Casualty Actuarial Society News

What ‘Follow the Fortunes’ Means for COVID-19 Reinsurance Claims

How reinsurers will respond when cedents pay their insureds for COVID-related business interruptions remains an open question, legal and insurance professionals suggested recently, adding more wrinkles to an already complex claims situation. Illustrating some of the specific reinsurance coverage questions …

Diverging Views: Is COVID a One-Off Catastrophe or Not?

While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the situation differently, a financial analyst reported earlier this month. Speaking …

Allstate’s Armstrong Takes Helm as Casualty Actuarial Society President

Steven D. Armstrong, FCAS, an insurance industry veteran with more than 25 years of experience, has begun his term as the president of the Casualty Actuarial Society (CAS). Armstrong has been actively involved with the CAS for two decades, having …

Cyber Risk Score Could Help Insurers Refine Cyber Coverage

The rapidly emerging and evolving world of cyber risk poses a paradox for property/casualty insurers, according to two panelists addressing “Risk Selection in Cyber Insurance” at the Casualty Actuarial Society’s 2018 Ratemaking and Product Management seminar, March 19-21 in Chicago. …

How ‘Exposure Data Tracking’ Is Taking Over Personal Lines Insurance

Today’s insurers want to be there for their customers—literally. With sensors of various kinds in policyholders’ cars, homes and personal devices, “exposure data tracking” is rapidly becoming a competitive imperative in personal lines underwriting and rating. That was the message …

Insurance Regulators Exploring Ways to Protect Consumers in Age of Big Data

The incorporation of “Big Data” from Internet-based sources is a defining feature of underwriting and rating in today’s property/casualty insurance market. In light of that, the National Association of Insurance Commissioners (NAIC), through its Big Data Task Force, is exploring …

AXIS Re & China’s Renmin University Offer Actuarial Scholarship

Bermuda-based AXIS Capital Holdings Ltd. announced the launch of the “AXIS Re Actuarial Scholarship” in partnership with Renmin University in China. The scholarship fund will provide financial assistance to actuarial students in Renmin’s School of Statistics to help develop their …

State Regulators Scrutinizing Use of Premium Caps in Insurance Rating

Concerns over price optimization are leading regulators to think carefully about the implications of longstanding practices in insurance rating, including premium “caps” on policy renewals for individuals, households and small businesses, according to one regulator. Charles Angell, deputy commissioner and …

State Insurance Regulators Weigh Consumer Protections for Data Collection, Use

The incorporation of big data from Internet-based sources is a defining feature of underwriting and rating in today’s property/casualty insurance market. In light of that, the National Association of Insurance Commissioners (NAIC), through its Big Data Task Force, is exploring …

RMS Peru Earthquake Model and Actuaries Climate Index Are Launched

RMS and a group of actuarial societies each rolled out new products designed to respectively help measure risks related to earthquake and weather events. In RMS’ case, the catastrophe modeling firm gained regulatory approval in Peru to start marketing its …