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IIHS-HLDI researchers have recently completed groundbreaking research that significantly expands our understanding of the impact of advanced driver assistance systems (ADAS) and driving automation on highway safety and auto insurance. Currently, the most advanced vehicles for sale in the US have Level 2 automation, but the effect on claim frequency is mixed for these systems. The impact of these systems on repair costs and collision claim severities is complex. The enabling sensors can be expensive when damaged because in addition to being replaced, they often need to be recalibrated.
The Actuarial Standards Board (ASB) of the American Academy of Actuaries approved an exposure draft of a new ASOP on enterprise risk management to replace ASOP Nos. 46 and 47, Risk Evaluation in Enterprise Risk Management and Risk Treatment in Enterprise Risk Management, respectively.
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Taipei, Taiwan
September 8, 2023
Proposals for Presentations are due no later than May 20, 2023.
The Casualty Actuarial Society (CAS) and the Actuarial Institute of Chinese Taipei (AICT) invite you to be a part of the 2023 Joint Property/Casualty Actuarial Seminar scheduled for September 8, 2023, in Taipei. Don’t miss out this opportunity to speak to actuarial practitioners in Taiwan and the greater Asia region.
Two new papers have been published on the Variance website:
"Multivariate Copula Modeling for Improving Agricultural Risk Assessment under Climate Variability"
By Marwah Soliman, Nathaniel K. Newlands, Vyacheslav Lyubchich, and Yulia R. Gel
The CAS Research Council is issuing a Request for Proposals (RFP) to gauge the impact of climate change on the insurance industry by product line.
Variance is in search of associate editors (AEs) to manage the peer review of papers. This is a leadership position on the Editorial Board in which the AE will receive assistance and guidance from, and provide assistance to, the editor in chief and co-editor. It’s a great opportunity to contribute to new actuarial literature!
The Casualty Actuarial Society is thrilled to announce that registration for the 2023 Seminar on Reinsurance is open. This highly anticipated event will take place on June 5-6 in the vibrant city of Philadelphia and virtually.
The Variance Prize for papers published in Variance volume 15 (2022) has been awarded to Drake Landry and Steven Martin for their paper, “Policy-Level Unreported Frequency Model for Pure IBNR Estimation.”
Peng Shi, ACAS, FSA, Ph.D., co-editor of Variance, chaired the judges panel, and Brian Fannin, ACAS, CSPA, CAS research actuary, co-chaired.
Are you looking to grow in new classes or geographies? Are you looking to start a new book of business? Or, do you simply want to understand broad trends better? It’s tough to build models when you lack data. This presentation will show you how you can use interesting external data sets reported by cities, from statutory returns and other sources to supplement your own data, with examples. Please come with the willingness to be creative, scrappy, and think outside-the-box. Key messages include:
The presentation begins with an overview of the Insurance Information Institute’s (Triple-I) insurance economics outlook and underwriting projections, updated quarterly their economists and actuaries. The presentation then transitions to Triple-I’s perspective on key risks and opportunities facing the insurance industry, including climate risk, legal system abuse, cyber, and risk-based pricing. Key Messages:
We will demonstrate the importance of accurate geocoding in classifying catastrophic risk, including the particularly sensitive perils of wildfire and flood. This will include exploring how geocoding works, why not all geocoding results are “created equal,” and how to address limitations with geocoding. We will also discuss why wildfire and flood are such localized perils, with risk varying greatly between relatively close locations. Finally, we will consider other implications of understanding an exposure’s accurate location, such as underwriting and managing concentration.
The CAS Reinsurance Research Working Group is issuing a Request for Proposals (RFP) to develop methods for validating casualty catastrophe models.
Using evidence from the Highway Data Loss Institute and CARFAX, we will investigate how Advanced Driver Assistance Systems (ADAS) are impacting auto insurers. We will review which features are effective at reducing claims frequency, and drill into the reasons behind the apparent increase in severity for ADAS-equipped vehicles. It is very complicated to assess the impact of advanced driver assistance systems on auto insurers. Current market conditions such as the residual impact of COVID-19 pandemic and supply chain issues are exacerbating the complexity.
Two new papers have been published on the Variance website:
"Maximum Likelihood Approaches to Misrepresentation Models in GLM ratemaking: Model Comparisons"
By Michelle Xia, Rexford Akakpo, and Matthew Albaugh
The CAS is currently recruiting for the co-editor position on the journal Variance. This is a volunteer opportunity open to interested members of the CAS, particularly those active in the insurance industry.
Job summary
The co-editor assists the editor in chief with the peer review of papers submitted to Variance. The co-editor also has the responsibility for overseeing the judging for the Variance Prize. It is expected that the co-editor will commit up to 4 hours per week to these efforts, as needed.
The virtual Predictive Analytics (PA) bootcamp is a six-week virtual course.
The PA Bootcamp will cover topics from both the classical statistics and machine learning paradigms. The content will be self-contained and designed for beginners with little or no experience with data science. We will leverage and provide introductions to predictive modeling in R and Python.
Now begins the fun! As interested P&C actuaries and related professionals review the CAS Capability Model to identify capabilities where they wish to grow, the CAS needs to tag sessions to various capabilities (content areas, skills, traits) and levels at current and past CAS Professional Education offerings, CAS research papers and articles in CAS publications.
For almost thirty years, The Actuarial Foundation has been changing the lives of students through its math tutoring, competition, and scholarship programs. As a former Trustee of the Foundation, I was inspired to serve and saw firsthand the difference that the Foundation’s programs are making.
Dear CAS Volunteers,
The CAS Board of Directors wants to hear from you! CAS members are invited and encouraged to register for one of three virtual Listening Session opportunities to share their feedback, thoughts, and ideas on the CAS Strategic Plan and current CAS initiatives.
A vital part of the Board’s work involves hearing directly from CAS members. Your voice and insights matter! Members of the Board will host the Listening Sessions, and the feedback they receive will help inform Board discussions and priorities over the coming years. We hope you'll attend!
When:
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The CAS seeks to do its utmost to provide equal access to participants with disabilities in accordance with State and Federal Law. Due to the CAS’s limited resources, CAS staff may be required to discuss your reasonable accommodation with you in order to attempt to meet your needs. The conference offers a variety of services to help you enjoy your CAS experience, including:
