory negligence, statutes of limitations, and punitive award limitations)
* Other changes (arbitration mandates, attorney fee limitations, collateral source offsets)
Suggested methodologies for estimating the economic effect of these types of legislation will be presented, along with some common difficulties and oversights that can cause you to overestimate the impact of each.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Kevin Bingham, Richard Lord, Robert Walling
Enterprise Risk Management --the Present and the Future CAS
Our centennial goal states that "CAS members will be recognized as the leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial, and operational risk." Said another way, casualty actuaries will be recognized as experts in enterprise risk management (ERM) quantification. But actuaries are not alone in their interest in ERM. There are many professional organizations around making moves in this dynamic, emerging space.
The CAS is taking steps to position ourselves. During its March 2005 meeting, the CAS Board approved joint sponsorship of a Risk Management Section with the SOA. The Joint Risk Management Section is similar to the existing CAS special interest sections Casualty Actuaries in Reinsurance (CARe) and Actuaries in Regulation (AIR) in that it brings together a group of interested members to study and discuss common professional interests and to contribute information on those interests to the profession through seminars and research projects. The Risk Management Section will focus on developing solutions to unsolved problems, communicating the value of actuaries in providing solutions, and educating actuaries to meet market demands.
This session will (i) provide an update on many ERM-related activities and organizations, including the COSO framework, PRMIA, GARP, ERMII, IAA and AAA task forces; (ii) explain the Joint Section in more detail: mission, scope, plans; and (iii) challenge the audience for their feedback, opinions and interest in volunteering for Joint Section committees.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
John Kollar, James Rech
Keywords:
enterprise risk management (ERM), risk management section, risk management, joint sponsorship, SOA, research
Discussion of Loss Reserve Standard
The Subcommittee on Reserving of the Casualty Committee of the Actuarial Standards Board has been working on a standard for reserve estimates. Members of the subcommittee will present the key components of the standard including a discussion on scope, analysis of issues and recommended practices. One of the goals of this session is to receive input from a broad group of actuaries to incorporate into the proposed standard. The standard is expected to be subject to the normal exposure process in the summer of 2005.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Ralph Blanchard, Mary Miller
Discussion Draft on Reserving Principles
A Discussion Draft of the proposed revision to the 1988 Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves was released to the CAS membership in March 2005. The Discussion Draft is the result of more than two years of work by the Task Force on Reserving Principles and its predecessor, the Committee on Reserves Task Force on Principles. The Task Force welcomes all feedback, comments, and suggestions on the Discussion Draft.
The panelists will provide an overview of the development of the Draft, summarize substantive changes between the 1988 Principles and the Draft, and invite your comments and discussion on the Draft.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Aaron Halpert, Thomas Ryan, Deborah Rosenberg, Bertram Horowitz, Jon Michelson
Caribbean Catastrophes and the Caribbean Market
The 2004 hurricane season has opened eyes on the impact of catastrophes on the Caribbean. The predictability and accuracy of catastrophe modelling is in the forefront in the Caribbean today. Insurance and reinsurance companies are now re-visiting the level with which to rely on cat models. Cat modeling companies are now evaluating future enhancements to better capture the impact of catastrophes in the market.
The panel will discuss the predictability of the models with respect to the 2004 hurricanes, as well as recent and upcoming revisions to the catastrophe models to improve their overall reliability. The panel will also explore the Caribbean market, in general, including discussions on methodologies for setting rates and underwriting standards, reinsurance structuring, and the impact of catastrophes and catastrophe modeling on each of these items.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Laurie Johnson, Timothy Aman, Bryan Murphy
California Workers Compensation Update
The initial returns are coming in following the passage of SB 899, and (believe it or not) the results look like this highly touted legislation is getting some traction. Three panelists will provide a perspective of what they are seeing in California workers compensation claims experience since this law was put on the books.
The panelists will share some industry trends that they are seeing in their most recent rate and reserve analyses. Taking a closer look to where the rubber meets the road, a claims manager for a large self-insurer will provide some background on how the legislative changes are being implemented in case reserving and settlements. Finally, some data and methodology adjustments will be presented, so that you can be better prepared to conduct ratemaking and reserving analyses on historical California workers compensation claims experience.
The end result will be a general better understanding of how this legislation is playing out and what you should be looking for in your own claims data.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Stephen Cavanaugh
Panelists:
Roberta Garland, Joanne Ottone, Katrina Zitnik
Aviation Pricing and Modeling
Traditionally Aviation exposures have been evaluated and priced only by brokers and underwriters. Is there enough information to utilize traditional actuarial techniques for pricing? There have been many models developed for "exposure rating" of major airline exposure. These models reside with insurers and with major aviation brokers.
This panel will discuss the Aviation product and techniques for modeling exposures for insurance and reinsurance companies. They will also talk about the current state of the Aviation marketplace and how things may be different post-9/11.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Jason Russ
Panelists:
Kurt Maureder, Matthew Maddocks
Auto Injury Claims: The What, Why and How of it All
Many consider personal auto to be a very straightforward type of insurance, requiring little expertise to manage, price, underwrite, and reserve. This session will decidedly convince you otherwise. The average severity of auto injury claims has escalated in recent years, fueled by surging reported medical expenses. Auto injury claimants reported significantly higher medical care expenditures, despite the fact that injuries from auto accidents appear to be less serious than in the past. For PIP and Med Pay claims, recent growth in medical expenses has surpassed the rate of medical care inflation.
Fraud and buildup have also played a role in some of the deteriorating trends seen in auto injury claims in recent years. The insurance industry has developed sophisticated techniques to fight fraud. These efforts are causing changes in the auto loss development pattern and, ultimately, in the severity of losses.
The panel will share with you the results of a recent national study by the Insurance Research Council on closed auto injury claims. By examining trends in many aspects of auto injury claims, the study reveals sharp increases in charges for the treatment of auto injuries combined with increased use of certain medical professionals and diagnostic procedures as the basis for the rising medical expenses. The IRC will also share findings from a follow-up report on the appearance of fraud and buildup in auto injury claims closed with payment.
In addition, recent research in Massachusetts on the composition of bodily injury liability payments, the effectiveness of claims handling using independent medical examinations, and the negotiation process to reach settlement payments will be covered to help explain how and why the IRC data evolved as it did.
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Ira Robbin
Panelists:
Richard Derrig, Adam Carmichael
Actuaries Embrace Operational Risk
Operational Risk has been defined as "the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events." This has long been acknowledged as a risk that should be included in any enterprise risk management model; however, it has not always been embraced as a measurable, quantifiable risk by actuaries. This is ironic, since commercial multi-peril could arguably be renamed "insured operational risk" coverage.
Because of the Basel II Accord, banks are very interested in operational risk management. Best practice in this area has evolved (with limited actuarial involvement) to resemble actuarial science in general, and casualty actuarial practices more specifically. Leading banks are establishing what amounts to internal insurance programs, developing exposure bases, compiling claim databases, and estimating frequency and severity. They are also struggling with exposure scaling, ongoing monitoring, aggregation, and collation of industry data.
This session will (i) provide an overview of operational risk, (ii) discuss state-of-the-art in banking operational risk management, and (iii) chart a course for actuarial thought leadership in the broader operational risk world
Source:
2005 Spring Meeting
Type:
concurrent
Moderators:
Ira Robbin
Panelists:
Mark Verheyen, Ali Samad-Khan
The Actuarial Role in Mergers and Acquisitions
Actuaries contribute in many different ways throughout a mergers and acquisitions process. Some actuaries are asked to evaluate potential targets and perform valuation of insurance companies. Actuaries are also frequently involved in other areas such as due diligence and deal structuring. After the acquisition, actuaries can also help integrate the acquired business into the current operations, which could include restructuring reinsurance programs and carving out and disposing of books of business that were not the target of the acquisition.
In 2004, the CAS and SOA formed a working group to author a textbook on Insurance Industry Mergers and Acquisitions, which will be released May 2005. In addition to members from the CAS and SOA, the working group included an investment banker, CPA, lawyer and tax expert. The panel will take you through the journey of an M&A process from the investment banking perspective, and discuss the various roles and responsibilities that actuaries play during a merger, acquisition or restructuring. The insight gleaned from other disciplines will allow actuaries to work more effectively with other experts working on the deal.
Source:
2005 Spring Meeting
Type:
general
Moderators:
Ira Robbin
Panelists:
Alan Hines, John Butler, James Toole
The Industry's Ability to Attract Capital Given Historically Low ROE
The historical insurance industry ROE has been low relative to other financial industries such as banking. Nevertheless, there have been capital infusions in this industry over the last several years. This raises some interesting questions. Is ROE the right measure for the insurance industry's performance? If it is not what is? And what are the motivations of the investors? The panel will discuss this and other related questions as to why the insurance industry continues to attract investment capital.
Source:
2005 Spring Meeting
Type:
general
Moderators:
Ira Robbin
Panelists:
Jeffrey Cohen, Joan Lamm-Tennant, Rajat Duggal
Actuarial Accountability - In a Changing World
Hardly a day goes by without corporate misconduct and unethical practices being alleged in lawsuits and in the press. The insurance industry has not been an exception. Insurance company failures due to reserve inadequacy have not been uncommon in recent years even with the increased prominence of the role of the actuaries in protecting the public interest.
This issue is not only in the United States. In response to a recent United Kingdom life insurance company insolvency, a study (i.e. the Morris Review) has been commissioned to address some interesting questions. What does it mean for actuaries or the actuarial profession to serve in the public's interest? Are actuaries sufficiently accountable for their actions? Is the self-regulatory nature of the actuarial profession sufficient to protect the public? Should actuarial standards represent minimum standards, best practices or some other criteria?
The panel will review the possible implications of questions raised by the Morris Review of the Actuarial Profession on Actuaries in the United States and the role and implication of the Actuarial Standards Board standards. Following the presentation, the panelist will have a question and answer period and give the audience members an opportunity to express their opinion on the subject.
Source:
2005 Spring Meeting
Type:
general
Moderators:
Ira Robbin
Panelists:
Mary Miller, Lauren Bloom, Karen Terry
Featured Speaker
Ron Pressman is president and CEO of GE Insurance, and chairman, president and CEO of GE Insurance Solutions, one of the world's largest reinsurance and insurance organizations.
In addition, Pressman serves as a member of the GE Corporate Executive Council reporting to GE CEO Jeff Immelt and as a director of GE Capital Services. He was elected an officer of the General Electric Company in 1993 and senior vice president in July 2000.
Pressman has held an array of roles in GE, leading GE Capital Real Estate as president and CEO from 1997 to 2000. Prior to that, he was CEO of GE Power Systems Europe and led several business units for GE Power Systems. In 1990 he assumed his first business leadership position as general manager of GE's Central and Eastern Europe operations based in London. Pressman began his career with GE in 1980. He currently chairs the Union Station Strategy Task Force in Kansas City and is vice chairman of the Kansas City Civic Council and a member of the boards of the Greater Kansas City Community Foundation, Pathways to College and ABC (A Better Chance). He has served on the executive board of the National Realty Committee and Wharton Real Estate Business School, as a member of the Hamilton College Board of Trustees from 1994 to 1998, and as chairman of Roots and Wings, a U.K. mentoring program. Pressman graduated from Hamilton College in Clinton, New York, in 1980.
Source:
2005 Spring Meeting
Type:
keynote
Moderators:
Ira Robbin
"The Games We Play: the Future of DFA Models' Interfaces"
The future generations of DFA software should employ cardinally different interfaces in order to reflect growing complexity and provide necessary flexibility for the models. The software product with the "ideal" DFA interface is neither analytical nor calculational package, but a game, a computer simulation game.
Source:
2005 Ratemaking Seminar
Type:
Paper
Moderators:
Robert Hartwig
Keywords:
DFA Models
"Actuarial Data Management in a High-Volume Transactional Processing Environment"
The development and management of data resources that support property/casualty actuarial work are very challenging undertakings, especially in a high-volume transactional processing environment. This paper examines the evolution of the actuarial data management function in the context of end user computing, and highlights the key roles and processes that comprise an effective data management operation in a modern property/casualty actuarial department.
Source:
2005 Ratemaking Seminar
Type:
Paper
Moderators:
John Krubski
Keywords:
data resources, property/casualty
"Dancing with Dirty Data - Methods for Exploring and Cleaning Data"
Much of the data that actuaries work with contains errors, miscodings, missing values and other flaws that affect the validity of analysis performed with such data. This paper will give an overview of methods that can be used to detect errors and remediate data problems.
Source:
2005 Ratemaking Seminar
Type:
Paper
Moderators:
John Krubski
Keywords:
Dirty Data
CALL-3 · "D&O Reinsurance Pricing - A Financial Market Approach"
Those who are involved in directors and officers liability reinsurance will want to read this paper. The authors start with some interesting data showing settlements in the largest securities class action suits, along with the most successful plaintiffs' law firms. They continue with a discussion the history of this market and current ratemaking practices. They then present a proposed methodology that incorporates market capitalization, frequency of lawsuits, loss as a function of market capitalization, and correlation between and within industry sectors.
Source:
2005 Ratemaking Seminar
Type:
Paper
Moderators:
John Krubski
Keywords:
directors and officers liability reinsurance
