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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.
Homeowners Rates-Getting it Right
Several areas require attention in order to ensure that homeowners rates are adequate. First, the panel will cover the key issue of reflecting catastrophe risk, and will present two approaches. Use of catastrophe model output is a direct approach, but one not always acceptable to regulators. An alternative approach is to reflect reinsurance costs. Next, the panel presents the allocation of the catastrophe load to territory and class. Finally, the need for risk loads to account for the volatility in catastrophe risk will be discussed. Risk loads are not commonly reflected directly in homeowner rates. Typically the only risk load is that which is passed through within the reinsurance costs. It will be shown that this is not the most economically efficient approach.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Heather McIntosh
Panelists:
John Rollins
Current Issues in Florida Property Insurance Ratemaking
This session will take a look at some "hot topics" in the realm of Florida property insurance ratemaking. Learn about the FWUA's revolutionary wind-only class plan that has been the subject of much public debate. Hear the latest legislative issues straight from the floor of the ongoing legislative session. Issues will include Treasurer Gallagher's proposals for major restructuring of the property residual markets, modernization, upcoming changes in the FHCF, and constitutionally mandated reorganization of the governance of the insurance department.
Plan to attend this engaging session to learn the latest on what's going on in Florida.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
James Rowland
Panelists:
David Chernick, Rade Musulin
Issues in Implementing Credit as a Rating Variable
The predictive value of credit information on insured losses has been demonstrated over and over. Yet even as the debate continues around the appropriateness of using this credit information in either risk selection or ratemaking, many companies have begun implementing underwriting or pricing programs, or both, that include the use of financial stability variables in some fashion. This session will explore the implementation issues surrounding the use of financial stability variables in pricing. Panelists will discuss the decisions and choices that need to be made on how and what to implement. In addition the speakers will address compliance with the Fair Credit Reporting Act, confidentiality and customer communication issues, regulatory barriers, and company infrastructure implementation issues.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Klayton Southwood
Panelists:
Roosevelt Mosley, John Wilson
Lawyers Professional Liability
An actuary and a claims professional will present their views on the lawyers professional liability product. The panel will discuss rating plans, ratemaking parameters, risk characteristics, claims coverage concerns, current trends, and emerging issues. Since the exposure characteristics of this product varies by firm size, both speakers will present comparisons between small and large law firms.
Source:
2002 CARe LAS - Directors & Officers and Errors & Omissions Professional Liability
Type:
concurrent
Moderators:
Jean DeSantis
Panelists:
Denise Olson, Christopher Troisi
Keywords:
professional liability product, rating plans, ratemaking parameters, risk characteristics, claims coverage concerns, current trends, and emerging issues
Reserving for Unusual Catastrophe Events
September 11 created a number of challenges for reserving actuaries. Shortly following the tragic event, insurance and reinsurance companies needed reserve estimates to close third-quarter results. While many of the claims were known by year-end 2001, a number of issues still remained. This panel will discuss how the industry developed its initial estimates of the event, both at a company level and for the industry in general. Other reserving tasks, such as reinsurance collectibility, business interruption claims, multiple events, and IBNR for other types of claims that may not be represented in historical claim data will be presented.
Source:
2002 Spring SIS- The Changing Insurance Market
Type:
concurrent
Moderators:
David Powell
Panelists:
E. Thomas, Claire Louis
Keywords:
reserving, reserve estimates reinsurance collectibility, business interruption claims, multiple events, and IBNR
PIP Fraud in Florida and New York-"Who Wants to be a Millionaire?"
Recent developments in fraud, abuse, and overutilization of personal injury protection (PIP) coverage in Florida and New York have led to major viability implications for the voluntary personal automobile insurance market. How do these frauds get perpetrated? What has led to the associated skyrocketing loss costs, and what are the implications for the marketplace? What can insurers do to protect themselves in this environment? What role does politics play in the process? What are the long-term solutions to the problem? The panel will provide insight into these questions, as well as discuss the likelihood of these scams being "exported" to other states. Examples of real-life frauds will be used to highlight what is happening in the market.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Klayton Southwood
Panelists:
Robert Hartwig, Debra Pacha
Whose Line is it Anyway? (Crop, Surety, Boiler and Machinery)
This panel will discuss pricing for some of the lines where few actuaries get the opportunity to become involved. The lines to be discussed are surety, multiple-peril crop, and boiler and machinery.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Robert Larson
Panelists:
Richard Bill, James Elicker, Christine Steben
Nonmedical Professional Liability
This session will focus on the unique ratemaking considerations for nonmedical professional liability coverages. Panelists will give special attention to challenges created by new products and enhancements to existing products generated by customer demand.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Harold Schneider
Panelists:
Stephen Kantor, Jason Israel
Captive Pricing: How and When
The captive insurance company concept is one that has certainly stood the test of time. Its application has grown to over 4,000 captive insurance companies worldwide, writing premium volume greater than a third of the total commercial insurance placement in the United States. This session will discuss a captive insurance company role in meeting corporate financial and risk management goals, with special emphasis on the financial and actuarial aspects of these specialized companies. The audience will be taken through a discussion of the current uses and merits of employing a captive insurance company including quantitative methods and issues, operational strategies, as well as tax and accounting issues.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Scott Vandermyde
Panelists:
Charles Woodman
Medical Malpractice Pricing
This panel will focus on the various unique ratemaking considerations associated with medical malpractice. The calculations of claims-made step factors, extended reporting period coverage and provisions for death, disability, and retirement will be discussed. The various approaches to risk classification and rating in use by the industry for physicians and surgeons coverage will be addressed. Other unique pricing considerations for hospitals, nursing homes, and managed care policies will also be presented, including loss rating methodology, exposure bases, and classifications.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Scott Vandermyde
Panelists:
Jeffrey Donaldson, Richard Biondi
Product Development
Product development is one role outside of the traditional pricing and loss reserving functions in which the actuary can make a substantial contribution. This session is designed to illustrate applications in personal and commercial lines.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Lori Julga
Panelists:
Beth Fitzgerald, Kevin Kelso
Emerging Risks-What Now?
This session will discuss a variety of emerging liabilities and their ramifications for the property/casualty insurance industry. The largest category to date is asbestos, with current estimates of ultimate losses relating to U.S. exposure of at least $200 billion, with $55-$70 billion expected to be provided by the U.S. insurance industry. While asbestos losses have been recognized as a significant issue for insurers since the 1980's, the litigation arena has changed dramatically in the last two years. We have seen a marked increase in the number of plaintiff claim filings, settlement awards to individuals who are unimpaired, numerous bankruptcies of corporate defendants, and a growing list of peripheral defendants drawn into the fray.
While asbestos losses have surged, pollution estimates have stabilized. However, other types of liabilities have also emerged-each with the question of "Is this the next asbestos?" Claims relating to breast implants, sexual misconduct, repetitive stress, HIV/AIDS, and Fen-Phen have been dealt with. Other exposures are developing, such as claims relating to lead, latex, tobacco, MTBE, managed care, guns, intellectual property, and mold. While water damage claims have been around for years, the new mold claims (involving a personal injury component) are receiving substantial attention, especially following some notable multimillion dollar awards.
Finally, as insurers and actuaries consider the unique challenges associated with these emerging liabilities (some that insurers arguably never intended to cover), yet another category has surfaced. Following the September 11 tragedy, the industry must grapple with how to deal with potential future terrorist acts.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Barry Lipton
Panelists:
Domenick Yezzi, Steven Lehmann
Select State Workers Compensation Issues
Exploring several issues specific to workers compensation ratemaking, particularly in California and Massachusetts, this session will also address competition, market dynamics, and residual markets. Panelists will also discuss the role of state bureaus.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Barry Lipton
Panelists:
Donald Bashline
Workers Compensation-Excess Pricing
Methods and considerations that are important in pricing excess layers for workers compensation exposures are the topics of this session. Excess layers are difficult to price for several reasons, such as lack of credible claims experience and uncertainty with regard to future claim development. How future medical trends and life expectancy will affect claim costs can also contribute to pricing difficulties. This session will discuss how to reflect various factors when pricing excess layers.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Barry Lipton
Panelists:
Anthony Iafrate, Natalie Rekittke
Current Workers Compensation Issues
This overview of the current state of the workers compensation line will include a review of financial results and recent trends, and a discussion of where the line might be headed.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Richard Moncher
Panelists:
Nancy Treitel
Workers Compensation Issues
The panel will discuss current and emerging issues that affect the workers compensation line including the impact of September 11 on ratemaking methods, claims coverage issues, hard and soft markets, terrorism, and other catastrophic exposures and the changing economy's influences on costs.
Source:
2002 Spring SIS- The Changing Insurance Market
Type:
concurrent
Moderators:
Barry Llewellyn
Panelists:
Harry Shuford
Keywords:
current and emerging issues that affect the workers compensation line, claims coverage issues, hard and soft markets, terrorism, and other catastrophic exposures
Basic Techniques for Workers Compensation Ratemaking
This session will address basic techniques in workers compensation ratemaking, including a description of coverages, exposure bases, and databases. The panel will also review the essential components of a typical rate filing from the perspective of the National Council on Compensation Insurance, Inc., other bureaus, and from the view of companies in loss cost jurisdictions.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Robert Walling
Panelists:
Jeremy Scharnick
The Cost of Financing Insurance
The cost of financing an insurance company is defined as the combined cost of capital, reinsurance, and options on a catastrophe index. This analysis will develop an approach for allocating the cost of financing back to the individual underwriting divisions. During this session, Panelists will analyze how to use dynamic financial analysis to determine profitability targets for the various underwriting divisions of an insurance company. The latest research on this topic, "The Cost of Financing Insurance-Version 2.0," is on the CAS Web Site at www.casact.org/pubs/forum/01spforum/meyers/
Source:
2002 Ratemaking Seminar
Type:
concurrent
Panelists:
Glenn Meyers
The Evolving Role of Enterprise Risk Considerations in Ratemaking
From the view of the commercial insured, traditional risk management encompassed a narrow, silo-based risk identification process without any systematic understanding of correlation among the risks of the corporation. Enterprise risk management differs from traditional risk management in that it encompasses all four major categories of risk: hazard, financial, operational, and strategic as a combined impact on the enterprise.
The emergence of newer and larger risks (e.g., e-commerce, market-book ratios, and the like), the continued convergence of the insurance and financial markets, and the increased management accountability of risk have all contributed to the trend towards a comprehensive enterprise risk management approach and subsequent risk management solutions other than traditional insurance. The Panelists will discuss these alternative approaches and solutions.
More and more property/casualty insurers are utilizing value-based management approaches in managing risk. The Panelists will also compare and contrast some of these approaches and their resultant effects on the ratemaking process.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Alan Hapke
Panelists:
Benedetto Conti, Scott Sanderson
Policyholder Retention and Its Impact on Pricing
The policyholder retention and its impact on profitability have long been overlooked in actuarial literature. As insurance draws closer to other financial services industries, the emphasis those markets place on retention, lifetime customer value, and the economic value of the current client base are getting increased attention.
This session will present possible measures of retention, a discussion of how different market segments may respond to rate changes, an approach to modeling prospective retentions by market segment, and how this information can be used to optimize a proposed rate change.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Alan Hapke
Panelists:
Lee Bowron
Risk and Return: What Are We Debating About?
This session is intended to discuss and debate the essential elements of analytical models used to gauge and measure risk and return, in particular the corresponding actuarial considerations in reflecting fair rates of return in ratemaking.
The industry uses many acronyms describing analytical approaches in measuring and gauging risk and return, with references to one perhaps being better than the other. Such acronyms include: RAROC, VAR, DFA, EPD, EVA, NPV, TVAR, and IRR.
The panel will discuss and debate the merits of the myriad of approaches in analyzing the risks and returns of an insurance company and will attempt to put all of the above mentioned approaches and measures in proper perspective...hopefully...maybe.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Linda Torkelson
Panelists:
Donald Mango, Peter Nakada, Russ Bingham
Data Warehousing and Visualizing Actuarial Information
Over the last decade, traditional data warehousing has been construed to be a poor investment, by and large due to the time and cost of implementation. This assessment has prompted the move toward prepackaged data warehousing techniques and finely tuned analytic applications, not only in insurance, but across all spectrums of business. Also, the first two stages of the actuarial process, namely data transformation and actuarial algorithms, have been automated to a fair degree, while the third stage (reporting stage) still remains the least computerized of all with available reporting and visualizations severely underused by actuaries.
The Panelists will discuss the most recent trends in analytic applications, including how insurers are receiving business intelligence value through Web-based and ASP solutions.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Linda Torkelson
Panelists:
James Streff, Aleksey Popelyukhin
The Indication-Is That Your Final Answer?
Inexperienced actuaries believe that their work is complete once the indication has been developed. But in reality, this is just the first step. The indication is just that, an indication, not a final answer. The actuary must interpret the indication for its validity as a projection. Were there any anomalies in the data that distort the indication? Are there any changes, or planned changes, in practice that would affect the indication? Then the actuary must evaluate the marketplace and competitive position, including impact on customer retention, agent's reaction, and potential adverse selection. This gives an alternative view of how much rate one could take. Finally, the actuary must evaluate alternative means to affect revenue that can address the indication, other than base rate changes, such as expense modifications, underwriting guidelines, and the like. Once an approach is determined, an actuary can also stress test the planned action through scenario modeling or other approaches. This panel will develop these concepts through the use of various examples and alternative approaches.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Panelists:
Mark Homan, Roger Schultz
Basic Techniques for an Overall Indication
Covering the basic foundations of the ratemaking process, this session's topics include data organization for premium and losses, data adjustments such as current leveling, loss development and trending, and the determination of the expense provision. Specific techniques applicable to the personal lines will be presented with emphasis on automobile and homeowners insurance. (Not intended for those preparing for the new Exam 5.)
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Arthur Cadorine
Panelists:
Charles Parsons
Keywords:
ratemaking process, data organization for premium and losses, data adjustments such as current leveling, loss development and trending, and the determination of the expense provision
Introductory Data Management 101
Session panelists will address the basic issues relating to data management issues, particularly related to the role of the actuary as regards privacy and confidentiality, the actuarial standards concerning data quality, issues concerning how to control the data, and the need to be concerned about data quality.
Source:
2002 Ratemaking Seminar
Type:
concurrent
Moderators:
Gregory Vass
Panelists:
Alan Hapke, Donald Wulf
Keywords:
actuarial standards concerning data quality, data quality, Data Management
