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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.
C-6: Auto Insurance Market in Asia
Actuaries from China, Japan, and Malaysia will discuss the current auto insurance market in their country (regulation, marketing channels, participation rate, potential for growth, etc), as well as the rise of autonomous vehicles and corresponding insurance liability implications.
Japan:
Around 20 years after the detariffication of Japan’s auto insurance market there are still significant differences between the Japan and US markets including compulsory limits (BI $300K-$400K), policy duration (3-year policies are not uncommon), marketing channels (auto dealers and garages sell over 1/3 of policies), and competitive landscape (3 major insurers writing 85% of direct premiums). One underlying driver of these differences is cultural expectations, creating a risk-averse society, with low litigiousness, strong regulation, low premiums, high retention rates and near market saturation. Moving forward in the 21st century, Japan’s aging population, well-developed transit system, and continued population drift to metropolitan areas have place downward pressure on vehicle ownership, while general risk-averse attitudes as well as quick acceptance of new technologies may make Japanese society more willing to accept decreased driving independence in return for the increased safety offered by fully autonomous vehicles.
Malaysia:
Motor (auto) insurance premiums for Comprehensive (Comp) and Third Party, Fire & Theft (TPFT) products are being gradually liberalized since 1 July 2017. Malaysia's motor premium rates had been Tariff for the past 30 years and the liberalization is taking its time to impact both insurers and consumers. For insurers, the role of Actuarial Pricing is taking the spotlight, besides innovation in products, claims services and marketing strategy. For consumers, awareness is growing towards their driving behaviors and the available choices of insurers in the market. Having learned from India and China, is Malaysia ready for full liberalization in 1 July 2019? Has the market responded favorably, product offerings expanded and profit margins improved?
China:
The marketization reform of automobile insurance premium rates was launched in June 2015. Since then, the automobile insurance market in China has undergone considerable changes, and meanwhile so has the whole P&C insurance market in China, due to the transformation of the whole insurance industry, including the implementation of C-ROSS solvency regime in 2016 and VAT taxation reform in 2017. Nearly four years later, what do we learn from the history, and where will the future of China market be going?
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Xiaoxuan (Sherwin) Li, Chor Leong Aw Yong, Marcus Yamashiro
C-23: The Basics of Weather Indexed Products
The market has seen a number of weather indexed products offered by capital markets reinsurers as well as traditional reinsurers. The session will provide a basic background on the products as well as market developments as well as their relevance to the reinsurance community.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Mark Popolizio
Panelists:
Thomas Johansmeyer, Kent David
CS6: Model Governance for Advanced Analytics: What's Different and What Have We Learned?
Tools and techniques in data science and machine learning continue to advance. This rapid evolution can create challenges in gaining comfort with the quality and risk management of these models. This session will share what we have learned in applying governance frameworks to advanced analytics by sharing experience of one company's approach and share experience from insurance/financial services industry perspective. Further, we will discuss challenges of the forecast process and opportunities to meet desired future capabilities in addition to discussing effective approaches to support the corporate review and challenge processes.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Mark Jones, Youyou Tao, Andy Wunsch
CS14: Award Winning Research Papers
Wavelet Based Equity VaR Estimation by Kailan Shang - The Actuarial Foundation’s ERM Research Excellence Award in Memory of Hubert Mueller for Best Overall Paper
In this paper, wavelet models are used to enhance both time-invariant analysis and time-variant analysis. Wavelet models can systematically analyze risk by time and frequency and provide richer information than time series models. Using wavelet models, risk measurement can be easily adjusted based on time horizon in a consistent way. Equity VaR estimation is selected to demonstrate the application of wavelet analysis in risk management.
A Novel Approach to Valuing an Insurance Company’s Economic Surplus by Dariush Akhtari - Joint CAS/CIA/SOA Risk Management Section Award for Practical Risk Management Applications
This paper provides a novel approach to the valuation of the market value of economic surplus (MVS). The resulting MVS is stable, reasonably immune to “market noise,” and can be used for better management of the business. A useful byproduct of the proposed method is that MVL can be computed indirectly, by subtracting MVS from the market value of assets. This indirect method of computing MVL is devoid of the many complications associated with a direct computation of MVL, which typically involves discounting liability cash flows.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Kailan Shang, Dariush Akhtari
GS2: Chief Risk Officer Panel
Chief Risk Officers focus on driving out effective risk management practices in an ever-changing world. Listen to experienced CROs as they consider the implications of a wide range of topics. The panel, which represents a diverse set of organizations, will highlight common challenges as well as different approaches.
Source:
2019 Enterprise Risk Management Symposium
Type:
General Session
Moderators:
Peter Lowth
Panelists:
Kathryn Hyland, Lloyd Milani, William Wilkins, Randi Woods Marsh
C-27: To Casualty and Beyond: What is the Next Generation of ILS?
The Insurance-Linked Securities market continues to grow and mature, raising the possibility of market diversification into new products and perils. Casualty always features prominently in such discussions, as a natural expansion point from the predominantly property-focused instruments to date. However, for the casualty ILS market to grow, it will need to address key structural and product design issues that have historically limited such transactions.
In this session, the speakers will cover the current state of casualty risk in the ILS markets, potential future transactions on the horizon, and the longer-term challenges that such transactions face.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Mark Popolizio
Panelists:
Kathy Garrigan, Rachel Bardon, Aaron Koch
C-31: Workers Compensation - Market Update
We will explore the current state of the Workers Compensation marketplace, addressing a primary and reinsurance perspective. We will consider trends in reinsurance buyers' appetites for excess coverage and explore the impacts of the "mega claims" on reinsurance. We will also touch on some current trends and emerging risks.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Mark Popolizio
Panelists:
Bryan Ware, Nicole Hackett, William VanDyke
I-1: Standard Experience/Exposure Rating and Pricing Loss Sensitive Features
No self-respecting ice cream shop is content to sell only plain vanilla ice cream. Buyers want choices, including buyers of reinsurance. Come to see an introduction to treaty pricing that goes slightly beyond the flat rated program and standard experience and exposure rating. We will start with some of the basics and then enter a world where the treaty deal is affected by contractual considerations such as sliding scale commissions, reinstatements, and even annual aggregate deductibles.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Mark Popolizio
Panelists:
Russell Buckley, Paul Silberbush
C-29: Update on Bermuda and Lloyds
During this session, participants will hear from two speakers who will share their expertise on the market landscape in Bermuda and Lloyds in the aftermath of 2017 and 2018 events.
Source:
2019 Seminar on Reinsurance
Type:
General Session
Moderators:
Mark Popolizio
Panelists:
Jerome Kirk, John Huff
CS16: IFRS 17 and its Impact on Risk Management
As actuarial and finance functions go down the road of IFRS 17 implementation we will consider the key aspects that the Risk Function to be aware of and how it may affect or change their current risk management activities.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Andy Feng, Asheet Ruparelia
GS1: Evolution of the Role of Actuaries in Risk Management
Initially pushed by Rating Agencies, then by ORSA regulations around the world, Risk Management tasks has evolved greatly in the past decade. And the role of Actuaries in the space has also evolved, from pioneers framework builder to Business As Usual gatekeeper. Let's hear what the panel of experts predicts the future could be for Risk Management, and the role of actuaries in the space. And how to best prepare for it.
Source:
2019 Enterprise Risk Management Symposium
Type:
General Session
Moderators:
Peter Lowth
Panelists:
Chester Szczepanski, David Ingram, Max Rudolph, Alice Underwood
FS2: Luncheon Address: "Are Actuaries Feeling Edgy?"
Dr. Underwood will address how actuaries can gain greater prominence in ERM and in business generally.
Source:
2019 Enterprise Risk Management Symposium
Type:
Featured Speaker
Panelists:
Alice Underwood
FS1: Featured Speaker
Dr. Charlie Miller reveals just how vulnerable corporate computer systems are, while making a passionate plea for clients, carriers and firms to treat cybersecurity as a top priority.
Source:
2019 Enterprise Risk Management Symposium
Type:
Featured Speaker
Panelists:
Charlie Miller
C-10: Florida Market Update
Florida is a large unique US insurance market that is a major market for many re-insurers. Florida has its challenges for the insurance community including the prominent catastrophe exposure present in the marketplace, as well as difficult precedents and the legal environment in some lines of business. Florida also is unique because many less capitalized insurers operate in the property space along with the state run Citizens Insurance Company. The session will touch on the state of the Florida marketplace including such issues as assignment of benefits, current pricing trends, capitalization, and rating agency considerations. The session will also touch base on the marketplace in light of recent experience including catastrophes.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
John Rollins, Cathal Carr
CS3: Enterprise Risk Appetite Statement: From Creation to Execution
Enterprise Risk Appetite Statements articulate the amount and type of risks that an organization is willing to take in order to meet its strategic objectives. This session will provide an overview of how Ontario Teachers’ defines its Enterprise Risk Appetite Statement as part of an Enterprise Risk Management (ERM) program that engages leaders to have meaningful discussions on risk tolerances for identified risks. This will be complimented by a broader industry-wide view on recent trends, considerations, and features of risk appetites.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Leeanne Barnes, Karen Love, Tammy Suzuki
C-14: Discipline Process in U.S., Canada and Mexico
Attendees will be able to learn about the Discipline processes (and environments) in US, Canada and Mexico; and gain perspective by comparing the similarities and differences.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Pat Teufel, Michel Simard, Deborah Rosenberg, Ana María Ramírez
C-36: Wearable Devices in The Workplace and the Impact on Workers' Compensation
Approximately 1 in 6 Americans currently own a wearable device. While fitness is still the most common use for wearable owners, when used in the workplace, these devices have the potential to prevent accidents, streamline the recovery process, and ultimately improve health and financial outcomes for employees, employers and the workers’ compensation industry. This session provides a crash course in the uses and benefits in workers’ compensation and some outstanding issues, particularly employee privacy, that are currently in play with this growing new technology.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Martin King, Thomas Ryan, Tom West
C-27: Telehealth, Telemedicine, and Video Visits
Enabling Technology, Patient Convenience, Lower Cost. Is this the future of outpatient services? This session provides a crash course in the pros, cons, and some unanswered questions about this growing service delivery model.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Martin King, Elisha Krempetz, Kurt Leisure
C-22: Modeling Casualty Catastrophes
What is “the next asbestos,” and how can we avoid it?
Despite several years of good commercial liability loss ratios, casualty accumulation questions continue to receive significant attention from rating agencies, reinsurers, brokers, and industry groups.
Enterprise risk managers, chief risk officers, and chief financial officers measure aggregate exposures, among other responsibilities. Underwriters, on the other hand, assess individual submissions.
For property coverage, catastrophe models provide underwriters with information about how a renewal or new account affects their accumulation by peril and location. If similar analytics existed for general and umbrella liability insurance, emerging risks would likely be seen as an opportunity, rather than a threat to solvency.
To grow and diversify, and yet avoid commodification in commercial casualty coverage, insurers cannot just exclude every new substance thought to present a hazard that may lead to a mass tort or correlated loss. Insurers must balance their desire to avoid risk against the need to grow and remain relevant partners to their corporate customers.
Casualty catastrophe modeling is being developed to help insurers assess the scope and scale of liability exposures related to the specific commercial activities of their customers. In this way, casualty catastrophe modeling will be able to connect aggregation management to underwriting and increase the range of risks that can be quantified and insured.
More importantly, casualty catastrophe modeling will allow for risk-appropriate pricing based on an insured’s exposures and risk profile.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Francis Gribbon, James Kaufmann, Adam Troyer
C-21: Social Inflation and the #MeToo Movement
Recent media coverage of prominent figures accused of improper sexual conduct has sparked public outrage and has encouraged more victims to come forward. As a result of the increased public attention, lawmakers have expanded statutes of limitations to allow more victims to pursue damages. Will insurers face an influx of abuse-related claims? How may increasing public attention on the issue impact the size of jury awards? In this session we will review the changing legal climate in light of the #MeToo movement and high-profile clergy abuse cases. Additionally, we will discuss how insurers can effectively underwrite and manage improper sexual conduct exposure.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Mark Popolizio
Panelists:
John Doyle, Frank DeMento
C-7: Cyber Risk at a Glance
This session will discuss cyber risk including a market update, silent cyber, types of coverages being placed, and outage of external networks.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Angela McGhee
Panelists:
Eduard Alpin, John Merchant, Andrew Kwon-Nakamura, Erica Davis
C-15: Professionalism Trivia
During this session by the Committee on Professionalism Education, participants will use their cell phones to participate in a real-time Trivia game! This session will qualify for Continuing Education in the area of Professionalism, as many questions will relate to Actuarial Standards of Practice, the US Qualification Standards, and/or the Code of Conduct.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Jim Levendusky
Panelists:
Peter Royek, John Gleba
C-13: Lights! Camera! Professionalism!
Come enjoy the acting of some fine fellow actuaries who will take on several skits involving professional dilemmas. These new skits for 2019 will lead to some lively and educational audience discussions. You will walk away from this session with a better understanding of the ASOPs, codes of conduct and how to apply them when you face your own professional ethical dilemmas.
This session may provide attendees with Professionalism Continuing Education credits.
Source:
2019 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Jim Levendusky
Panelists:
Peter Royek, John Gleba, Christian Hauprich
C-18: Impact of Brexit on the (Re)insurance Industry: Potential Problems, Potential Opportunities
This session will include a general discussion about Brexit including potential impacts on the (Re)insurance market.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
Keith Allen, Thomas Harris, Annette Spencer
C-7: Auto Insurance Market in Latin America
This session will delve into how pricing is currently done and distribution issues within the auto insurance market in Latin America, focusing specially in Brazil and Colombia. In addition, there will be a discussion on how Insurtech is affecting the market.
Source:
2019 Spring Meeting
Type:
Concurrent Session
Panelists:
César Neves, Alejandro Ortega, Camilo Gonzalez Guevara
