Actuaries have a responsibility to scrutinize the processes, systems and models we build to understand if the inputs and outcomes truly reflect fair and equitable practices. As part of the CAS strategic approach to Diversity, Equity and Inclusion, the CAS has developed an Approach to Race and Insurance Pricing, with activities in four key areas of Education, Research, Leadership and Collaboration. This work will enable our community of subject matter experts to proactively engage with the insurance industry as it addresses issues of potential racial bias over the coming years.
CAS Research Papers
Access research produced by CAS members and staff related to Race and Insurance Issues:
- Insurance Rating Variables: What They Are and Why They Matter
- CAS Research Paper Series on Race and Insurance Pricing (Phase 1)
- Phase 2 Research is in progress, watch this space.
Collaboration on Industry Research
CAS appreciates the opportunity to partner with and review research performed by other insurance industry organizations.
- National Association of Mutual Insurance Companies (NAMIC): Matching Rate to Risk: Analysis of the Availability and Affordability of Private Passenger Automobile Insurance
Resources from the American Academy of Actuaries
- February 2023 - Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance
- June 2022 - Sourcing Protected Class Information in P&C Insurance
- July 2022 - An Actuarial View of Correlation and Causation - From Interpretation to Practice to Implications
- January 2023 – Letter Regarding Draft Data Call on Unintentional Bias in Automobile Insurance
- November 2020 - Comment Letter to NAIC Special (EX) Committee on Race and Insurance
- December 2020 - Comment Letter to NCOIL Special Committee on Race in Insurance Underwriting
- March 2021 - Letter Regarding CO Senate Bill 21-169 "Protecting Consumers from Unfair Discrimination in Insurance Practices"
- May 2021 - Comment Letter regarding NAIC Committee on Race and Insurance Proposed 2021 Charges
- May 2021 - Comment Letter Regarding CO Revised Statute 10-3-1104.9
- June 2022 - Presentation for DC DISB Hearing on Unintentional Bias in Underwriting and Rating of Personal Automobile Insurance
Questions or Comments?