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1991
Loss ratio data by state and insurer group for the period 1977-1986 are used to investigate the way in which liability doctrines affect both relative prices and underwriting risk faced by commercial liability insurers. Four different performance measures are used for each state: 1. total risk, 2. relative risk, 3. systematic risk, and 4. the mean loss ratio for the state over the time period.
1991
Included in the 1963 Proceedings is the paper, "Rating by Layer of Insurance," by Ruth E. Salzmann. In her paper, Salzmann examines the relationship between homeowners fire losses and the corresponding amount of insurance. Using 1960 accident year data from the Insurance Company of North America (INA), each homeowners fire claim was expressed as a percentage of the amount of insurance on the policy affording the coverage.
1991
A standard of practice set forth to define the documentation and disclosure required of an actuary in property and casualty insurance ratemaking, loss reserving and valuation. Related terms are defined. The standard details such items as the required extent of documentation, the prevention of misuse and the availability of documentation.
1991
These notes have been prepared in response to the increasing interest in Lloyd's expressed at the 1989 GIRO Conference.
1991
My talk today will focus on one key environmental area, namely the problem of pollution from hazardous waste sites, and the means that Congress has chosen to deal with the problem through the passage in 1980 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), popularly known as Superfund.
1991
Though they deal directly with solvency issues, these proceedings address theoretical issues relevant to the risk-return debate.
1991
A standard of practice set forth in the areas of analysis and inquiries that actuaries should consider when their practice involves incurred health claim liabilities. Related terms are defined. Suggested methods and data requirements are set forth. Various considerations are discussed, including trend, exposure, time value of money, claim settlement expenses and follow up studies.
1991
This report presents the results of our study of examination partitioning.
The report consists of an Executive Summary followed by detailed discussion of our recommendations, discussion of our conclusions and discussion of the tasks we performed. Enough detail to serve as a reference for subsequent work which may be based on our efforts is reflected in the Appendixes.
1991
On September 12, I sent each of you a package of material on Exam Partitioning in preparation for the Board discussion which was held on Tuesday, September 18. Attached to that memorandum were a copy of the Education Policy Committee's White Paper from 1988 as well as a second draft of the report of the Partitioning Examination Task Force.
1991
The Education Policy Committee met in New York on October 23, to discuss the issue of exam partitioning and decide upon our recommendations to you at this time.
1991
This "white paper" addresses the matter of whether or not the CAS should adopt the FES concept throughout its entire examination process. Currently, the FES concept has been accepted for use on part 5 1 through 3 and is under consideration for use on part 4.
1991
The issue of profitability of the major lines of Automobile and Workers' Compensation insurance in Massachusetts has been handled on an ex-ante formula basis since 1975. Beginning with Commissioner James M. Stone's Automobile Bodily Injury/Liability Decision for 1976 state set rates, explicit account has been taken of investment income.
1991
The focus of this paper is on some fairly difficult and sophisticated concepts that may not become obvious to the reader upon an initial reading. One key concept is that of "true exposure" as presented by Bouska, and its proxy provided by an exposure base.
1991
A Partitioned Examination System has been the focus of considerable study and discussion within the CAS over the last three years. Such a system has been the subject of two formal communications to our members during 1989 and the subject of study for a special task force. A request for membership and student input has resulted in many letters and in discussions at CAS meetings and meetings of regional affiliates.
1991
The subject of a Partitioned Examination System, and in particular the Board action taken at its September 1988 meeting and the communication to all members dated March 14, 1989, has created a significant amount of feedback and a relatively significant amount of confusion as well. We would like to encourage even more feedback. It is the intention of this letter to reduce or eliminate at least some of the confusion.
1991
The purpose of this paper is to illustrate a methodology which Canadian actuaries have used to price no-fault automobile insurance. This purpose is accomplished through a calculation of the impact of the Ontario Motorist Protection Plan on automobile loss Costs. The basic method is to estimate the impact of the law change on each component of the cover.
1991
Following is a sampling of New York cases related to the valuation of degrees, designations, and licenses for equitable distribution. It is not all Inclusive. Summaries are intended only as a convenience, relative to the presentation made by Craig A. Miller, FSPA, MAAA, MIAA, CPC, EA, before the New Rochelle Bar Association, Wednesday, March 7, 1990.
1991
The paper discusses the main factors involved, and the procedures to be followed, in the valuation of a non-life insurance company for acquisition purposes. Two distinct strands of valuation methodology are identified.
1991
This paper develops test of unconditional mean-variance efficiency under weak distributional assumptions using a Generalized Method of Moments framework. These tests are potentially more robust than commonly employed tests which rely on the assumption that asset returns are normally distributed and temporarily i.i.d.
1991
This study was conducted by distributing questionnaires to state insurance departments for each ofthe153 companies declared insolvent from 1969 through 1987. This report comments on the 105 questionnaires returned.
1991
A statistical analysis is performed on natural events which can produce important damages to insurers. the analysis is based on hurricanes which have been observed in the United States between 1954 et 1986. At first, independence between the number and the amount of the losses is examined. Different distributions (Poisson and negative binomial for frequency and exponential, Pareto and lognormal for severity) are tested.
1991
The National Association of Insurance Commissioners (NAIC) adopted a revision to the instructions for the 1991 Annual Statement Blank due March 1, 1992 regarding the scope and content of the Statement of Actuarial Opinion on casualty loss reserves.
The next seven pages is Instruction 12 as adopted. The ten pages following those are a letter and attachment from R.
1991
The purpose of the seminar that you have been attending is essential: to provide an overview of total rate of return methodologies so that actuaries will be better able to understand how those methodologies relate to pricing.
It is not my intent to engage in an analysis of the methodology, other than to observe that the implications of its application to a free market system are overwhelming.
It is my intent to discuss the politics of state ins
