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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.
Asbestos Reserving Issues and Trends
Asbestos has dominated the news in the mass tort arena in recent years, with coverage expanding beyond insurance periodicals into popular magazines such as Fortune, Worth, and Time. This panel will cover the background of asbestos litigation and its current status including the work being done by the Institute for Civil Justice, current industry loss estimates, trends in the types of claims, and reserving issues facing insurers and defendants.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Christopher Tait
Panelists:
Kevin Madigan, Steve Carroll, David Austern
Keywords:
Asbestos Reserving Issues and Trends
Construction Defects
The session will feature discussions on trends and developments in CD claims over the last three years, and their impact on case and bulk reserving for primary and excess insurers. Claim specialists from carrier and TPA settings will present their observations and strategies for mitigating loss and expense payouts. CAS member panelists will discuss the actuarial implications of a changing CD environment and the growing number of carrier insolvencies. The panel will synthesize a list of key elements for best practices claim administration and reserving.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Christopher Tait
Panelists:
Mark Anderson, Carolyn Yau, Radley Sheldrick
Keywords:
Construction Defects
Pre-Event Catastrophe Reserves-An Update
In October 2001, the NAIC adopted a mechanism for property and casualty companies to establish tax-exempt, pre-event catastrophe reserves. As adopted at that time, workers compensation is not a covered line, nor is terrorism specifically listed as a cause of loss. Is it appropriate for these exposures to be included? If so, how could they best be incorporated into the existing design?
The panel will discuss how terrorism and workers compensation might be included in the catastrophe reserve design, focusing on how these catastrophic exposures differ from natural catastrophes affecting property lines. The panel will also discuss the tax ramifications of this reserve.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Richard Marcks
Panelists:
Michael Walters, Harry Shuford, Scott Gilliam
Keywords:
Catastrophe Reserves
Actuaries are From Mars; Judges and Juries are From Jupiter
Actuaries prepare loss reserve estimates and statements of actuarial opinion anticipating readers who understand basic principles of risk and insurance. When reserving work becomes the focus of litigation, however, judges and juries who are not fluent in the language of risk and insurance become readers and evaluators of that work. These evaluators may attach an unrealistic degree of certainty to actuarial estimates and may not understand explanations that seem crystal clear to an actuary. This session will help actuaries view their reserving work as a judge or jury might view it and to produce work that a judge or jury can understand and appreciate.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Charles Cook
Panelists:
R. Muth, Sandra Brown
Keywords:
loss reserve estimates and statements of actuarial opinion
Reserve/Opinion Issues From a Regulatory Pe
The NAIC, through the efforts of its Casualty Actuarial Task Force, has been proposing and reviewing changes to the Actuarial Statement of Opinion, which is required to be filed annually. This session will review the genesis, results, and status of this process. Regulatory and industry perspectives will be explored.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Mary Miller
Panelists:
Ralph Blanchard, Andrea Sweeny
Keywords:
Reserve/Opinion Issues
Considerations of New ASOP and Codification Standards in Issuing Actuarial Opinions
In 2000, a new Standard of Practice for Statements of Actuarial Opinion for Property/Casualty Loss and Loss Adjustment Expense Reserves went into effect. This standard contains an emphasis on materiality and redefines categories of opinions. In addition, Codification of Statutory Accounting went into effect January 2001. The discussion will include the views of the regulator, the consultant, and the company actuary on the progress and problems involved in incorporating the concepts contained in these documents into the statutory opinions.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Susan Pino
Panelists:
Robert Wainscott, David Powell, Wendy Germani
Keywords:
ASOP and Codification Standards in Issuing Actuarial Opinions
NAIC Redefinitions of Loss Adjustment Expenses
The NAIC's creation of Defense and Cost Containment (DCC) and Adjusting and Other (A&O) to replace ALAE and ULAE in 1998 created serious problems in both compliance by insurers in reporting the data, and interpretation by users of the published data. These problems continue. This session explores both the compliance and the interpretation issues.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Susan Pino
Panelists:
W.H. Odell, John Stenmark, Richard Carris
Keywords:
Loss Adjustment Expenses
Premium Deficiency Reserves
Effective in 2001, statutory accounting rules were changed to require the calculation of a "premium deficiency reserve." The National Association of Insurance Commissioners (NAIC) is considering adding this reserve to the scope of the Actuarial Statement of Opinion included with the statutory Annual Statement. This session will include a status of recent NAIC discussions regarding the premium deficiency reserve.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kevin Russell
Panelists:
John Aquino, Ralph Blanchard
Keywords:
statutory accounting rules, Premium Deficiency Reserves
Mortgage Insurance and Lender Captives
Home ownership is the American dream and mortgage insurance acts as the catalyst to enable the majority of the population to fulfill this dream. However, most actuaries have had little, if any, exposure to this line of insurance.
This panel will briefly discuss the purpose of mortgage insurance and some of the common myths perceived by the public. It will focus on the reserving challenges actuaries are faced with in analyzing this volatile line of insurance. Industry changes in the past few years have also resulted in an increasing number of banks forming mortgage reinsurance companies, which allows them to participate in potential profits from mortgage insurance on transactions that they originate. The panel will discuss the evolving need for actuarial models, the FAS 113 risk transfer requirements, and the changing accounting requirements associated with mortgage reinsurance
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Douglas Collins
Panelists:
Roger Wade, Michael Schmitz, Bryon Jones
Keywords:
Mortgage Insurance, Lender Captives
Reserving for Automobile Warranty and Other Long Duration Contracts
Unearned premium reserves for long duration contracts can be substantial liabilities on the financial statements for many property and liability insurance companies. This session will investigate reserving techniques and philosophies for unearned premium reserves for automobile warranty and other long-term policies. In addition, the session will facilitate a discussion around unusual coverages or circumstances, not strictly contemplated by the drafters of current statutory rules.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Scott Charbonneau
Panelists:
Grover Edie, Paul Struzzieri, John Kerper
Keywords:
Automobile Warranty, premium reserves
Unique Reserving Issues for Private Passenger Automobiles
Unexpected court actions along with unique statute interpretations affect the overall estimates of reserve levels for private passenger automobiles. Although the line is generally considered to be very straightforward, special reserving considerations arise in many states. This session will review some of these unusual issues and their impact on the analysis of development patterns.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Scott Charbonneau
Panelists:
Gregory Hayward, Katharine Barnes, Roger Hayne
Keywords:
Automobiles, Reserving Issues
They're Not Your Mother's Surety Bonds
Surety bonds have been in the news quite a bit lately. Enron's financing included surety bonds, which are now in dispute. The bankruptcy of Kmart also had surety bonds in the mix. When you add a rapidly deteriorating loss ratio for surety, you have very interesting times in a market that is specialized, and often not well understood by outsiders. This panel will feature an underwriter and an actuary that understand the market.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Kenneth Quintilian
Panelists:
Michael Rozema, Richard Meyerholz
Keywords:
Surety Bonds
Nonmedical Professional Liability
Some areas in nonmedical professional liability reserving are unfamiliar to many actuaries. This is a unique line of business characterized by claims-made business and extended reporting endorsements. Recent hot topics included IPO laddering issues in the D&O area, how to reserve for employee practices liability and, most recently, a heightened awareness of the scope of liability surrounding accountant's E&O liability in the attest (audit) area of practice.
This session will examine how these issues affect the reserving process for this line of business and how the social and economic conditions affect the frequency and severity of these claims.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Frank White
Panelists:
Kim Piersol, Jane Taylor
Keywords:
Nonmedical Professional Liability, property/casualty insurance
Medical Malpractice Liability
Medical professional liability was at one time considered to be one of the most profitable lines of business within the property/casualty insurance marketplace. This perception fueled much of the increased capacity in the market that lead to significant price competition. This competition coupled with the recent deterioration in the claim cost environment has lead many insurers to post large operating losses and question their strategic plans. The panel will discuss the sources for the deteriorating claim cost environment and what short- and long-term impact that may have on the companies operating in this market.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Timothy Wisecarver
Panelists:
James Hurley, William Burns, Chad Karls
Keywords:
Medical Malpractice Liability, property/casualty insurance
Workers Compensation Issues (With Emphasis on California, New York, and Florida)
In many states, workers compensation has received a tremendous amount of attention from politicians, insurers, employers, providers, and the public in general. The panel will discuss current issues affecting reserve estimates in California, New York, and Florida.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
John Forney
Panelists:
Robert Meyer, Donald Rainey
Keywords:
Workers Compensation Issues, reserve estimates
Workers Compensation: Emerging Issues
Workers compensation frequency and severity trends are subject to considerable uncertainty as economic conditions, workplace demographics, and benefit systems evolve. Exposures related to terrorism present challenges of estimation with broad implications regarding workers compensation insurance reserving, pricing, and public policy. This session will discuss some of the work being done to understand these trends and their impact on loss reserve estimates.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Ronald Kuehn
Panelists:
Harry Shuford, Stephen Lowe, Karen Ayres
Keywords:
Workers Compensation, frequency and severity trends
Workers Compensation Reserving: How and When Should You Slice the Cake?
Segregating data into credible, homogenous components is one of the most important decisions an actuary has to make. This session explores various alternatives for workers compensation such as:
Medical benefits versus indemnity benefits
Medical only versus medical-on-indemnity
Vocational rehabilitation versus other indemnity benefits
Injury type (e.g., occupational disease, death, permanent total, permanent partial, temporary total)
Benefits versus loss adjustment expense
Large deductible policies versus small or no deductible policies
Industry segment or class
Large anomalous accounts versus other policyholders
Jurisdiction
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Charles Emma
Panelists:
Art Cohen, Mark Mahon, Timothy Wisecarver
Keywords:
Workers Compensation Reserving
Financial Risk Management
In today's uncertain economic climate, financial risk management has moved to the fore within many corporations. This session will highlight two approaches where the reserving actuary's expertise is especially important in the corporate risk management process. The session will begin with a description and discussion of how quantitative models can be used to identify and mitigate financial risk on the insurer's balance sheet. The session will conclude with an overview of one Wall Street financial advising firm's unique use of actuarial input in the risk management process.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Albert Beer
Panelists:
Orin Linden, Douglas Love
Keywords:
Financial Risk Management
Reserve Margins and Capital
Insurance managers are constantly challenged to produce an acceptable return on invested capital. As such, many managers have more intensively analyzed the amount of capital required to run the business and have found reserve risk to be a major driver of the capital required. All else being equal, companies with margins in their loss reserves can be shown to require less capital.
This session will analyze the relationships between reserve margins and capital. The panel will demonstrate how a DFA model can be used to identify the amount of capital that can be "freed" by maintaining consistent risk margins in the reserve balances.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Tim McCarthy
Panelists:
Chandrakant Patel, Kevin Madigan
Keywords:
Reserve Margins and Capital
Asset and Liability Matching
Recent worldwide events have served to emphasize the uncertainty and volatility associated with many economic and financial variables, including interest rates. Due to capacity issues and financial solidity concerns, insurers need to be very sensitive to potential changes in surplus resulting from interest rate movements. The ramifications of this concept are important for the reserving actuary to understand. In this session, a recently completed research project by the CAS Committee on Valuation, Finance, and Investments (VFIC) involving the modeling of the impact of interest rate risk on property/casualty insurers will be presented. VFIC particularly investigated the value of duration matching as a tool for minimizing risk, and found that the results did not strongly support a matched strategy.
The genesis of duration matching can be at least partly traced to a regulatory impetus arising out of the life insurance industry, where matching is common. A regulatory viewpoint, including the current thinking on the value of duration as a tool for monitoring and oversight of the performance of property and casualty insurers, will also be presented.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Chester Szczepanski, Kenneth Quintilian
Keywords:
Asset and Liability
Intermediate Track IV-Case Study
Developed as a workshop, this session covers the concepts discussed in the preceding intermediate sessions. Audience participation is encouraged in analyzing and discussing the cases, and proposing techniques to be applied in estimating the loss reserves. Various
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Keywords:
loss reserves
Intermediate Track III-Techniques
A continuation of Intermediate Track II-Techniques, this session will explore methods to detect changes in mix of business, claim closing patterns, and case reserve adequacy. Adjustments of loss reserve methodologies to account for each situation will also be discussed. Not intended for members of the Casualty Actuarial Society. No advance preparation required.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Keywords:
claim closing patterns, case reserve adequacy, Adjustments of loss reserve methodologies
Intermediate Track II-Techniques
This session introduces intermediate-level reserving techniques. Techniques covered include the Bornhuetter-Ferguson method, the average hindsight method, and the average incremental paid method. Not intended for members of the Casualty Actuarial Society. No advance preparation required.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Keywords:
reserving techniques, Bornhuetter-Ferguson method
Intermediate Track I-Considerations in Evaluating Reserves
What are the most frequent causes of inaccurate or misleading analyses of reserves? This session will provide a survey of these causes. Discussions will include limitations and the predictive value of closed claim methods, the use of calendar year ratios of defense and cost containment to losses to estimate defense and cost containment reserves, the failure to include tail factors, the treatment of large or exceptional losses, and use of loss ratios to set reserves when rates have been discounted or are significantly changing. Not intended for members of the Casualty Actuarial Society. No advance preparation required.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Keywords:
Evaluating Reserves
Basic Track IV-Case Study
This session is a workshop that covers the concepts discussed in the preceding basic track sessions. This session will allow the participants to experience some common loss reserve-setting situations. Various solution techniques will be discussed, with active audience participation encouraged. A calculator would be helpful. Intended for those with limited knowledge of actuarial concepts. No advance preparation required.
Source:
2002 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Keywords:
loss reserve
