Concurrent Sessions with Audio

Current Loss Reserving Developments
Download Audio MP3 File Part 1 (75 MB)
Download Audio MP3 File Part 2 (19 MB)
Download Audio MP3 File Part 3 (23 MB)
Download Handout 1
Download Handout 2

Focusing on loss reserving practices and ways to improve them, several different entities are currently reviewing loss reserve methods and results and their presentation by actuaries. This session will present the results of analyses currently being conducted by subcommittees of the American Academy of Actuaries, the CAS Committee on Reserves, and ISO. The panelists will discuss the results of their studies, examining to what extent reserve developments caused or contributed to financial failures and what role actuarial practice may have played. Panelists will also explore what lessons these reviews have given our profession, how we can educate industry observers, and other recent initiatives.

Moderator/Panelist:
John J. Kollar, Vice President, ISO
Panelists:
Charles C. Emma, Principal, Pinnacle Actuarial Resources Inc.
Thomas A. Ryan, Consulting Actuary, Milliman USA

Enterprise Risk Management --the Present and the Future CAS
Download Audio MP3 File Part 1 (103 MB)
Download Audio MP3 File Part 2 (10 MB)
Download Handout 1
Download Handout 2

Our centennial goal states that "CAS members will be recognized as the leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial, and operational risk." Said another way, casualty actuaries will be recognized as experts in enterprise risk management (ERM) quantification. But actuaries are not alone in their interest in ERM. There are many professional organizations around making moves in this dynamic, emerging space.

The CAS is taking steps to position ourselves. During its March 2005 meeting, the CAS Board approved joint sponsorship of a Risk Management Section with the SOA. The Joint Risk Management Section is similar to the existing CAS special interest sections Casualty Actuaries in Reinsurance (CARe) and Actuaries in Regulation (AIR) in that it brings together a group of interested members to study and discuss common professional interests and to contribute information on those interests to the profession through seminars and research projects. The Risk Management Section will focus on developing solutions to unsolved problems, communicating the value of actuaries in providing solutions, and educating actuaries to meet market demands.

This session will (i) provide an update on many ERM-related activities and organizations, including the COSO framework, PRMIA, GARP, ERMII, IAA and AAA task forces; (ii) explain the Joint Section in more detail: mission, scope, plans; and (iii) challenge the audience for their feedback, opinions and interest in volunteering for Joint Section committees.

Moderator/Panelist:
James E. Rech, Actuary, GPW & Associates
Panelists:
Christopher David Bohn, Assistant Director & Actuary, Aon Risk Consultants, Inc.
Gary G. Venter, Managing Director, Guy Carpenter & Company, Inc.

Predictive Modeling-Pitfalls and Potentials
Download Audio MP3 File Part 1 (85 MB)
Download Audio MP3 File Part 2(28 MB)
Download Handout 1
Download Handout 2

Predictive modeling has been used very effectively in other countries for years. Until recently, only a few leading US personal lines companies have been utilizing these advanced ratemaking techniques. That has been changing and predictive modeling techniques are now being employed by a wide variety of insurance companies from the largest to the smallest and within the broad spectrum of lines of business.

As with anything, new techniques bring both opportunities and issues. The panel will discuss some of the benefits the industry has realized by using these techniques as well as some of the issues that have already arisen.

Moderator/Panelist:
Jeffrey L. Kucera, Senior Consultant, EMB America, LLC
Panelist:
Michael R. Larsen, Property Consultant, The Hartford
John R. Pedrick, Assistant Director, Ohio Department of Insurance

What's Happening in the Reinsurance Market?
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The reinsurance market has gone through many changes in the past 20 years. In this session, reinsurance executives will discuss how the competitive landscape, distribution channel, and reinsurance needs have changed over the years as well as provide insight on current trends and how these trends will affect the reinsurance and insurance industry in the future. Following the presentation, audience members will have the opportunity to express their opinions on the subject during a question and answer period.

Moderator:
Richard A. Lino, Consulting Actuary, Pinnacle Actuarial Resources Inc.
Panelists:
Yves Provencher, Senior Vice President, Willis Re Inc.
Joy Y. Takahashi, Senior Vice President - Corporate, American Re-Insurance Company