Casualty Actuarial Society News

They’re Back! Actuarial Society, Under Pressure, Reinstates Ratemaking Rules

Less than a month ago, the prospect that long-held principles of actuarial ratemaking would survive an action by the Casualty Actuarial Society board of directors to rescind them seemed like a long shot. But facing continuing pressure from actuaries representing …

Watchdog Warns Withdrawal of Actuarial Principles Could Harm Consumers

U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an …

Regulators, Watchdog at Odds With Insurance Actuaries Over Withdrawn Documents

A task force of the National Association of Insurance Commissioners is asking the board of directors of the Casualty Actuarial Society to reverse a decision rescinding a “statement of principles” of the profession, Carrier Management recently reported. The CAS action …

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 …