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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.
Take 2: Lights!  Camera!  Professionalism!
Come enjoy the acting of some fine fellow actuaries who will take on several skits involving professional dilemmas. The skits have been refreshed, but as always they 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:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Yves Colomb
Panelists:
Charles Cook, Michael Toothman, Kimberly Barnett, Ronald Nelson
Surety — How Do They Do That?
This session will provide an update from the 2010 Seminar on Reinsurance session on surety regarding the state of the reinsurance market and challenging aspects of actuarial pricing from various perspectives: a surety reinsurance underwriter, a broker actuary, and two reinsurance pricing actuaries. Topics covered include:
• The current state of the reinsurance market, an update on the major players and new capacity
• The impact of the credit crisis on results, reinsurance purchasing, and pricing
• An investigation of how surety claim frequencies correlated with major economic indicators in the past
• The results of predictive modeling multi-variable approach
• An overview of the Surety & Fidelity Association of America’s (SFAA) Loss Severity Study along with potential uses of the output
• An overview of pricing techniques and continuing challenges in evaluating excess reinsurance structures
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Yves Colomb
Panelists:
Clista Sheker, Nataliya Loboda, Cameron Vogt, Shawn Lynch
Structured Reinsurance Refresher:  Motivations, Features, Examples, and Risk Transfer Considerations
An overview of the current state of structured reinsurance, including General Session characteristics of structured deals, client motivations, examples of transactions, and risk transfer considerations.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
Seth Ruff, Kenneth Kruger
Model Risk: No More Pretending
"In finance, model risk is the risk of loss resulting from using models to make decisions, initially and frequently referring to valuing financial securities. However model risk is more and more prevalent in industries other than financial securities valuation..." - Wikipedia.
Is your model right? That's a loaded question. A better question is: How good is your model? This invites qualitative as well as quantitative answers on a number of dimensions. More important questions follow: Given this knowledge, what should be done about it? What is the right way to mitigate or protect against model risk? How should business decisions - increasingly dependent on model outputs - be made with the awareness of model risk?
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
John Major, Dave Clark
Managing Global Agriculture Risk
Agriculture insurance is an attractive line of business due to heavy government protection/support to this line. The profitability is usually high. In this session, we will introduce the agriculture line of business from a global prospective and help our global reinsurers to get a gist of the most updated information to this line.
We will start the session by introducing the US market. We will give a brief background of the market and RMA rate changes in the recent years. We will briefly discuss these actuarial studies as well as the effect to the market. we will touch upon modeling approach for this line of business using weather information. Then we will discuss the recent underwriting years ( 2012, and 2013 years).
Then we will move on to two other important agriculture markets in the world, China and Latin America. We have speakers from both markets who will give us the most updated information of the markets including premium and claims information, market evolution, product offered, government supports to the industry, opportunities and pricing challenges to the market.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
Heidi Wang, Xiaoxuan(Sherwin) Li, Ramiro Iturrioz
Making Sense of Excess Loss Development
This session will focus on using information that is contained within excess loss data. An innovative approach to workers compensation loss development will assist in setting bounds around the size of the development factors. In addition, several practical approaches will be shared that show how to make use of an individual cedant’s loss development experience, which is often discarded for lacking credibility, in pricing excess layers.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
Dmitry Papush, Pete James
International Property
This session will compare various benchmarking methodologies for International Property, with an emphasis on Per Risk covers on Large Commercial Risks and tail risk methodologies. Similarities and differences between US and various European, Asia-Pacific and other developed and developing country data sources will be discussed. Various curve applications and adjustments for differences such as construction, occupancy, and protection differences (COPE-ARM adjustments) and resulting macro country-wide validations will be explored. This session will include a discussion surrounding a new LCR data source: Imperial-IICI (Insurance Intellectual Capital Initiative) spearheaded by Imperial College in London and Lloyd’s, including implications for reserving and capital modeling.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
John Buchanan, Li Zhang, Enrico Biffis
International Casualty
International Casualty and Emerging Risk Methods - three separate topics will be presented:
1. Moving beyond history: A loss driver approach to projecting and quantifying casualty exposure from work done in Zurich. Swiss Re developed the Liability Risk Drivers (LRD) model, a comprehensive model for commercial liability risks. This model calculates expected loss costs starting from a set of loss scenarios, assesses the impact of key risk factors, and evaluates the effect of (re)insurance terms and conditions.
2. Overview of the Canadian Casualty market, highlighting the key differences with the US by line of business, tort environment, considerations for cross-border exposures, etc.
3. Overview of the China Insurance Regulatory Commission risk oriented solvency system (C-ROSS), exploring solvency frameworks, capital modeling, and other elements of this newly evolving system.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Anton Zalesky
Panelists:
Ronald Kozlowski, Nicholas DePalma, Li Zhang, Eric Huang
Intermediate/Advanced Reinsurance Track: Session 2
This session will build upon the Basic / Intermediate Track 1 exposure and experience rating methodologies. This extension will include the usage of more advanced techniques to address common excess rating challenges, additional method reconciliations, trending and excess development issues for large claims, and assessing confidence in benchmarking practices. The material will be further extended to include defining and valuing various loss sensitive treaty terms, resolving differing views on pricing and risk, and describing basic tools for simulation.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
John Buchanan, Charles Thayer
Impact of the Affordable Care Act on Medical Professional Liability - An Update
The technology issues with the Affordable Care Act (ACA) website have been fully documented. The real question is whether the Affordable Care Act really works from an insurance perspective. This highly experienced panel will discuss various aspects of the ACA from both an actuarial and underwriting perspective.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Benjamin Newton
Panelists:
Kevin Bingham, Brian Ingle, Elke Kirsten-Brauer
ILS Market Update
2013 was an exceptional year for the ILS market with a number of first time sponsors as well as new and innovative ways to cede risk to the capital markets. Cat bonds are growing in tandem with collateralized reinsurance in response to a growing capital base and an ever more competitive spread environment translating into a lower effective rate-on-line to the ultimate ceding company.
This session will address the basics of cat bonds and how they fit in with the broader reinsurance markets and other ILS products. Please join us as we will also explore some of the trends in the products and investors as well as the important analytical underpinnings for the market.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Benjamin Newton
Panelists:
William Dubinsky, Vincent Errera
Emerging Issues: Fracking and Other Energy-Related Risks
The importance of Energy sector to the US economy is enormous and continues to grow. With the Energy boom, come new, poorly understood risks feeding the recent headlines, such as “Fracking”, “Powerline wildfires”, and “Deepwater Horizon.” This, in turn, ensured a significant share of Energy-related activities on insurance companies’ emerging risk lists.
A panel of experts will shed light on risks associated with fracking and other energy-related activities, and how these risks may give rise to insurance claims. The panel will also put forward thoughts on how to identify and measure correlation between these and a potential of clash.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Benjamin Newton
Panelists:
Wendy Jacobs
ELF Update: Pricing and Underwriting Considerations
The speaker will discuss the NCCI’s approach to calculating excess loss factors (ELF's) and the impact. A discussion of important reinsurance underwriting considerations when evaluating the loss severity of an insurer's WC portfolio. Including the impact of loss control programs and services, claims handling and risk selection.
Also, an overview and discussion of the Texas WC Opt-Out (aka Non-Subscription) program, including the positive and negative implications for insurers and reinsurers.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Amy Juknelis
Panelists:
Barry Lipton, Tom Daley, Patrick O’Dell
Domestic and International Flood Panel - Surge in Interest?
This panel will commence with an overview of the current regulatory environment for flood insurance in the United States and current status of federal legislation and upcoming regulation. Next, the regulatory and market perspective in other countries will be explored along with potential reinsurance and privatization solutions to insuring the peril of flood both domestically and internationally. Finally, an overview of the current status of worldwide flood models as well as the complexities in applying the models to a client situation will be presented.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Amy Juknelis
Panelists:
Thomas Hayes, Stuart Mathewson, Boyko Dodov
Damage Potential of a Major Hurricane Landfall in the Northeast - a 350 year perspective (Effects in Urban Centers)
Major hurricanes hitting the Northeast are infrequent, but those that do make a landfall here cause far more damage than storms of similar Saffir Simpson Categories in the South. This damage amplification results both from changes in the nature of the hurricane as it moves northward as well as the unique geologic, oceanographic, geographic, topographic and demographic characteristics in the Northeast. Erosion resulting from sea level rise and the influence of engineering structures has increased the vulnerability of our shorelines to storm damage. This talk will discuss the hurricane frequency in the Northeast, weaknesses in our coastal development, effects in urban centers and the future storm history of this region.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Amy Juknelis
Panelists:
Nicholas Coch
Cyber Liability Insurance: Is There Room For New Products That Cover More Risks?
The risk of cyber liability has eveolved while hackers and law enforcement officials compete with each other to gain an upper hand. This panel will examine current status of the cyber liability industry and discuss whether the insurance industry also needs to evolve to cover this risk more effectively.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Amy Juknelis
Panelists:
Gerry Finley, Andrew Lea
CRO Panel - Issues to Consider in ERM Implementation
Interactive Panel with 3 Chief Risk Officers to discuss the different perspectives and issues in ERM implementation.
Each speaker will present a different view of ERM considerations: primary insurance view, reinsurance and asset risk view, and General Session overview.
We will then open it up to questions from the audience.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
James Maher, Timothy Aman, William Dove
Credit Risk
With the subprime credit crisis and ensuing economic crisis, counterparty risk has become a central issue in evaluating financial transactions. For many Property & Casualty insurance and reinsurance organizations, reinsurance counterparty risk represents the largest source of potential bad debt exposure. Traditional methods of evaluating this risk may fall short of rating agencies and companies’ internal needs.
This session will present two sophisticated approaches to evaluating reinsurance credit risk. The first uses a stochastic simulation approach based on information readily available from the bond market. Information such as ratings, transition matrices, and recovery rates are used to parameterize a credit risk model. The second discusses a market based approach using traded instruments such as Corporate Default Swaps (CDS) to estimate the cost of risk. The proposed market-consistent paradigm facilitates a company’s ability and willingness to measure, hedge, and optimize reinsurance credit risk.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Neil Bodoff, Stuart Hayes
Creating the Dynamic Actuary - A Presentation About Presentations
Most actuaries are regularly called upon to present complex concepts to varied audiences. The more that actuaries can improve upon their presentation skills, the greater their visibility grows within an organization (primary insurer, reinsurer, consulting firm, brokerage house). Today, actuaries are counted on to present actionable information to CEOs, CFOs, CROs and boards of directors, in addition to clients and peers at industry conferences.
Like many business people in General Session, some actuaries are averse to making presentations; or, they lack the experience and/or confidence to be effective speakers. This session will help actuaries devise a game plan for confronting the fear of “performing” in front of an audience. The goal of the session is to help presenters build confidence by identifying individual strengths in communication skills, which will help to override weaknesses when it comes to presenting.
Specifically, the session will consist of fun and playful “mock” presentations by groups (not individuals) of six-to-eight to help all individuals identify and meld personal and professional strengths and traits to help create themselves into the “Dynamic Actuary.”
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Bob Morand
Changing Terrain: The Property Catastrophe Market in 2014
Over the past few years, catastrophe reinsurance has undergone transformative changes brought on by the entry of new players to the market. The influx of alternative capital has produced heavy price competition and cut into the core business of many cat-focused reinsurers. On the modeling side, open-source platforms are in development, offering a potential alternative to traditional market powerhouses such as AIR, EQECAT, and RMS. This panel will discuss the response of traditional market players to the challenges posed by the dynamic marketplace. Topics to be covered include: How have cat-focused reinsurers interacted with alternative capital, both as a competitor and as a partner? What might happen to the marketplace after the next major disaster? What is the potential future role of open-source catastrophe modeling, and what innovations are on the horizon for traditional modeling firms?
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Lixin Zeng, Krista Lienau, Angela A’Zary
Casualty Catastrophes
The increased sophistication of natural catastrophe modelling over the past 20 years has allowed property insurers to better measure and manage their catastrophic exposure. Now, recently developed models are available to help casualty business writers exposed to mass torts evaluate and understand their risks. These models are especially timely as many insurers develop their own internal models and desire to explicitly estimate the potential impact of casualty catastrophes. Even where it is not currently a regulatory requirement, many casualty insurers are already aware that understanding their potential exposures to mass torts is critical for continued financial integrity and an important consideration within a sophisticated enterprise risk management framework.
In this session we will define mass torts, examine the challenges insurers face when trying to model casualty catastrophes and describes approaches used to model these risks. It includes a detailed case study that illustrates how casualty catastrophe modelling can work, insights insurers can gain from the analysis, and use of embedding casualty catastrophe modelling in the underwriting process.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Neil Bodoff, Matthew Ball, Allan Cohen
Big New Year in US (Re)Insurance Regulation
Big New Year in US (Re) Insurance Regulation
The US insurance regulators are implementing measures significantly affecting not just the regulatory reporting, but, to some extent, the way we do business. A number of them follow International Standards, such as “Own Risk and Solvency Assessment”, or Group Enterprise Risk Management reporting. Some – modify existing mechanisms, such as Risk-Based Capital formula. Some – serve to improve access to reinsurance. Is the industry prepared?
In addition, as the NAIC and FIO start participating in EIOPA work, as well as supervisory colleges, what is the industry to expect? How will Comframe improve (or complicate) our ability to conduct business?
The panel will answer these, and other related questions.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Neil Bodoff, Stuart Hayes, Joseph Sieverling, Eric Meistermann
Basic / Intermediate Reinsurance Track: Session 1
This session will introduce basic reinsurance structures and delve into the mechanics and finer points of exposure and experience reinsurance rating methodologies. We will cover the basics of exposure rating for both ground-up and excess reinsurance layers, based on various industry and company data benchmarking sources. We will also cover the basics of experience rating methodologies, credibility weighting with exposure rates, and producing various diagnostics to help reconcile and solve the puzzle presented by the various methodologies.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Panelists:
Kevin Hilferty, Dawn Happ
CAS Board of Directors Panel Discussion
During this open forum discussion with members of the CAS Board of Directors, attendees will have an opportunity to ask questions and hear about the latest efforts and priorities of the CAS. In addition to discussing the biggest threats and opportunities for the actuarial profession, the panel will also address how the CAS is encouraging innovation, strengthening its brand in the marketplace, extending its reach into non-traditional areas and engaging students.
We anticipate using interactive technology to poll attendees on various topics to provide real-time feedback.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Robert Miccolis, Jessica Leong, Ann Conway
Making Actuaries Less Human
Reinsurance actuaries make many critical assumptions in performing their analyses. The paper Making Actuaries Less Human written by a pension actuary in 2000 describes and categorizes different types of behavioral biases which impact peoples’ judgment. This session will briefly describe the field of Behavioral Finance and leave room to discuss with the audience examples of bias in our day-to-day decision making processes, and bias in how others perceive the presentation of our results. Audience participation in this discussion is highly encouraged.
Source:
2014 Seminar on Reinsurance
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Richard Krivo
