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1967
Papers on ratemaking are read by students probably more than papers on other subjects since they serve as a very convenient and authoritative reference in preparing for the examinations of the Casualty Actuarial Society, but they are also certainly useful to many others, both members and nonmembers of the Society, as a means of keeping informed concerning the contemporary methods of developing rates, which are a vital determinant in the fortunes
1967
One of the very nice things about Mr. Newman's paper is that, after his very clear description of burglary insurance ratemaking, he concludes with comments on the current situation for this line. Included in these comments is an exhibit of the underwriting results for a large group of comparable stock companies. The five year composite result indicating an underwriting loss of 5.6% is shown on page 325 of Volume LIII.
1967
Steve Newman has given us a disturbingly accurate picture of the system of making rates for burglary insurance. The reader need only study the method carefully in order to guess how our results have been. Then a look at the results confirms the guess---disastrous.
1967
As mentioned in the presentation of this paper to the Casualty Actuarial Society in November, 1966, its purpose is simply to describe current ratemaking procedures for burglary insurance, and to provide the casualty actuarial student with some insight into the reasons underlying these procedures and why they may differ from those common to other lines of business.
1966
This paper was written in connection with the preparation of Marche Commun regulations in the insurance sector and has been submitted to the Commission Technique pour l'etude d'un indice de solvabilite relatif aux entreprises d'assurances contre les dommages. It aims at explaining the scope of the problem to non-mathematicians and for that reason emphasizes its logical in contradistinction to its computational aspects.
1966
An understanding of the Saskatchewan Plan is greatly facilitated by a brief review of the history of the origin and development of the Plan itself.
1966
The present automobile insurance system is ripe for reform. It is wastefully expensive and indefensibly unfair in the way it distributes both the benefits and costs of insurance against personal injuries suffered in traffic accidents.
1966
We suppose that a risk business issues a single type of contract under which, in return for a unit "premium", it will pay a "sum insured" m (m being an integer) on the occurrence of a contingency of probability q ½.
1966
The accuracy of loss reserves is of great importance at the present time and company actuaries are giving more and more attention to the many problems involved in the proper determination of reserves, particularly for liability losses.
1966
As almost everyone knows all estimates have some margin of error and as loss reserves consist of estimates they are likely to contain some inaccuracies. Inaccuracies in loss reserves will, of course, have an effect on calendar year results, especially in lines of insurance such as auto bodily injury, general bodily injury and workmen’s compensation, where loss reserves are very large when related to annual earned premiums.
1966
In reviewing bureau rates for every line of business, it has been customary to interpret the requirement of adequacy to mean that rates should be adequate for the average company. There have been suggested departures from this rule.
1966
It is often found even today in Europe that for certain statistical investigations the conclusion is drawn that the extent of the available statistical data is not sufficient. Going to the root of this pretension, however, we notice that there is a want of clear conception about the extent that is in fact necessary in order that a valid conclusion may with greater probability be arrived at.
1966
The first paragraph of Mr. Linder’s review evaluates the paper on a "complete, total" basis in a very positive manner and tone.
1966
Mr. Espie begins his review by pronouncing complete judgments as to the overall merits of the paper. The relationship of these judgments to either the intent or the substance of the paper at times appears quite distant. The review then continues on a point by point basis.
1966
John Carleton’s review evaluates the paper on an overall rather than on a point by point basis. An example or two supporting his general criticisms would make them more meaningful.
1966
I must confess to a feeling of disappointment upon reading Paul Otteson’s paper and studying the exhibits, the preparation of which must have taken considerable time and effort. My appetite was whetted in the opening paragraph of his paper when he underlined the words "full and true" in the quotation from the sworn statement contained on page 1 of the annual statement.
1966
Mr. Otteson’s paper is very timely in that the financial statements of fire and casualty insurance companies have within recent years been questioned, at least implicitly, by investment analysts and professional accountants who have shown no reluctance about adjusting official results to produce figures more suitable for investors or more in accord with accounting principles generally acceptable for other types of enterprises.
1966
Mr. Otteson has made a valuable and provocative contribution to a subject that is of considerable current interest.
1966
I doubt if any of us are thoroughly satisfied with our own company methods for reserving against retrospective returns. Even though we may have taken pains with and given much thought to this problem, it’s the kind of thing we can’t be very sure of and it’s likely to come up for intensive review at least once a year, certainly in preparation for annual statement time. It’s good to be able to compare notes with Mr.
1966
The Casualty Actuarial Society is fortunate that Mr. Fitzgibbon has initiated a study into this important but long neglected area of reserving. Retrospective rating is the accepted way of life in many large insurance accounts, and the premium volume now written on this basis exceeds the volume in several of the annual statement lines of business in some companies.
1966
Mr. Stern’s paper is a complete revision of his paper, "Current Ratemaking Procedures for Automobile Liability Insurance," presented at the November meeting in 1956. The author is to be complimented; he has prepared an excellent paper which will be of tremendous value to the student as well as others not familiar with automobile ratemaking procedures.
1966
Mr. Stern’s review of automobile liability insurance ratemaking procedures used by the major rating organizations updates his previous paper on the same subject by reflecting some of the more important ratemaking modifications of the past ten years. This admirable revision, intended as before to introduce the fundamentals of a complex subject, is no patchwork product but a thorough reformulation of the subject.
