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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Risk Integration, Aggregation, and Correlation
A number of capital adequacy models reflect the offsetting effects of covariance when evaluating an enterprise's aggregate risk. Focusing on the flip side of the issue, this session will address how a "domino effect" can be missed if an underlying correlation of risks is not adequately considered.
For example, a catastrophic event impairs liquidity, in turn forcing an untimely and costly disposition of assets, which triggers issues with the company's lenders, further impairing the enterprise's ability to compete. This session will focus on how such correlations interacted to accelerate the recent demise of several companies, in the process leaving regulators, rating agencies, and the industry insufficient time to seek more palatable alternatives than seizure of the companies' assets.
Source:
2003 Risk and Capital Management Seminar
Type:
concurrent
Panelists:
Chester Szczepanski, Matthew Mosher, Eric Simpson
Sarbanes-Oxley Section 404-Assessment and Audit of Internal Controls
Effective this year, Section 404 of the recently enacted Sarbanes-Oxley Act requires management to assess internal controls over financial reporting, report on the assessment, and subject the assessment to an independent audit. Primary focus of the controls will be on those risk areas in which lack of a control can result in a misstatement in the financials.
For property/casualty companies, the risk of reserve misstatements implies that developing controls in this area is critical. This will require a multidisciplinary team from the underwriting and claims operations, actuarial, financial, and legal departments. The team will need to pay particular attention to the control of the data, analysis, and management review underlying financial statement entries.
The panel members will discuss implementing the assessment process, and the role of company actuaries, along with independent auditors and actuaries, in auditing management's assessments.
Source:
2003 Risk and Capital Management Seminar
Type:
concurrent
Panelists:
G. Nyce, Brian Reilly, Edward Chanda
Enterprise Risk Management Post 9/11-A Benefit or a Fad?
Although appealing and gaining acceptance, there are some perceptions in the industry that purported benefits of ERM are concretely elusive. In this session a proactive panel and audience discussion will explore what ERM is and isn't, and how to measure ERM's success or failure. The chief notion of ERM is the concept of risk integration. How can insurers who operate with department budgets that drive their behavior think in integrated results? This constraint is one that has driven the "fad" naysayers.
Panelists will share their perspectives on and debate the practical benefits of ERM and offer viewpoints and counter-points on the state of ERM for insurers today and in the future.
Source:
2003 Risk and Capital Management Seminar
Type:
concurrent
Moderators:
George Burger
Panelists:
Scott Sanderson
ERM Committee Priorities, Progress, and Findings
In December 2001, the CAS Executive Council approved the numerous and ambitious recommendations of the Advisory Committee on Enterprise Risk Management with regard to the CAS ERM research and education priorities. One of those recommendations was to form a standing ERM Committee (ERMC) to take on those research priorities. In this session, ERMC members will discuss their progress to date and future plans in several key areas, including:
Developing intellectual capital to educate the membership on ERM and its components, including a summary of an original ERMC research paper
Discussing the correlation, concentration, and integration of financial, hazard, strategic, and operational risks within a property/casualty insurer, including summaries of four new Call Papers
Quantifying the value of ERM within an organization, including summaries of a funded research project, an original ERMC research paper, and summarizing plans to tackle the other identified ERM research priorities.
Source:
2003 Risk and Capital Management Seminar
Type:
concurrent
Moderators:
David Otto
Panelists:
Barry Franklin, Kevin Dickson
Liability Storms: Asbestos, Mold, Construction Defect
As highlighted in the recent press, asbestos litigation continues to challenge companies, their insurers, and reinsurers. These challenges are driven by increases in the number of cases filed, higher settlement awards, and more companies named in litigation. RAND estimates that approximately 8,600 companies have been named in asbestos litigation. This session will focus on recent developments in asbestos, including the hearings held by the Senate Judiciary Committee, and potential legislative efforts.
As insurers have struggled with asbestos, other torts have tried to unseat asbestos as the "next asbestos." This session will also focus on construction defects and mold to determine what is driving these torts and what effects they are causing to insurers and reinsurers.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
David Otto
Panelists:
Chandrakant Patel
Medical Malpractice
The night President Bush mentioned medical malpractice in his State of the Union address was the night this line of insurance officially became a national crisis. Insurers are withdrawing from the line of business. Doctors are staging walkouts. In the midst of the turmoil, what should the reinsurance actuary focus on when pricing this class of business? The panel will discuss and pose some answers to that very question.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
David Otto
Panelists:
George Hroziencik, Richard Lino
Property Per Risk
In exploring the current state of the art for rating property per risk covers, this session will delve into the workings of ISO's PSOLD product. Panelists will explore where PSOLD's data comes from, how the underlying distributions were created, and how PSOLD can be used to price property per risk covers as well as what are the product's limitations in this regard. Other important aspects of pricing property per risk treaties will also be discussed.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Thomas Duffy
Panelists:
Glenn Meyers, David Clark
Trends in Finite Reinsurance
Many changes have occurred over the past year and a half in the reinsurance marketplace. The traditional market has hardened, interest rates have dropped, and the market continues to expand globally. This session will focus on trends in the world of finite reinsurance as it adapts to an ever-evolving marketplace.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Mark Callahan, David Koegel, Edward Hochberg
Specialty Lines: A&H, Aviation, Marine and Surety
The panels will discuss recent results, market conditions, loss trends, and changes in terms and conditions for these lines of business. Expounding on their respective papers published in the 2003 Winter Forum, Athula Alwis will discuss a new exposure based method for analyzing Credit and Surety and Romel Salam will present a method for estimating the cost of airline catastrophes based on exposures and stochastic simulation.
There will be three separate sessions presenting various combinations of these topics, with two topics per session.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Romel Salam, Henry Newman, Athula Alwis, David Olsho
Directors & Officers Liability
Some have said that actuaries cannot contribute very much to the pricing of this class of business. While it is true that past results are frequently not indicative of the future, there is a considerable amount of information available to actuaries and underwriters to help in understanding past results and evaluating prospective exposures. This session will discuss various pricing parameters, including a comprehensive price monitoring procedure.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Peter Schultheiss, Joseph Reschini
Loss Trend Projections
Taking a look at recent trends in losses for various lines of business, this session will discuss the difficulties in projecting loss trends. The panelists will also compare econometric studies to actual data and talk about general differences they have seen in trends by size or type of loss. Workers compensation, general liability, and commercial auto will be the main focus of the session.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Karen Ayres, Joseph Palmer
Ceded Reinsurance- Analyzing Reinsurers' Financial Security
An analyst from A.M. Best and executives in ceded reinsurance come together in this session to give their views on analyzing the financial security of reinsurers. An A.M. Best spokesperson will discuss the method that A.M. Best uses to analyze the financial strength of insurers and reinsurers. He will also discuss key emerging issues in A.M. Best's rating analysis. Speakers from ceded reinsurance operations will discuss the key items that they focus on when reviewing reinsurance security. They will also review positive and negative experiences that they have had with their reinsurers and key issues that influence their choice of reinsurance partners.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Michael Kerner, Clifford Rich, Stefan Holzberger
Commercial Umbrella
Panelists will review recent developments and emerging issues for this line of business. One major topic will be the worsening loss trends in this class of business and the drivers of this deterioration. This session will focus on other key issues, such as aggregate monitoring, particularly for Fortune 1000 accounts, and emerging exposure issues, including mold and terrorism. Finally, panelists will discuss best practices in underwriting and pricing commercial umbrella business.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Gerson Smith, Thomas Ghezzi, Thomas Burke
Reinsurance Research Committee - Speaker's Corner
This session will give speakers the opportunity to present research that is currently in progress. The session will include a significant amount of audience participation and will be an excellent forum for discussing new ideas in actuarial methodology.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Charles McClenahan
Panelists:
Rodney Kreps, James Sandor
Capital Consumption: An Alternative Methodology for Pricing Reinsurance
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Donald Mango
Keywords:
Pricing Reinsurance, capital
Quantifying Correlated Reinsurance Exposures with Copulas
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Gary Venter
Keywords:
Reinsurance
The Aggregation and Correlation of Reinsurance Exposure
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
David Lalonde, Glenn Meyers, Fredrick Klinker
Keywords:
Aggregation and Correlation of Reinsurance Exposure
Hedging Catastrophe Risk Using Index-Based Reinsurance Instruments
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Lixin Zeng
Keywords:
Catastrophe Risk, Reinsurance
The Valuation of Stochastic Cash Flows
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Leigh Halliwell
Keywords:
Stochastic Cash Flows, Valuation
Estimating the Parameter Risk Of A Loss Ratio Distribution
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Charles Kampen
Keywords:
Loss Ratio Distribution
On the Optimality of Multiline Excess of Loss Covers
Source:
2003 Seminar on Reinsurance
Type:
Paper
Panelists:
Jean-Francois Walhin
Keywords:
Multiline Excess of Loss Covers
Pricing Techniques: Practical Track - Casualty
When it comes to pricing casualty reinsurance, actuaries can face many pitfalls. In this session, panelists will discuss data limitation, use of simulation, individual claim loss development, increased limit tables, cession factors, and use of trend. Speakers will discuss pricing techniques for loss sensitive treaty terms such as loss corridors, annual aggregate deductibles, and profit commissions. Other topics that will be discussed include pricing of finite covers such as aggregate stop loss, loss portfolio transfer, and adverse loss development covers. This session is intended for those with three or fewer years of reinsurance pricing experience.
Source:
2003 Seminar on Reinsurance
Type:
concurrent
Moderators:
Duncan Anderson
Panelists:
Michael Coca, Peter Wildman
Rainy Day: Actuarial Software and Disaster Recovery
Tragic events with disastrous consequences that are happening all around the globe made disaster recovery and continuity planning a much higher priority for every company. Scenarios, in which data centers, paper documents, and even recovery specialists themselves may perish, became more probable.
Both actuarial workflow and actuarial software design should be affected by disaster recovery strategy. Actuaries may simplify recovery tasks and insure higher rates of success if they properly modify their applications' architecture and their approaches to documenting algorithms and storing structured data.
The paper attempts to direct actuaries to strategies that may increase chances of complete recovery: from separation of data and algorithms to effective storage of actuarial objects to automated version management and self-documenting techniques.
The matter of continuity of actuarial operations is in the hands of actuaries.
Source:
2003 Ratemaking Seminar
Type:
Paper
Panelists:
Aleksey Popelyukhin
Keywords:
Disaster Recovery
Where is My Market? How to Use Data to Find and Validate New Commercial Lines Market Niches
Entering a new insurance market is not a decision to be taken lightly. Market segment analysis is a lengthy process, and finding the right data is just the beginning. Being able to make meaningful comparisons of data from various sources and across insurance lines is the key to identifying profitable markets. Fortunately, there are data sources and tools available that can help with the analysis, as well as provide quantifiable assessments of your niche-market recommendations. This paper discusses critical elements to keep in mind as you go through the process.
Source:
2003 Ratemaking Seminar
Type:
Paper
Panelists:
Lisa Sayegh
Keywords:
Commercial Lines, Data
Does Credit Score Really Explain Insurance Losses? Multivariate Analysis From a Data Mining Point of View
One of the most significant development in insurance ratemaking and underwriting in the past decades has been the use of credit history in personal lines of business. Since its introduction in late 80's and early 90's, the predictive power of credit score and its relevance to insurance pricing and underwriting have been the subject of debate. The fact that personal credit is widely used by insurers strongly suggests its power to explain insurance losses and profitability. However, critics have questioned whether the apparently strong relationship between personal credit and insurance losses and profitability really exists. Surprisingly, even though this is a hot topic in the insurance industry and in regulatory circles, actuaries have not been actively participating in the debate. To date, there have been few actuarial studies published on the relationship of personal credit to insurance losses and profitability. A possible reason for the lack of published data is that many insurers view credit scores as a confidential and cutting-edge approach to help them win in the market place. Therefore, they might be reluctant to share their results with the public. In this paper, we will first review the two published studies and comment on their results. We will then share our own experience on this topic.
Source:
2003 Ratemaking Seminar
Type:
concurrent
Panelists:
Cheng-Sheng Wu, James Guszcza
