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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.
Fracking: An Emerging Resource and Source of New Risk
In this program the presenters will discuss the basic mechanics of hydraulic fracturing, the myriad of trades and industries involved in this emerging form of shale oil and gas exploration, as well as the domestic and international economic factors driving this practice. The presenters will also discuss some of the potential risks and exposures implicated in fracking operations, its impact on insurers, and some common coverage issues that may arise under the various insurance products facing fracking-related risks.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Peter Tomopoulos, Marc Voses, Steven Nassi
Actuarial Functions: What Kind of Improvements to Face Future Challenges?
Insurance companies are looking to improve their actuarial functions due to a variety of reasons. Some of the reasons include cutting costs, reducing reporting times, improving controls, better communication, addressing impending accounting, risk, and regulatory changes. During this session, the speakers will discuss what is transforming the actuarial functions, why companies are doing it and the benefits. Case studies will be shared to help drive our discussion.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Bruce Fell, Ian Sterling, Nathan Root
Working Effectively with Corporate Risk Managers
Actuaries can provide a lot more assistance to their corporate risk managers than simply telling them what to record for a loss reserve. Risk managers consult with actuaries on program design, cost allocations, claim closure projects, benchmarking studies and other risk management projects where the analysis of loss data is critical in the risk manager's decision making. The variability of future losses and the potential loss development on prior year losses are also important pieces of information that that actuary can supply to the ERM group.
In this session, a risk manager will discuss the property and casualty insurance and reinsurance market and the risks and programs that he is seeing. There will be an open dialog between the actuary and the risk manager on projects where actuaries should be providing more information to risk managers and how that information is used to make business decisions.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Alan Hines, Brian Jones, Chris Nash
How is Your TPA Performing?
Many times, companies that decide to self-insure their workers compensation exposure select a third party claim administrator (TPA) and believe that the TPA will take over and manage the claims. However, not all TPA's provide the same high quality service. Independent reviews have shown that some TPA's are more effective at managing their client's costs settling claims in an efficient manner. Effectively managing a case, settling a claims and following through to ensure that the self-insured receives all potential subrogation consumes TPA resources and lowers TPA profit levels. The panelists will discuss how to evaluate if the TPA is doing a good job and the moderator will highlight some things that actuaries can do to help their clients identify the red flags.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Scott Cederburg, Steven Rodriguez, Ralph Marinello
What to Do When the IRS Comes Knocking? Tax Issues for P&C Actuaries
This panel will focus on federal income tax issues that are of interest to P&C actuaries. In 2013, Acuity Insurance successfully defended its actuarially determined loss reserves as "fair and reasonable" against an IRS challenge, in an important case in the U.S. Tax Court. The session will include perspectives from a current IRS actuary and an attorney who worked on the Acuity case (and other similar loss reserve tax challenges) as well as a former branch chief of insurance for the IRS who was central to the IRS' efforts in this area. The panel will also discuss recent cases regarding the definition of insurance for taxation purposes.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Panelists:
Lawrence White, Anthony Bustillo, Dick Riley, Sheryl Flum
Run Off Solutions for Legacy Liabilities
This seminar will first discuss how options to runoff the liabilities of reinsurers more efficiently evolved in the United Kingdom and the various regulatory issues surrounding this development.
It will then provide a review of closure options now available to US insurers and reinsurers within the context of the NAIC 2010 White Paper covering exit solutions for troubled companies. The impact on reinsureds and retrocessionaires of reinsurers being wound up will be discussed as all of these closure options are presented.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
John Narvell, Robert Bear, Andrew Rothseid
Losses, Contracts and Money - Oh My! (Live Polling Session)
Claims handling, reinsurance audits, commutations and reserving all can impact upon each other. Multiple vignettes with snippets of issues impacting reinsurance valuations will be presented. At the end of each vignette there will be a brief Q and A session, and then the audience will be asked to consider potential impacts on commutations and reserves.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Barbara Murray, Steven Herman
Reserving War Stories
The session will discuss challenging reserve situations, potential and actual outcomes.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
George Levine, Pat Teufel, Martin Menard, Chad Wischmeyer
Communication in Multiple Environments
The session will discuss the best methods to use to communicate to different audiences (CEO, CFO, BOD, etc.) and under different situations (BOD meeting, regulatory meeting, etc.)
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Chandrakant Patel, Kathy Garrigan, Pat Teufel
ABCD - Case Studies
Case Studies inspired by actual discipline and counseling cases. Many cases are showing similar issues, but some are complex and unique.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
Panelists:
Wendy Germani, Janet Fagan
Property Casualty Specialty Insurance Markets - Survival of the Fittest
"Specialty insurance" is General Sessionly perceived to be more profitable than non-specialty insurance offerings, and insurers have been increasing their specialty capabilities in response. Yet specialty insurance is a term used variously for line-of-business specialists, customer niche insurers, or high-risk insurers. In this session, Conning presents an overview of specialty insurance markets, defines the segments, and develops estimates of the premium potential and underwriting profitability for these markets. Further, the session analyzes trends in specialty product distribution dynamics, product development trends, and other key success factors for specialty insurers.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Rick Gorvett
The Third Wave of Asbestos Liabilities
Actuarial models are systematically underestimating exposures. New epidemiological studies and dramatic shifts in medical knowledge, life expectancies, and societal behaviors warrant another, likely dramatic overhaul of the actuarial models.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
William Weiland
Panelists:
William Wilt, Kirk Hartley, Jorge Sirgo
Surety and Credit - What are These?
As surety and credit are lines of business that are not real well known this session is intended to provide a basic introduction. The presentation will discuss the types of risks these products are designed to cover, the different types of surety bonds and credit policies as well as unique aspects of these two lines of business. There will also be some discussion on reserving for these two lines.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Randy Murray
How To Fit a Quart Into a Pint
Reporting requirements have been expanding steadily. Reserving actuaries are under pressure to achieve more with the same/fewer resources.
The panelists will share practical thoughts around the design and operation of reserving processes in the face of time and resource constraints.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Cameron Heath, Neil Bruce
Updated AAA Issues Brief: An Overview for P/C Insurer's Audit Committees: Effective Use of Actuarial Reserve Expertise
The American Academy of Actuaries has recently updated its issue brief An Overview for P/C Insurer's Audit Committees: Effective Use of Actuarial Reserve Expertise. A member of the subgroup that developed the update and an actuary who serves on several P/C insurance companies' boards and audit committees will share their perspectives on the document.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Michael Angelina, Thomas DeFalco, John Pierce
What to Do When the IRS Comes Knocking? Tax Issues for P&C Actuaries
This panel will focus on federal income tax issues that are of interest to P&C actuaries. In 2013, Acuity Insurance successfully defended its actuarially determined loss reserves as "fair and reasonable" against an IRS challenge, in an important case in the U.S. Tax Court. The session will include perspectives from a current IRS actuary and an attorney who worked on the Acuity case (and other similar loss reserve tax challenges) as well as a former branch chief of insurance for the IRS who was central to the IRS' efforts in this area. The panel will also discuss recent cases regarding the definition of insurance for taxation purposes.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Lawrence White, Anthony Bustillo, Dick Riley, Sheryl Flum
Reserving Disclosures in Financial Reports – US Statutory and both Current & Proposed US GAAP & SEC Disclosures
Recent and proposed changes in GAAP and SEC requirements are changing the disclosures required for companies that are subject to these bodies. This session will discuss the new requirements and current Statutory disclosures.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Chester Szczepanski, Ralph Blanchard, Marc Oberholtzer
Applying Fuzzy Logic to Risk Assessment and Decision-Making
Complex models have long been used in risk management to assess uncertainty. While risk professionals strive for a better understanding of risk and employ complex models for risk assessment, many risks are still not well understood. Some remain unknown, and new risks have emerged. Many risk types still cannot be analyzed sufficiently using classical probability models. The lack of experience data and entangled cause-and-effect relationships make it difficult to assess the degree of exposure to certain risk types. Traditional risk models are based on probability and classical set theory. They are widely used for assessing market, credit, insurance and trading risk. In contrast, fuzzy logic models are built upon fuzzy set theory and fuzzy logic, and they are useful for analyzing risks with insufficient knowledge or imprecise data. These latter types of risk typically fall into the operational risk or emerging risk category. This session is based on a research report titled "Applying Fuzzy Logic to Risk Assessment and Decision-Making". The research is sponsored by the Joint Risk Management Section of the CAS, the CIA, and the SOA in 2013. During this session, the concept of fuzzy logic and fuzzy set theory will be introduced and the areas where fuzzy logic models may be applied to improve risk assessment and risk decision-making will be touched on. It will also discuss the methodology, framework and process of using fuzzy logic systems for risk management with the help of practical examples.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Kailan Shang, Zakir Hossen
AM Best Stochastic BCAR model
AM Best is in the process of changing from a deterministic BCAR calculation to a Stochastic BCAR Model. An Actuary from AM Best will discuss the new model and possible impacts on the rating process
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Scott Carpinteri
Panelists:
Thomas Mount, Thomas DeFalco
A Capital Modeler's View of Reserving Ranges
This session will include a discussion of why we need distributions of unpaid claims rather than point estimates and also an overview of common stochastic triangle methods. Presenters will provide a comparison of limitations and follow up with a discussion of what situations they work best in and when to avoid them completely. We will also include a discussion of options that are available when confronted with methods that are not applicable to the data. We will then cover how reserve risk fits into an ECM and have a discussion about correlations and risk drivers.
The presenters will also discuss different ways to share information with management about the likelihood of reserve redundancies or deficiencies over the business planning horizon, and the feasibility / desirability of the capital modeling team and corporate actuarial to coordinate efforts in managing reserve risk. This could be through formal risk appetite frameworks or merely through improved communication and reporting.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Bryan Ware
Panelists:
Kevin Madigan, Mario DiCaro, Randy Murray
The Case for Case: Case-Reserve Development
The speaker will set forth the desirable requirements of a good loss-reserving method, and will assess how well such requirements are satisfied by methods commonly in use. He will argue that except for reserving annuities, both exposures and paid losses lack power to predict losses yet to be paid. The lack of predictive power is fairly obvious for lines whose claims are mostly paid at closure. Arguing from two examples, one of a single claim and one with realistic paid and incurred triangles, he will conclude that competently established case reserves are more predictive of unpaid losses than are paid or incurred losses. The speaker himself long resisted this conclusion, fearing that without the ballast or stability of paid losses, methods based on case reserves would be overly leveraged. However, if paid losses are inert as to prediction, then any predictive power of incurred losses must reside in their case reserves. Moreover, since claim adjusters establish the important reserves prospectively and from claim details, it is reasonable for actuaries to treat case reserves as the foundation for their estimation of IBNR. The obvious case-reserve method that satisfies the requirements is what Ronald Wiser (Foundations, Ch. 4) called "the reserve development method," which originated with Marker and Mohl (1980). The method forms and applies dual development ratios according to the accounting identity that the change in incurred equals the change in paid plus the change in case. The "Case for Case" is that the properties of this method are so formidable that it almost behooves the reserving actuary who prefers the results of other methods to explain why.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Aman
Panelists:
Wendy Germani, Leigh Halliwell
Reserve Mixology 201
The session begins with a broad outline of statistical concepts and tools available to the actuary to fit reserve models. One of those tools, Maximum Likelihood Estimators, is quite powerful and directly deals with non-linear reserving models, without the need to transform those models to make them tractable for linear or General Sessionized linear methods. A demonstration will follow showing how the same General Session approach can be easily adapted to provide estimates for a very wide range of reserving methods and models, making use of the same framework, and even much of the same computer code. The focus will be on the triangle of incremental average costs, showing how five common methods can be set in a stochastic framework. The session will end with a discussion of likely paths for future developments.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Aman
Panelists:
Roger Hayne, Scott Anderson
Introduction to GLM with Application to Smoothing and Extrapolating Development Patterns
General Sessionized Linear Models (GLM) have become a standard tool in ratemaking, but in the reserving field, they have been slower to be embraced. GLM offers several valuable analytic tools for reserving, and they are not nearly as complex to apply as they may first appear. This session will provide a basic introduction to General Sessionized Linear Models (GLM) applied to the reserving problem of smoothing and extrapolating patterns. Examples will be provided to show how this type of modeling can be used by practicing reserving actuaries to assist in smoothing otherwise volatile development factors, as well as to estimate tail factors.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Aman
Panelists:
Dave Clark, Michael Henk, Zhou Fang
Improving Actuarial Reserve Analysis Through Claim-Level Predictive Analytics
Aggregate reserving techniques such as triangle analysis dominate current actuarial practice. However, there is much to be gained by analyzing the detail that is otherwise lost when triangles are created.
Ming Yi will discuss a predictive modeling reserving analysis using models where each cell in the triangle contains detailed information about the individual claims paid in that cell. The traditional dummy variables for accident year, lag, and calendar year of payment can then be supplemented by variables describing each claim. That allows the actuary to control for changes in mix of states, retentions, industries, etc. as well as to quantify the relationship of inflation indexes to claims payments once mix has been controlled for. Report lags and payment lags also turn out to have significant impacts, and these can be quantified using real time or operational time. Having time-dependent parameters for accident year and calendar year ended up being unnecessary once the relevant mixture and macro variables were included.
Chris Gross will illustrate some of the approaches and the benefits of using predictive modeling techniques in actuarial reserving using individual claim data. His work ranges from adding additional insight to traditional reserving techniques by analyzing changes in case reserve adequacy or assisting with reserve segmentation, to a full reserve development model based on individual claim development and emergence behavior over the life of a claim.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Aman
Panelists:
Gary Venter, Chris Gross, Ming Yi
A Deep Exploration of Loss Adjustment Expense Reserving
Loss adjustment expense reserves (LAER) frequently make up a significant part of an insurer's balance sheet. This session will explore differences between loss reserves and LAER from a behavioral perspective; we will also investigate differences in LAE characteristics between lines of business. We will discuss regulatory concerns regarding LAER and run through professional considerations regarding documentation. Finally, the panel will dive into some case-specific exercises that involve tricky expense reserving situations and reserving for reinsurance contracts with specific expense clauses.
Source:
2015 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Aman
Panelists:
Erich Brandt
