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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.
Reinsurance - Expected Collectability Reporting Changes and the Data Challenges in its Determination
A coming change in GAAP accounting rules for uncollectable reinsurance will change how some companies have estimated their uncollectible reinsurance reserve. This session will address the new reporting requirements, data needs and calculation approaches. The issues discussed and approaches suggested also have relevance for the calculation of this reserve for statutory purposes.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Alejandro Ortega
Panelists:
Ralph Blanchard
Revised ASOPs 21 and 23 and the Impact on the Reserving Actuary (Live Streaming)
The ASB issued revisions to two general Actuarial Standards of Practice (ASOP) in 2016 that could impact the reserving actuary: ASOP 21, “Responding to or Assisting Auditors or Examiners in Connection with Financial Audits, Financial Reviews and Financial Examinations,” and ASOP 23, “Data Quality.” This session will discuss the revisions to these ASOPs and how they could impact casualty actuaries, with emphasis on the reserving function.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Jennifer Middough
Panelists:
Beth Fitzgerald, Mary Frances Miller, Margaret Sherwood
The Future of Risk: Evolving Foresight for a World in Transition
Eric Garland, founder and Director of Competitive Futures, a competitive analysis firm that provides insight and expert guidance to corporate clients and government agencies, will speak on the Future of Risk: Evolving Foresight for a World in Transition.
He will give forecasts about the future of risk - how deeply interconnected world systems are increasing complexity and decreasing the ability to predict sudden shocks. Exploring his work in decision sciences, he will detail how actuaries can improve their understanding of emerging fields such as cognitive bias and behavioral economics to reduce risk and elucidate opportunities for their clients in the years to come.
Source:
2017 Spring Meeting
Type:
Featured Speaker
Panelists:
Nancy Braithwaite, Eric Garland
Actuarial Humor: Oxymoron or Presentation Survival Technique - Making Your Presentations More Interesting
The session will provide some ideas for integrating a little humor into actuarial presentations to keep your audience awake and engaged! The session will also address the issue of translating actuarial jargon into meaningful concepts that all levels of audiences can grasp.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Jennifer Middough
Panelists:
Michael Harrington, Nina Gau
Casualty, You’re Doing it Wrong
Casualty catastrophe has traditionally been addressed through the risk management technique of risk avoidance, resulting in risk exclusions and casualty insurance products that offer limited coverage. This session will focus on new technologies and innovative modeling methods that allow for the identification, prioritization and management of casualty catastrophe risk. The panelists will discuss how these new techniques are being used to inform business decisions in areas such as underwriting and pricing. The session will examine the growth potential of the casualty insurance market that can be achieved through the use of non-traditional techniques in the management of casualty accumulation risk.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Andrea Boudreau, Dana Embree, Nicole Van Allen, Alison Nisonger, Nathalie Czyzewski
Cluster Analysis in Loss Reserving
P&C actuaries have used cluster analysis mostly in ratemaking applications (e.g. territorial segmentation and excess loss factor clustering), but not so much in loss reserving.
The traditional actuarial reserving techniques rely on the assumption that the analysis is performed on homogeneous groups of risks. Often, the reserve review will be done by line of business and contract type, with equal consideration given to the financial reporting needs and the homogeneity of risks. Once the analysis structure is established, it will be maintained for many years. The aggregation of data and the convenience of unchanged structure may mask changes in the mix of business or other factors that impact the homogeneity of the loss development patterns.
Cluster analysis is a tool that can be used by reserving actuaries to check for changes in the composition of the analyzed portfolio. Clustering techniques can group risks based on similar loss development patterns, reported loss ratios or other quantitative or qualitative attributes. It may also allow for better prediction of ultimate loss for recently written risks with limited or no historical loss development.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Subhayu Bose
Panelists:
David Clark, Diana Rangelova, Christina Oda
Watchlist - A Means of Monitoring Defined (Potential) Claim Exposures
This session will provide a description for a watchlist in the context of the P&C industry as well as the benefits to an insurer of an effective watchlist process. The session will also provide information on how to get started, establishing a watchlist and leveraging the output from the process.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Alejandro Ortega
Panelists:
Barbara Murray, Ralph Marinello, Samantha Lee
Retained Risk for Non-Insurers: Accounting Treatments and Perspectives
Many corporate entities retain significant amounts of risks that are similar to risks that typically might be commercially insured. These entities often engage actuaries directly or indirectly through consulting firms, insurance brokers or insurance companies to assist the entity in valuing the unpaid claim estimates associated with these exposures. In turn, the management of the entity recognizes this actuarial estimate on its balance sheet as a liability for the entity's obligation. The way in which these liabilities become part of an entity’s financial statements is governed by the applicable accounting standards for the type of entity, the type of exposure to loss and the domiciliary jurisdiction of the entity and its parent. Based upon the draft of a new American Academy of Actuaries Practice Note, this session will examine the types of retained risk, types of entities and the accounting guidance for these corporate entities, and it will include a case study.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Bob Miccolis
Panelists:
Thomas Conway, Mary Frances Miller, Patty Smolen
Short Duration Contract Disclosures - What did the New Requirement Look Like in Practice?
Additional short duration contract disclosures were required for the first time for 2016 financial reporting. This sessions will present some highlights of the new disclosures and what can be learned from the information contained therein.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Dave Cummings
Panelists:
Ralph Blanchard, Timothy Landick
Coffee Klatch for Opinion Writers
Find out what is needed to present your Opinion or message to management. How to interact with your friendly regulator(s). What to do if you have to go to court!! Bring your questions with you on how to write your opinion, what to include or not include.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Panelists:
Wendy Germani, Michael Toothman, Kathleen Odomirok, Julie Lederer
Do You Need a Peer Review of Your Opinion?
You have written your opinion, before you send it to the Department of Insurance have you had another actuary do a peer review? Find out why you need a peer review. Participate in an interactive session with experts, with the viewpoints of the reviewer and the writer of the opinion. If you don't have another actuary to do a peer review, find out how to do your own review of your opinion.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Dave Cummings
Panelists:
Kathleen Odomirok
Is Affordability the Next Big Issue for Automobile Insurers?
Affordability has long had the attention of policymakers throughout both the U.S. and Canada, and indeed a handful of jurisdictions have implemented affordable rating plans. Now, the Federal Insurance Office (FIO) has proposed an Affordability Index as a policy tool for monitoring the extent to which affordable automobile insurance is, or is not, accessible in at-risk demographic groups.
Ms. Walker will share her analysis of the FIO’s Affordability Index and will give us her insights into the potential implications for insurers, if the Affordability Index became a national standard for rate setting. She will assess the current progress on the research and evaluation of the FIO Affordability Index, discuss the many organizations currently opining on affordability, and present initial results of the application of the Affordability Index.
Ms. Minogue will share her experiences working in a jurisdiction committed to “fair and affordable rates for all.” She will describe how the actuary’s work in such a jurisdiction must necessarily change, but in meaningful way that assists policymakers (e.g., politicians, regulators) in achieving their public policy objectives.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Kathryn Walker, Beverly Phillips, Camille Minogue
Challenges in Flood Modeling and in Utilizing New Models for Rating/Underwriting
During its creation, each new catastrophe model presents challenges that vendors must address. This session will present some of the challenges to modeling flood in the U.S. Attendees will learn how to translate new model output into a rating plan to be used by underwriters and actuaries.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
John Elbl, HongTao Wang, Jon Christianson
Tax Changes and the Impact on the Insurance Market
It’s on the minds of everyone in the investing and business communities – lower taxes! The President and congressional leadership have identified tax reform as a priority. Lower is better is a great conclusion; however it is not that simple. This session will explore the implications of tax reform on the property and casualty insurance business with respects to investing, reinsurance, liquidity, reserving, and competition.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Kenneth Kruger, Joshua Fishman, Elizabeth Petrie
Addressing Unconscious Bias in the Workplace
The financial case for diversity is strong. However, diversity efforts often fail if there is no culture of inclusion. A key barrier to creating a truly inclusive culture is unconscious bias.
In this session, participants will learn about the biological origin of bias. We will cover the four basic types of unconscious biases common to the workplace that affect us and the way that we interact with others. The session will include examples that apply to actuaries in the work force. Through interactive case studies, participants will develop the skills to avoid common traps in everyday interactions with colleagues and clients where such biases can lead to bad decision making.
This material is based on the session that has been used by the North America Retirement practice at Willis Towers Watson over the last year to help our own managers become aware of unconscious biases in our workplace and develop the skills needed to combat it. The company is expanding this training to begin to cover all colleagues across North America in all of our lines of business
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Alejandro Ortega, Kezia Charles, Dale Woods
Reinsurance Call Paper Presentations
Paper 1: Notes on Using Property Catastrophe Model Results by David Homer and Ming Li
This article will discuss the use of results from popular property catastrophe models. It will explain common terms like occurrence exceeding probability (OEP) and aggregate exceeding probability (AEP) and show how these are related to event count and event size ideas. Simulation and the use of multiple models (blending) will also be discussed.
Paper 2: Unbiased Development for Individual Claims — Taming the Wild Burning Cost by Joseph Boor, FCAS, PhD, CERA
The ultimate cost of an unpaid individual claim follows a probability distribution, and usually will not be the exact point resulting from use of a loss development factor. So, when actuaries apply loss development factors to individual claims, they often create biased estimates of excess loss costs. Methods for creating a loss development probability distribution are developed. It is shown that the results of those methods are unbiased not only in terms of developing losses overall, but also projecting the ultimate costs in any layer. Methods to adjust the probability distribution for other development maturities and different claim handling are provided.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Joseph Boor, Lon Chang, David Homer
An Introduction to InsurTech
In this session Adam Troyer from Aon Benfield will give a general overview of the InsurTech space where he'll discuss a few of the companies and what problem their business model is trying to solve. Following Adam will be Chad Nitschke, the CEO and co-founder of Bunker, an InsurTech startup. Chad will discuss what his company does, what their goals are, how they got venture capital funds to invest and how he sees his company fitting in with incumbent insurers.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Stephanie Rabin, Adam Troyer, Chad Nitschke
Mergers and Acquisitions: Impact on the Reinsurance Marketplace
This session will cover the trends that have led to past M&A activity and the outlook for future activity. In addition, the session will answer the questions: How do companies conduct valuations and how has the supply and demand for reinsurance changed in light of recent acquisitions?
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Meyer Shields, Xingzhi Wu, Joe Milicia
Size of Loss Trend Matters — Using New Experience and Analytics
This session will use new data and analytics to investigate the age-old question of whether trend varies by size of loss. Historically, a common trend assumption was that trend is independent of the size of a loss, but this assumption is being challenged. Evidence will be presented in this session to suggest that trend is size-dependent.
This session will investigate the interconnection between layered and dispersed excess loss development factors, severity trends, frequency trends, and the resulting pressure on size of loss increased limits factors. This session will investigate these relationship from various U.S. casualty and International markets. The leveraged impact of varying trend and inflation assumptions on large claims associated with the U.K. and Ogden tables will be included. These topics will be some of the research areas in the potential new Joint IFoA / CAS International Pricing Research Working Party on Differentiating Global Casualty Markets and Companies.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Paul Gates, Vagif Amstislavskiy, John Buchanan
Wheels Down
This session will address the continuing Commercial Auto issues from a pricing and reserving perspective. We will break down the overall results into the latest frequency and severity trends, rate changes, pressures on increased limits factors, lengthening development factors and resulting profitability issues. Cross-line comparisons including a review of the commercial auto component of umbrella will be addressed. We will also discuss tests devised to spot outlier companies early on, including market differentiating features such as average case-reserving practices, last-reserve-to-settlement amounts, and duration matching. Lastly presenters will cover the qualitative and quantitative features to address the results through the underwriting cycle.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
John Buchanan, Kirsten Hernan
Winners Curse and Other Real World Expletives
Actuaries love the logical, rational methods of mathematics and statistics. But our real-world data and contexts are sometimes complex, often messy, and always imperfect. Incomplete information requires us to make assumptions that are necessarily influenced by the frame of our experience. This session will draw on principles of behavioral economics and the new GIRO Report on Property Per Risk Reinsurance for the British Actuarial Journal to explore market challenges including the Winner’s Curse, Information Asymmetry, and Overconfidence – and discuss how actuaries can face these challenges with a minimum of swear words.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Alice Underwood, Ana Mata, Elliot Burn
Ontario Auto Reform: A Review of the Impact on Changes that have occurred over the past 10 years
This will be a session on the effects on Ontario Auto Reform for the 2015 and 2016 changes.
Currently, Ontario personal auto insurance contribute about 20% of premium to the overall Canadian P&C market. As such, Insurers and Regulators are keenly aware of the profitability in this market. Ontario drivers are paying the highest premium in Canada, which is about 5% of disposable income on average. There have been a series of reforms in the past 10 years and there is an expectation for a fundamental change in 2018, which aims to reduce the premium by more than 25%.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Kendra Felisky, Todd Orrett
A Budding Risk: Insuring Today's Cannabis Industry
This panel discussion will offer detailed information on insurance coverages being purchased by cannabis businesses nationwide — from standard property and general liability policies, to crop, armored car and executive liability risks. Panelists will give details about the underwriters providing coverage in the cannabis market and strategies for accessing the insurance and reinsurance markets, including alternative risk transfer strategies such as captive insurance. The discussion will also cover some important legal decisions and developments regarding the insurability of cannabis-related risks.
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Daniel Jaeger, Brenda Wells, Marshall Gilinsky
Surety in the Age of Uncertainty
This session will provide a introduction of the state and development of the surety market, growth areas, and challenges in parameterizing a “zero LR” line of business. The topics include
• The bridging of traditional underwriter’s “wisdom” with the custom of analytics
• Severity and frequency measures and studies
• Rate monitoring and benchmarking
• Volatility and its correlation with macroeconomic conditions
Source:
2017 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Daniel Greer, Cameron Vogt, Keith Kwiatkowski, Matthew Olsen
Estimating VaR Deep in the Tail: A Practical Method, and Tales from Implementation for Solvency II in Mexico
The MLE method works well for estimating the parameters of a loss distribution. In some lines of insurance, however, we find that the empirical loss distribution has a much fatter tail than is indicated by the MLE method. A solution from extreme value theory can be useful here. We fit the losses to a distribution and then select a different distribution for the tail. The proposed method is useful for (1) identifying where the tail begins and (2) selecting parameters for the tail. The speakers will present a hands-on explanation of this method, along with the practical considerations for working with regulators when implementing this method in a pricing or reserving model.
Source:
2017 Spring Meeting
Type:
Concurrent Session
Panelists:
Martin King, Alejandro Ortega, Jose Borrego
