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CAS Releases New Monograph on Federal Income Tax Provisions Affecting Property and Casualty Insurers

Federal Income Taxes— Provisions Affecting Property and Casualty Insurers: An Update to the Almagro/Ghezzi Paper of 1988 and the Feldblum Paper of 2007, a new volume in the CAS Monograph Series, is now available for download. In this monograph, authors Arlene M. Richardson, FCAS, MAAA and Joel S. Chansky, FCAS, MAAA provide an overview of the key provisions in the 2017 Federal Income Tax Legislation (called the Tax Cuts and Jobs Act) affecting property and casualty insurers, all of which are effective for tax years beginning after December 31, 2017. Some of the provisions affect all corporate taxpayers and some are unique to property and casualty insurers. The focus of the paper is on after-tax income and the strategies that property and casualty insurers may consider in optimizing after-tax income. The tax calculations in this paper are performed at a high level and are not intended to capture all of the nuances and details of an actual tax return. Rather, the examples and calculations are intended to illustrate the impact of the changes in the tax law, as well as to illustrate the impact of different investment and pricing strategies on after-tax income.

CAS monographs are authoritative, peer-reviewed, in-depth works focusing on important topics within property and casualty actuarial practice. The CAS Monograph Series initiative fulfills the goal of creating an important addition to the existing body of CAS literature, with each monograph enabling the comprehensive treatment of a single subject. The Monograph Editorial Board (MEB) manages the monograph publication process in close coordination with the CAS editorial staff. Submission guidelines can be found on the CAS website or by contacting Donna Royston at

This monograph is currently available to all CAS members as a free download.


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