Browse Research
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1991
Companies writing reinsurance are involved in the highest risk sector of the property-liability business. Commercial lines and liability exposures, the most difficult lines on a primary basis, are the types of risks most often reinsured. Because of this, the financial standards established for reinsurers should be carefully monitored.
Keywords: Reinsurance Research - Risk Loads, Profitability
1991
Recently the National Council on Compensation Insurance has significantly revised the Experience Rating Plan for Workers' Compensation. The new plan is referred to as the Revised Experience Rating Plan.
1991
Mr. Albert W. Whitney has developed a formula for experience rating which is described in a paper appearing in Volume IV of the Proceedings of the Casualty Actuarial Society. This formula was developed from the standpoint of Workmen's Compensation Insurance, but it has been adapted to other lines, in particular to Group Insurance. Keywords: Exposure Bases
1991
It is shown that there is a connection between rating in automobile insurance and the estimation of IBNR claims amounts because automobile insurance tariffs are mostly cross-classified by at least two variables (e.g. territory and driver class) and IBNR claims run-off triangles are always cross-classified by the two variables accident year and development year.
1991
This paper describes the development and characteristics of a computer system that produces loss development and exposure data that are used in pricing and reserving at the Progressive Insurance Companies. This system does no analysis; it only produces the summary data for analysis.
In writing this, I am assuming that the reader has some familiarity with reserving data and data processing.
1991
Loss ratio data by state and insurer group for the period 1977-1986 are used to investigate the way in which liability doctrines affect both relative prices and underwriting risk faced by commercial liability insurers. Four different performance measures are used for each state: 1. total risk, 2. relative risk, 3. systematic risk, and 4. the mean loss ratio for the state over the time period.
1991
Included in the 1963 Proceedings is the paper, "Rating by Layer of Insurance," by Ruth E. Salzmann. In her paper, Salzmann examines the relationship between homeowners fire losses and the corresponding amount of insurance. Using 1960 accident year data from the Insurance Company of North America (INA), each homeowners fire claim was expressed as a percentage of the amount of insurance on the policy affording the coverage.
1991
A standard of practice set forth to define the documentation and disclosure required of an actuary in property and casualty insurance ratemaking, loss reserving and valuation. Related terms are defined. The standard details such items as the required extent of documentation, the prevention of misuse and the availability of documentation.
1991
These notes have been prepared in response to the increasing interest in Lloyd's expressed at the 1989 GIRO Conference.
1991
My talk today will focus on one key environmental area, namely the problem of pollution from hazardous waste sites, and the means that Congress has chosen to deal with the problem through the passage in 1980 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), popularly known as Superfund.
1991
Though they deal directly with solvency issues, these proceedings address theoretical issues relevant to the risk-return debate.
1991
A standard of practice set forth in the areas of analysis and inquiries that actuaries should consider when their practice involves incurred health claim liabilities. Related terms are defined. Suggested methods and data requirements are set forth. Various considerations are discussed, including trend, exposure, time value of money, claim settlement expenses and follow up studies.
1991
This report presents the results of our study of examination partitioning.
The report consists of an Executive Summary followed by detailed discussion of our recommendations, discussion of our conclusions and discussion of the tasks we performed. Enough detail to serve as a reference for subsequent work which may be based on our efforts is reflected in the Appendixes.
1991
On September 12, I sent each of you a package of material on Exam Partitioning in preparation for the Board discussion which was held on Tuesday, September 18. Attached to that memorandum were a copy of the Education Policy Committee's White Paper from 1988 as well as a second draft of the report of the Partitioning Examination Task Force.
1991
The Education Policy Committee met in New York on October 23, to discuss the issue of exam partitioning and decide upon our recommendations to you at this time.
1991
This "white paper" addresses the matter of whether or not the CAS should adopt the FES concept throughout its entire examination process. Currently, the FES concept has been accepted for use on part 5 1 through 3 and is under consideration for use on part 4.
1991
The issue of profitability of the major lines of Automobile and Workers' Compensation insurance in Massachusetts has been handled on an ex-ante formula basis since 1975. Beginning with Commissioner James M. Stone's Automobile Bodily Injury/Liability Decision for 1976 state set rates, explicit account has been taken of investment income.
1991
The focus of this paper is on some fairly difficult and sophisticated concepts that may not become obvious to the reader upon an initial reading. One key concept is that of "true exposure" as presented by Bouska, and its proxy provided by an exposure base.
1991
A Partitioned Examination System has been the focus of considerable study and discussion within the CAS over the last three years. Such a system has been the subject of two formal communications to our members during 1989 and the subject of study for a special task force. A request for membership and student input has resulted in many letters and in discussions at CAS meetings and meetings of regional affiliates.
1991
The subject of a Partitioned Examination System, and in particular the Board action taken at its September 1988 meeting and the communication to all members dated March 14, 1989, has created a significant amount of feedback and a relatively significant amount of confusion as well. We would like to encourage even more feedback. It is the intention of this letter to reduce or eliminate at least some of the confusion.
1991
The purpose of this paper is to illustrate a methodology which Canadian actuaries have used to price no-fault automobile insurance. This purpose is accomplished through a calculation of the impact of the Ontario Motorist Protection Plan on automobile loss Costs. The basic method is to estimate the impact of the law change on each component of the cover.
1991
Following is a sampling of New York cases related to the valuation of degrees, designations, and licenses for equitable distribution. It is not all Inclusive. Summaries are intended only as a convenience, relative to the presentation made by Craig A. Miller, FSPA, MAAA, MIAA, CPC, EA, before the New Rochelle Bar Association, Wednesday, March 7, 1990.
1991
The paper discusses the main factors involved, and the procedures to be followed, in the valuation of a non-life insurance company for acquisition purposes. Two distinct strands of valuation methodology are identified.
1991
This paper develops test of unconditional mean-variance efficiency under weak distributional assumptions using a Generalized Method of Moments framework. These tests are potentially more robust than commonly employed tests which rely on the assumption that asset returns are normally distributed and temporarily i.i.d.
