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1959
In his discussion of my paper Mr. Cahill begins by relegating the theoretical aspects to others, and directs his attention solely to the practical aspects. He sees "little merit in embarking on the use of complicated formulae in ratemaking to ascertain what is disclosed by other available statistics that are both relevant and up-to-date."
LOB-Auto Liability
1959
In the introduction of his paper, Mr. Harwayne cites the serious need for insurance premiums which will be adequate in the face of an inflationary economy. He suggests that this need can be met, in part at least, by taking steps to bridge the time-gap between the cut-off date of basic ratemaking data and the effective date of rate revision.
1959
Because of the admission of larger amounts on individual claims into the losses, experience subject to limits of $10,000 per claim and $20,000 per accident will be subject to more fluctuations arising from the relatively infrequent large claims than experience subject to $5,000/10,000 limits.
1959
Mr. Astill’s paper gives a useful summary of compulsory automobile insurance in Europe. The paper is factual and descriptive of the situation as it existed in April when Mr. Astill presented the paper, but as is usual, particularly in connection with legislative activities, there are continual changes, and, as of October 1959 there have been a number of additional developments.
1959
A study of this subject must be complex in view of the number of countries involved with differing civil codes and political ideologies. A patchwork result inevitably emerges but an effort will be made to paint a broad picture of the present legislative situation and to observe how each country has in its own way tackled the social problem of ensuring the compensation of the victims of accidents on the roads.
1959
On March 5, 1958, the New York State Legislature enacted four new health insurance laws which went into effect on July 1, 1959. One of these laws provided that, if the employer so elects, his workers covered for 3 months or more by a group policy are entitled to convert to an individual policy from the same insurance company whenever they leave their jobs to retire or for any other reasons.
1959
The Automobile Physical Damage line of insurance embraces the more commonly known coverages of Automobile Fire, Automobile Fire and Theft, Automobile Comprehensive, (which encompasses Fire and Theft plus additional coverages) and Automobile Collision. The manual rates for these coverages are made for a great majority of insurance companies by the National Automobile Underwriters Association.
1958
The shortage of mathematicians and the attractions of science and industry have combined for many years to limit severely the number of young men who can be persuaded to enter the actuarial profession and, as a result, there is a very real shortage of able qualified actuaries.
1958
The basic principles for automobile liability insurance rate making have been well presented by Mr. Philipp K. Stern in his paper "Current Rate Making Procedures in Automobile Liability Insurance."* The principles and procedures as presented by him are applicable to the utilization of both calendar-accident year and policy year statistics.
1958
The practice of merit rating individual automobile risks is now in its sixth year of successful operation in Canada. Merit rating of individual automobile risks is not new for it has been used successfully in the British Isles and in some European countries for many years.
1958
Thank you, Mr. Masterson, Sir George and friends. Mr. Masterson told you that Mr. Longley-Cook was going to give this report originally. Since he can't, he has turned it over to me, and I shall deliver it practically the way he has written it.
1958
The casualty insurance rate analyst in the employ of a state insurance department who attempts to conscientiously administer the various statutes relating to insurance rates is constantly confronted with inconsistency and contradiction. In the discussion that follows, the thoughts of one such rate analyst are offered for consideration.
1958
Mr. Muir's paper presents a very useful and interesting historical discussion of rating systems for automobile liability insurance coverage on private passenger cars over a span of approximately three decades. Such information has not been readily available previously for the benefit of students and the younger members of our Society, however familiar it may be to the old guard.
1958
The paper presented by Mr. Faust is a very timely one. In this period of unsatisfactory automobile liability loss ratios, there has been considerable discussion in the industry about how to reduce the lag between the past loss experience used as a basis of ratemaking and the actual loss conditions which will exist during the time that the proposed rates will be effective.
1958
The fire insurance business is reasonably well implemented to perform the task of ratemaking and has in fact made rates according to a normally good formula. While there is not a complete and formal set of adopted standards, substantial progress has been made in that direction. The materials and plans in current use will be discussed here.
1958
Any line of insurance which uses the loss ratio method in rate making relies very heavily on an accurate premium base. If exposure data were available, a pure premium method would most likely be used but in the absence of proper exposure data, the rate revision adjustment factor is vital to the determination of the premium base. Without it, this valuable rate making method based upon loss ratios would be impractical.
1958
For a number of years, several major labor organizations with large membership in mass production industries have had as a goal an increase in the income of their members during periods of unemployment.
1958
Mr. Lewis Roberts' paper on Graduation of Excess Ratio Distributions by the Method of Moments is not light reading. The paper is highly technical and it is most tempting to set such papers aside for that later study, which never somehow gets done.
1958
The paper presented by Mr. Faust is a very timely one. In this period of unsatisfactory automobile liability loss ratios, there has
been considerable discussion in the industry about how to reduce the lag between the past loss experience used as a basis of ratemaking and the actual loss conditions which will exist during the time that the proposed rates will be effective.
1958
Many times an actuary is confronted with a problem for which no exact solution exists or for which the cost, in either time or money, of obtaining an exact solution makes it prohibitive. In such cases we often have an idea of the range within which the exact solution lies or we know that we will take some positive action if the solution is within certain bounds.
1958
Since the passage of the Safety Responsibility Law in New York State, an ever increasing proportion of the motorists have purchased 10/20 limits of coverage. Now, with the advent of compulsory insurance, 10/20 is a universal minimum. In spite of this, the Automobile Liability Manual sets 5/10 as the basic limits and, what is as important, quotes rates for 5/10 coverage, a virtual fiction under the present circumstances.
1958
Let's, be the maximum value of si and t, the minimum value of the angular coefficient of the straight line connecting the point
(si, Ai) with point (I, I), when i takes the values I, 2 ... n and the point (si, Ai) is taken to mean the vertex of the convex curve
representing the generating function of the i (th), favorable risk.
