2021 Basic Ratemaking Workshop

Event Details

-
11:00 AM – 3:00 PM (ET)

About This Event

The Basic Ratemaking virtual workshop offers a complete understanding of the basic concepts and practices needed for ratemaking. These concepts include:

  • How to calculate a rate indication and the core concepts involved including data aggregation, loss development, trending, and credibility
  • Risk classification and its associated principles
  • How to calculate rate relativities and increased limit factors and use them in a rate plan.

Attendance is limited to 30 participants, individual registrations only. Group registrations are not permitted.

Event information

Casualty Actuarial Society's Envisioned Future 

The CAS will be recognized globally as the premier organization in advancing the practice and application of casualty actuarial science and educating professionals in general insurance, including property-casualty and similar risk exposure. 

Continuing Education Credits

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. Actuarial services are defined in the CAS Code of Professional Conduct as "professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings or opinions based upon actuarial considerations". Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy.

This activity may qualify for up to 4.4 CE credits for the 2021 Basic Ratemaking Workshop for CAS members. Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE credit per 50 minutes of educational session time, not to include breaks or lunch.

Note: The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the American Academy of Actuaries.

Learning Objectives

Attendees will complete the course with a working knowledge of basic ratemaking, having applied it in a realistic setting. More specifically, participants will finish the course having learned the following:

  • What a rate indication is used for and the basic steps needed to carry out a rate indication analysis
  • How to aggregate data and the reasons for aggregating it in different ways
  • How to trend premium and losses and why it is done in a rate indication
  • How to develop losses
  • Why credibility is important and how to use it in a rate indication
  • How to account for loss adjustment expenses and catastrophe losses in a rate indication
  • The importance of risk classification in insurance ratemaking
  • Principles of risk classification and how to select characteristics for a rate plan
  • How to calculate rate relativities and add them to a rate plan
  • How to calculate increased limits factors

Virtual Seminar Recordings 

Recordings of this workshop are available to attendees on our UCAS platform for five years.  

Speaker Opinions 

The opinions expressed by speakers at this event are their own and do not necessarily reflect the opinions of the CAS.

Contact Us  

For more information on content, please contact Wendy Ponce, Professional Education Coordinator, at wponce@casact.org.  

For more information on course logistics or attendee registration, please contact Leanne Wieczorek, Meeting Planner at lwieczorek@casact.org.  

For more information on other CAS opportunities or regarding administrative policies such as complaints and refunds, please contact the CAS Office at (703) 276-3100 or office@casact.org

Registration information

Limit up to 30 Participants

Group Registrations are not Permitted

Register

Registrant Type   Fee
Active Candidates*/Member $400
Non- Member $600

* An Active Candidate is a non-CAS member who has attempted at least one actuarial exam in the last two years.

Cancellations/Refunds

Registrations fees will be refunded for cancellations received in writing at the CAS Office via email, refund@casact.org, by September 20, 2021 less a $100 processing fee. 

Speakers

Nickolas Alvarado: Nickolas Alvarado is an Actuary working at Milliman that has a BS in Pure Mathematics from the University of California, Irvine, and is a Fellow of the CAS. Nick has extensive experience with personal lines and commercial auto product development, ratemaking, and modeling and has spoken at two ratemaking workshops hosted by the CAS in the past.

Annie Shen: Annie Shen is an Associate Actuary at Milliman’s Orange County office. Annie graduated from University of California, Berkeley, with Bachelor’s degrees in Economics and Statistics. Annie is an Associate of the CAS, with experience in ratemaking, product development, and catastrophe model reviews for personal auto, commercial auto, homeowners, commercial property, and other personal and commercial lines of business.

Schedule

PRE-WORK

Prework will be provided to participants two weeks prior to the beginning of the workshop.

All times are listed in EASTERN time.

Time (ET) Activity

11:00 AM-11:05 AM

Introductions

11:05 AM-11:55 AM

Rate Indication; Data Aggregation; On-Leveling Premium; Trend Adjustments

11:55 AM-12:00 PM

Break

12:00 PM-12:50 PM

Loss Development; Credibility; Catastrophes; Expenses and Profit

12:50 PM-1:00 PM

Break

1:00 PM-1:55 PM

Risk Classification; Adverse Selection; Rate Relatives

1:55 PM-2:00 PM

Break

2:00 PM-2:40 PM

Rate Relatives (cont.), Increased Limit Factors; Add a Factor to a Rate Plan

2:40 PM-3:00 PM

Questions and comments addressed

Schedule

PRE-WORK

Prework will be provided to participants two weeks prior to the beginning of the workshop.

All times are listed in EASTERN time.

Time (ET) Activity

11:00 AM-11:05 AM

Introductions

11:05 AM-11:55 AM

Rate Indication; Data Aggregation; On-Leveling Premium; Trend Adjustments

11:55 AM-12:00 PM

Break

12:00 PM-12:50 PM

Loss Development; Credibility; Catastrophes; Expenses and Profit

12:50 PM-1:00 PM

Break

1:00 PM-1:55 PM

Risk Classification; Adverse Selection; Rate Relatives

1:55 PM-2:00 PM

Break

2:00 PM-2:40 PM

Rate Relatives (cont.), Increased Limit Factors; Add a Factor to a Rate Plan

2:40 PM-3:00 PM

Questions and comments addressed

Keep up with the latest CAS news