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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.
Enterprise Data Strategies
In order to compete in the fast-paced business world, companies are depending more and more on a critical corporate asset-data. Further complicating the process is the growing dependency on third party data (both public and private) and regulations governing data availability and accessibility. While companies routinely develop short- and long-term strategies and plans for strategic business units, finance, and information technology, is adequate consideration given to data strategies and plans needed to support these short- and long-term activities?
This session will focus on the need for companies to coordinate and integrate data activities and to formulate enterprise data strategies that are in sync with overall corporate strategies and resource plans. Discussion will include the need to identify emerging threats and opportunities to corporate data, such as data quality, data privacy, and data standards.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Alex Krutov
Panelists:
Gary Knoble, Beth Grossman, Randy Molnar
Do's and Don'ts in Dealing With the Media
Formal communication with external audiences is an important part of the Casualty Actuarial Society's communication and public relations activities. Public relations endeavors affect how our current customers, prospective customers, employers, and the public-at-large perceive casualty actuaries.
This session will include a lighthearted video and discussion on the CAS Media Relations Committee article, "Do's and Don'ts in Dealing with the Media." Questions and personal anecdotes on the subject will be encouraged.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
John Rollins
Determining Reserve Ranges and Variability of Loss Reserves
Often a high degree of variability exists in loss and loss adjustment expense reserve estimates, particularly with excess of loss reinsurance or long-tailed primary lines of business. Estimates may be as simple as a set of discrete values for low, best, and high estimates, or they may involve a complex family of loss distributions. Estimates that include the determination of the level of confidence an actuary places in a particular reserve level have received increased scrutiny by both regulatory authorities and rating agencies. This panel addresses some common techniques used to analyze the variability of reserves and their underlying assumptions, and hence, validity. Current financial statements require a single liability number and not the distribution of liabilities. Panelists will also consider the issue of booking a single number and ways to address risks faced by insurers from regulators, market analysts, and insureds in selecting that single liability number.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
Rodney Kreps
Changes in the Florida Market
The Florida Legislature's annual 60 day legislation session will end in early May, just before the CAS Spring Meeting. In 2003, the Legislature will deal with a number of major issues with actuarial aspects. These include Medical Malpractice, consideration of a repeal of rate filing arbitration, major changes to the Florida Hurricane Catastrophe Fund, a possible "raid" on the Cat Fund due to budgetary pressures, Automobile no-fault reform, and mold. This panel will update the audience on the disposition of these issues, with an emphasis on actuarial aspects of the debate, such as the role of investment losses in driving rate increases in many lines.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
John Rollins, James Santo, Joe Mawhinney
An Overview of Asbestos Claims Liabilities
It has been three years since the February 2000 bankruptcy of Babcock & Wilcox put the asbestos litigation crisis back in the spotlight. Claim filings are at an all-time high, "unimpaired" plaintiffs are being compensated from scarce resources, and corporate defendants are declaring bankruptcy. The remaining solvent defendants are facing higher settlement demands, and there is an increase in the number of peripheral defendants named in litigation.
The RAND Institute for Civil Justice has released a study regarding asbestos litigation, finding that there are 600,000 plaintiffs, 6,000 defendants, $54 billion spent, and an estimated $145-$210 billion left to come. Major actuarial consulting firms estimate the portion of ultimate liabilities to be borne by U.S. insurance and reinsurance companies alone will be in the range of $55-$70 billion.
Is there any hope? The Congressional Hearing held in September 2002 appeared to receive bipartisan support. The Asbestos Alliance, Coalition for Asbestos Justice, and other groups are working for reform. This panel will focus on recent trends in asbestos litigation, issues facing insurers and reinsurers, and problems with loss reserving processes for such liabilities.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
Stephen Carroll, Trish Henry
Actuaries' Responsibility to Users of Their Work Products
As a result of the recent corporate scandals, the reputations of the accounting and investment professions have been under attack. While a fairly limited number of individuals may have been involved with the actual wrongdoing, the reputation of the entire profession has been affected. Is the actuarial profession subject to a similar risk to its "brand" reputation? Growing concerns regarding actuarial malpractice suits further affect the issue. Panelists will discuss this issue from a number of different perspectives. The panel will include a representative from the American Academy of Actuaries Committee on Professional Responsibility to discuss the organization's recent white paper, "Actuaries Responsibilities to Users of Their Work Products;" an insurance regulator who will provide observations related to loss reserve opinions; and a representative from A.M. Best Company to discuss his company's reliance on actuarial reports in the rating process.
Source:
2003 Spring Meeting
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
Thomas Mount, Cara Blank, Mary Miller
How Can the Insurance Industry Make Money?
Even in the hardest property/casualty market in the last 15 years, many insurers are finding it difficult to produce a consistent set of earnings. Natural catastrophes, under reserving, and mass torts are common causes cited for the chronic under performance of the industry as a whole. Is there more to come? Will man-made catastrophes like terrorism, loss trends, and new sources of losses create more hardship on insurers? How long will the hard market last?
Many observers claim that the property/casualty insurance industry is simply a business that cannot make money in the long run. What implications does it have for our profession?
This panel will take a historical look at the major trends that have affected the industry over the last 20 years and share their thoughts on how the system can work or what needs to be fixed to make it work.
Source:
2003 Spring Meeting
Type:
general
Moderators:
Joseph Wallen
Panelists:
Leonard Goldberg, Gary Ransom, Jay Cohen, Mark Shapiro
Shifts Within the Marketplace; Where is the Premium Dollar?
As changes occur in the insurance marketplace - hardening and softening of prices and coverages - so does the vehicle insureds' use to harness their risk. Those with capacity to spare may self insure when prices in the voluntary market move north of a tolerable level. Their purchases within the insurance/reinsurance arena move from first dollar to excess coverage. Others who are less fortunate may be forced out of the voluntary fraternity and be provided only one option assigned to them. This panel will discuss the risks on the edge, those impacted most by changes within the voluntary marketplace, and how their movement creates different opportunities for reinsurers.
Source:
2003 CARe LAS - Workers Compensation
Type:
affiliate
Moderators:
Andrew Bockelman
Panelists:
Jonathan Hale, David Mohrman
Reserving and Commutations
This session will explore techniques appropriate for setting reserves and determining a fair commutation value on individual lifetime compensation claims or a small set of long-term compensation cases. A nontraditional, claim specific approach for setting reserves on a runoff book of business will be presented. This approach can be applied to a primary company in runoff but is applicable in many reinsurance contexts as well. When considering the impact on excess of loss reinsurance covers, it is important to consider the variability inherent in the future life expectancy, cost of medical care, probability of settling a claim, and probability of claims reopening. These and other issues will be discussed.
Source:
2003 CARe LAS - Workers Compensation
Type:
affiliate
Moderators:
Andrew Bockelman
Panelists:
Gary Blumsohn, James Khan
International Issues and the CAS
Source:
2003 Regional Affiliate - CAE
Type:
affiliate
Keywords:
International
Capital Allocation in the Presence of Tail Dependencies
Source:
2003 Regional Affiliate - CAE
Type:
affiliate
Keywords:
Tail Dependencies
Actuarial Support for Insurance Buyers
Source:
2003 Regional Affiliate - CASE
Type:
affiliate
Panelists:
Shirley Fuller-Cooper
Keywords:
Ethics, Professionalism
Interactions of Brokers and Actuaries
Source:
2003 Regional Affiliate - CASE
Type:
affiliate
Panelists:
Lloyd Kelly
Keywords:
Brokers
Ethics and Professionalism: A Consulting Actuaries Perspective
Source:
2003 Regional Affiliate - CASE
Type:
affiliate
Panelists:
Mary Miller
Keywords:
Professionalism, ethics
Ethics and Professionalism in Actuary and Auditor Relationships
Source:
2003 Regional Affiliate - CASE
Type:
affiliate
Panelists:
David Morgan
Keywords:
Professionalism, ethics
Professionalism: A Legal Perspective
Source:
2003 Regional Affiliate - CASE
Type:
affiliate
Panelists:
Lauren Bloom
Keywords:
Professionalism
Complexity Theory
Lee Smith, FCAS, MAAA will describe mathematical and technological advances which have arisen in the scientific community in recent years. Those techniques, which are often included as elements of chaos and complexity theory have been utilized in quantum mechanics and relativity theory to model complex phenomena at the subatomic level. Lee will discuss how the new science can be used to enhance traditional actuarial modeling activity.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Lee Smith
Keywords:
mathematical and technological advances, chaos and complexity theory
Sarbanes Oxley
Terry O'Brien, FCAS, MAAA, Principal with PricewaterhouseCoopers will review the implementation of the Sarbanes Oxley Act as it relates to the accounting and reporting practices of Insurance Companies.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Terry O'Brien
Keywords:
Sarbanes Oxley Act, practices of Insurance Companies, accounting
Capital Consumption / CAS Research Update
Donald Mango, FCAS, MAAA Vice President & Actuary, American Re-Insurance Company, will present his prize winning paper on Capital Consumption. He will also present an update on the CAS Research structure in his role as the CAS Vice President - Research & Development .
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Donald Mango
Keywords:
Capital Consumption, Research
Medical Malpractice - State of the Line
Joe Marker, FCAS, MAAA will moderate a panel discussing recent activity in medical malpractice. Panelists will include:
* Kevin Dyke, FCAS, MAAA, Chief Actuary, Professional Liability, American Physicians Assurance Corporation
* Brian Alvers, Vice President, Aon Re Services
* Richard Boothman, Assistant General Counsel for the University of Michigan Systems Health Systems Legal Office
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Joe Marker
Keywords:
medical malpractice
Midwest Regulatory Review
Joe Olson, former Insurance Commissioner for the State of Michigan and Senior Vice President and Counsel Government Affairs for Amerisure Insurance Companies will provide a comprehensive overview and outlook on the major issues confronting companies and regulators in the midwest. Joe will also discuss the political process as it relates to insurance regulation.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Joe Olson
Keywords:
regulators, midwest, insurance regulation
Katie School Update
Jim Jones, Director of the Katie School of Insurance & Financial Services at Illinois State University will discuss the activities of the Katie School. Topics will include the program in insurance, professional development programs, and research issues. He will also explain some of the programs that are currently under development.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Jim Jones
Keywords:
professional development programs, research issues
How Optional Federal Charters for P&C Insurance Companies Will Affect Your Industry and Your Career
Proposed optional federal chartering of insurance companies will affect the property/casualty industry and actuaries in the most profound and sweeping way. For example, questions arising from federal charters include:
* How will rates be regulated, if at all?
* Will the actuarial statement on loss reserves continue to exist?
* Will we have new required opinions such as cash flow opinions?
* Will statutory accounting continue as a separate type of accounting for insurance companies?
Richard A. Hoffman, ACAS , MAAA from the American Academy task force monitoring this legislation will provide vital information on issues surrounding federal chartering, such as the pros and cons of federal charters (who is for it or against it and why) and the likely impact of federal charters on the insurance industry and on the careers of casualty actuaries.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Richard Hoffman
Keywords:
optional federal chartering, property/casualty industry, loss reserves,required opinions, accounting
The Intersection of Finance and Insurance: Growing or Shrinking?
Stephen Mildenhall, FCAS, MAAA of Kemper will discuss why securitization has not proved to be the panacea people were expecting. He will also discuss other "alternative" risk bearing mechanisms such as integrated products, examples of inconsistent pricing between markets, and different notions of bearing and hedging risk in financial and insurance markets. Stephen will focus on fundamental differences between the two markets including responses to recent trends in insurance market place.
Source:
2003 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Stephen Mildenhall
Keywords:
risk, inconsistent pricing between markets, risk in financial and insurance market
