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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.
Weather Risk Management
The profits of many companies are dependent upon weather conditions. For example, the revenues and earnings of utility companies can be adversely affected by summers that are too cool and winters that are too warm. Hedging products, in both insurance and derivative form, have emerged to assist utilities in managing these risks. This session will first consider a model which analyzes the question of whether catastrophe losses are affected by global warming. It will next provide an overview of the hedging products and present alternative pricing methodologies. Finally, managing a portfolio of weather derivatives will be discussed with emphasis on the proper handling of correlation issues.
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Paul Kneuer
Panelists:
Lixin Zeng, Paul Kneuer, David Molyneux
Keywords:
revenues and earnings of utility companies, Hedging products, present alternative pricing methodologies, correlation issues
Research Corner
This session will give speakers the opportunity to present research that is currently in progress. The session will include a significant amount of audience participation and will be an excellent forum for discussing new ideas in actuarial methodology.
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Peter Senak
Keywords:
actuarial methodology
Current Events
This session will present three topics of interest to reinsurance actuaries. 1) Changes in asbestos liability: Have recent court decisions and procedural changes altered the number and type of claims, as well as the way in which they are presented to insurers and reinsurers? 2) NAIC Codification of statutory accounting will change effective January 1, 2001. This presentation will focus on those elements of codification of interest to actuaries involved with both ceded and assumed reinsurance. 3) California Workers Compensation: What's happening and why? Will it change? Is it indicative of what's happening in other jurisdictions?
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Gary Patrik
Panelists:
Jennifer Biggs, Michele Bernal
Keywords:
Changes in asbestos liability, NAIC Codification of statutory accounting, California Workers Compensation
Project Finance and Credit Enhancement
The areas of Project Finance and Credit Enhancement are a growing opportunity for the insurance industry. As companies design more innovative and cost-effective ways to finance new projects or acquisitions, there is an increasing demand for creative insurance products to support the loans. The panelists will describe these deals and will provide specific examples of how they are used in businesses such as entertainment, real estate, energy and utilities. In addition, there will be a discussion of some of the technical issues that arise in pricing these products.
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Gary Patrik
Panelists:
Christine Hazen, Jeff Stewart, Paul Hussian
Keywords:
Finance and Credit Enhancement
Insurance Securitization - The State of the Market
The panel will discuss the securitization of insurance liabilities and the transfer of risk to the capital markets. The speakers will include executives in the business of structuring these deals, and in the business of investing in the securities. They will describe the deals being done today, and will provide their vision of the future of securitization.
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Gary Patrik
Panelists:
Morton Lane, Kenneth Clark, David Govern
Keywords:
securitization of insurance liabilities, transfer of risk to the capital markets
Valuation of Insurance and Reinsurance Companies
This past year has been a very difficult one for (re)insurance stocks. Two years ago many companies were valued at 200% to 300% of book value; today many are trading well below book value. This session will examine the reasons for these deteriorating valuations, including a discussion of whether valuation models have changed or whether the declines in value are purely due to diminished perceptions of reserve adequacy and future profitability. The speakers will discuss the approaches that they use to value companies and their view of the difficult current state of the industry. They will also discuss why (re)insurance company valuations are so low relative to other industries and what changes the industry needs to make to improve its perception on Wall Street.
Source:
2000 Seminar on Reinsurance
Type:
concurrent
Moderators:
Kari Mrazek
Panelists:
Michael Klein, James Fisher, Myron Picoult
Keywords:
(re)insurance, deteriorating valuations
Discounted Cash Flow Models and Rate of Return Perspectives
Source:
2000 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Russell Bingham
Keywords:
Rate of Return Perspectives, Cash Flow Models
Proposals for Managing the Industry's Catastrophe Exposure
Many groups and individuals have been searching for solutions that will help insurance companies and the industry as a whole more effectively deal with the catastrophe exposure of the property and casualty industry.
Three proposals are currently undergoing legislative review: HR21, the Homeowners Insurance Availability Act; the NAIC's Tax-Free Catastrophe Reserve proposal; and HR 2749, the Policyholder Disaster Protection Act. In addition, the Government Accounting Office (GAO) recently published a report, "Insurers' Ability to Pay Catastrophe Claims".
This panel will provide an overview and discuss the actuarial issues in these legislative proposals and the GAO study, as well as discuss the probable impact on available capacity in the commercial reinsurance and alternative markets for catastrophe capacity.
While each of these proposals has different sponsors and critics, they each have featured strengths that will be articulated by this panel. These panelists will debate the strengths and weaknesses of the different legislative proposals and the actuarial issues to ensure a lively and probing discussion. The audience will gain an understanding of where each proposal stands in the legislative process, seek answers to their own questions, and form their own opinion on the advantages of each proposal.
Source:
2000 Spring Meeting
Type:
concurrent
Moderators:
Christopher Diamantoukos
Panelists:
Ross Davidson, Gordan Hay, Lee Steeneck
Keywords:
catastrophe exposure of the property and casualty industry
Update on E-Commerce and its Use By Insurers
With more business being conducted on the Internet, it is inevitable that Insurers will not be able to ignore competition developing from on-line sales. How have companies responded to direct marketing of their products, particularly via the Internet? What will happen to brokers and independent agents if insurance can be sold on-line? Will they have a role? Will e-commerce affect mostly personal lines or will it affect the marketing and distribution of commercial lines business?
This panel will discuss the progress made by companies in this area and their thoughts on the future of e-commerce and Insurance.
Source:
2000 Spring Meeting
Type:
concurrent
Moderators:
Christopher Diamantoukos
Panelists:
Anthony Alfieri, Paul Ford, Charles Brofman
Keywords:
business being conducted on the Internet, e-commerce and Insurance
The Actuary and Earnings Management
Investors of insurance companies, as well as for other organizations, place an enormous amount of attention and weight on reported earnings. Loss and loss adjustment expenses have a significant impact on the income statement of insurance companies. They also are the most difficult item to estimate with absolute certainty. The Securities and Exchange Commission has recently increased its scrutiny of reported earnings for publicly registered companies to protect investors.
What effect does this have on the actuary and his/her ability to present a reasonably stable estimate of loss and loss adjustment expenses from period to period given the inherent uncertainty underlying these liabilities? Does this force the actuary to be overly responsive and less stable in his/her estimates to avoid giving the appearance of earnings management? What type of movement in loss and loss adjustment expense reserve estimates from period to period constitutes earnings management? Does presenting the results in a range instead of just a point estimate eliminate the need for the actuary to be concerned about earnings management?
These and numerous other issues will be discussed by a panel of insurance, audit, and financial experts.
Source:
2000 Spring Meeting
Type:
concurrent
Keywords:
Investors of insurance companies, Loss and loss adjustment expenses, income statement of insurance companies
Current Accounting Issues
There was a time, not long ago, when financial reporting for insurance was stable and everyone knew the rules. Not so any longer. New paradigms for insurance reporting are emerging, and actuaries are well positioned to play a significant role in the design and implementation of these new accounting protocols. Initiatives to be discussed during this session include Codification of Statutory Accounting Principles; International Accounting Standards; FASB's Preliminary Views on Fair Value Reporting, as well as CAS research initiatives on Estimating Fair Value of Liabilities and, as time permits, FASB 133 - Derivatives & Hedging Instruments, the AICPA proposed draft SOP on Demutualization and NAIC consideration of Insurance Securitization. The role of Committee on Property-Liability Financial Reporting (COPLFR) and the American Academy of Actuaries in assisting the public policy process through the presentation of clear and objective actuarial analysis will also be discussed.
Source:
2000 Spring Meeting
Type:
concurrent
Moderators:
Christopher Diamantoukos
Panelists:
Ralph Blanchard, Andrea Sweeney
Keywords:
Codification of Statutory Accounting Principles; International Accounting Standards; FASB’s Preliminary Views on Fair Value Reporting, Estimating Fair Value of Liabilities, Derivatives & Hedging Instruments
Proceedings Papers- The Direct Determination of Risk-Adjusted Discount Rates and Liability Beta
CAS Proceedings Papers that have been recently approved by the Committee on Review of Papers, and discussions of previously published Proceedings Papers, will be presented at this meeting.
Source:
2000 Spring Meeting
Type:
Paper
Moderators:
Christopher Diamantoukos
Keywords:
Proceedings Papers
Proceedings Papers- Risk and Return: Underwriting, Investment and Leverage Probability of Surplus Drawdown and Pricing for Underwriting and Investment Risk
CAS Proceedings Papers that have been recently approved by the Committee on Review of Papers, and discussions of previously published Proceedings Papers, will be presented at this meeting.
Source:
2000 Spring Meeting
Type:
Paper
Moderators:
Christopher Diamantoukos
Keywords:
Proceedings Papers
Proceedings Papers- Estimating U.S. Environmental Liabilities by Simulation
CAS Proceedings Papers that have been recently approved by the Committee on Review of Papers, and discussions of previously published Proceedings Papers, will be presented at this meeting.
Source:
2000 Spring Meeting
Type:
Paper
Moderators:
Todd Hess
Keywords:
Proceedings Papers
The e-volving CAS
As the importance of the internet has increased, the Casualty Actuarial Society has evolved into an organization which offers significant electronic opportunities. The CAS website, for example, is now a key source of actuarial information: on-line discussions, download capabilities, examination information, and many other items are available to members and, in many cases, non-members. This session will provide an overview of the CAS website, describe recent developments on the site, and discuss future enhancements. The website's use as a tool for practicing actuaries and researchers will be explored. Other electronic opportunities provided by the CAS, such as on-line continuing education courses, will also be described. Comments and suggestions on the future of the CAS's electronic products will be welcomed.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
Stuart Sadwin
Keywords:
significant electronic opportunities, CAS website, describe recent developments on the site, and discuss future enhancements
Actuarial Statements of Opinion and ASOP 36
The Actuarial Standards Board recently released ASOP 36, the actuarial standard of practice relating to Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves. As this standard applies to statements of actuarial opinion subsequent to October 15, 2000, it will be relevant for actuaries involved with year-end 2000 reserve opinions.
The panel will discuss what the new standard means for practicing actuaries and how the form and content of actuarial reports will be affected. Whether the standard applies to all statements of actuarial opinion, what is meant by "material adverse deviation," and how one evaluates "materiality" will also be addressed.<br>
The Committee on Property and Liability Financial Reporting (COPLFR) will present the new requirements for 2000 Statements of Actuarial Opinion from the NAIC, and discuss implementation issues of ASOP 36 as they relate to guidance provided to actuaries in the Practice Note.
Source:
2000 Annual Meeting
Type:
concurrent
Panelists:
Joseph Herbers, Patricia Teufel, Robert Wainscott
Keywords:
Actuarial Standards Board, ASOP, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves
The Actuary's Role in Due Diligence
Mergers and acquisitions in the property and casualty industry are becoming commonplace. The key activity in the mergers and acquisition process is due diligence, and the actuary's role can be quite large on both sides of the transaction. Due diligence is an often-used term but its formal definition may not be so widely understood. This panel will define the term and discuss the activities that an actuary typically performs during due diligence. Discussions will highlight where the skill sets required draw from topics covered by readings on the CAS Syllabus of Examinations. The panel will also address areas where actuaries should seek to add value to the due diligence process beyond the scope of the current syllabus material.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
Susan Witcraft
Panelists:
Gail Ross, Gayle Haskell
Keywords:
Mergers and acquisitions, property and casualty industry
Actuaries in Non-traditional Practice Areas - Case Studies
Casualty actuaries are continuing to expand into nontraditional areas of practice, including those related to risk management, financial management and public policy lobbying efforts.
Designed as an outreach to our public, the External Communications Committee will host several case studies on the topics of securitization, enterprise risk management, and public policy lobbying efforts related to federal natural disaster legislation. The press will be invited, along with all CAS members, to discuss the actuary's role in these assignments. Each case study will describe the issue or controversy, highlight how it was resolved and express a bottom line result.
The Committee hopes that through the process of questions and answers, the increasing role of the actuary will become better understood by the public.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
Marc Oberholtzer
Panelists:
David Musulin
Keywords:
risk management, financial management, securitization, enterprise risk management
Non-U.S. DFA: Are They Doing That Too
Dynamic financial analysis has been the hot topic for casualty actuaries in the U.S. recently. But did you know that actuaries outside the U.S. are also involved with DFA and have been for some time? It may be masquerading as dynamic solvency testing, dynamic capital adequacy testing or model office, but actuaries worldwide are still moving down the same path, though maybe at different rates and with some detours.
This session will explore the history of DFA outside of the U.S., the types of models being constructed, and the current research taking place. Discussion will take place on the similarities and differences in the approaches to DFA between U.S. and non-U.S. actuaries and how that affects the models being developed. The possibility of DFA or something similar being used for regulation purposes will also be discussed.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
Marc Oberholtzer
Panelists:
Stavros Christofides
Keywords:
Dynamic financial analysis, DFA, dynamic solvency testing, dynamic capital adequacy testing or model office
The Actuary and Earnings Management
Investors of insurance companies, as well as other organizations, place an enormous amount of attention and weight on reported earnings. Concerned with a perceived deterioration in the quality of financial reporting, the Securities and Exchange Commission recently increased its scrutiny of reported earnings for publicly registered companies. Loss and loss adjustment expenses have a significant impact on the income statement of insurance companies. Because reserves are generally complex and difficult to estimate, management often relies heavily on actuaries to set its reserves.
What effect does this have on actuaries and their abilities to present reasonably stable estimates of loss and loss adjustment expenses from period to period given the inherent uncertainty underlying these liabilities? Does this force actuaries to be overly responsive and less stable in their estimates to avoid giving the appearance of earnings management? What type of movement in loss and loss adjustment expense reserve estimates from period to period constitutes earnings management? Does presenting the results in a range instead of just a point estimate eliminate the need for the actuary to be concerned about earnings management?
These and numerous other issues will be discussed by a panel of insurance, audit, and financial experts.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
Mark Larsen
Panelists:
William Wilt, Matthew Adams
Keywords:
Securities and Exchange Commission, Loss and loss adjustment expenses, reserves, management
New Classes of Claims/Megatort Update
This panel will discuss recent developments in the continuing claim reserving problems with Asbestos and EIL claims. In addition, the panel will discuss the appearance of new potential megatort situations and how precedent-setting litigation may affect how new claim situations are handled by plaintiffs, courts, and insurers.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
John Kollar
Panelists:
Philip Miller, Barbara Murray
Keywords:
Asbestos and EIL claims, Claims/Megatort
Proceedings Papers- Best Estimates for Reserves
CAS ProceedingsPapers that have been recently approved by the Committee on Review of Papers, and discussions of previously published Proceedings papers will be presented at this meeting.
Source:
2000 Annual Meeting
Type:
Paper
Keywords:
CAS ProceedingsPapers
Proceedings Papers- Applications of Resampling Methods in Actuarial Practice
CAS ProceedingsPapers that have been recently approved by the Committee on Review of Papers, and discussions of previously published Proceedings papers will be presented at this meeting.
Source:
2000 Annual Meeting
Type:
Paper
Keywords:
CAS ProceedingsPapers
Current Trends in D&O and E&O Insurance
This panel will discuss current trends in Director's & Officer's Liability Insurance and Errors & Omissions Professional Liability Insurance. The impact of legislative changes, recent market volatility, coverage enhancements, and increased market capitalization has been substantial, presenting new challenges for actuaries who are pricing these risks.
The panelists will discuss how recent developments have affected account pricing and influenced underwriting decisions for D&O and E&O coverages. In addition, the results of the Tillinghast Director's & Officer's Liability Survey will be discussed.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
John Kollar
Panelists:
Bernard Horovitz, Cynthia Traczyk
Keywords:
Director's & Officer's Liability Insurance and Errors & Omissions Professional Liability Insurance, legislative changes, market volatility, coverage enhancements, and increased market capitalizatio
Worshipping at the Altar of Shareholder Value
The accelerating pace of convergence within the financial services sector of the economy has exposed the property/casualty insurance industry to a phenomenon that has long been a factor for other industries. Those other industries have evolved to dealing not just with measures like cash flow, operating income, and return on investment, but they have also learned how to cope with shareholder value, a more short-term, subjective measure of an enterprise's worth.
This panel will explore the implications of the shareholder value concept for property/casualty insurers. Panelists will compare the shareholder value focus with the more traditional emphasis on long-term financial solidity, and effective use of resources.
Source:
2000 Annual Meeting
Type:
concurrent
Moderators:
David Bellusci
Panelists:
Stephen Lowe, David Kelso, Kim Thorpe, Weston Hicks
Keywords:
financial services sector of the economy, shareholder value, inevstment
