Extreme Events

Floods, earthquakes, other natural catastrophes; terrorist events; and mass torts.

Casualty Practice Council comments to Senate leaders on the Terrorism Risk Insurance Reauthorization Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. (July 10, 2014)
Natural Catastrophe Subcommittee letter to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012. (February 26, 2014)
Letter to U.S. Senators on modifying the Biggert-Waters Flood Insurance Reform Act of 2012 to delay implementation of some premium increases mandated by the law. (January 24, 2014)
Terrorism Risk Insurance Subcommittee comment letter to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk. (September 16, 2013)
Presentation to National Conference of Insurance Legislators Summer Meeting on the future of the National Flood Insurance Program following the 2012 passage of the Biggert-Waters Flood Insurance Reform Act. (July 11, 2013)
Extreme Events Committee comment letter to the Federal Insurance Office on the current state of the market for natural catastrophe insurance. (June 24, 2013)
Casualty Practice Council presentation to the NAIC's Center for Insurance Policy and Research Brunch event on insurance for acts of terrorism. (April 9, 2013)
This report is the product of Phase I of a multi-phase project commissioned by the Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries' Property/Casualty Extreme Events Committee and prepared by Solterra Solutions, with input from the CAS's Climate Index Working Group. With this project, the actuarial organizations are responding to the emerging risk of climate change by collaborating to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry. (October 31, 2012)
Flood Insurance Subcommittee presentation to the NAIC’s Center for Insurance Policy and Research Summit on flood insurance reform. (August 14, 2012)
Flood Insurance Subcommittee comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years. (June 28, 2012)
Natural Catastrophe Subcommittee of the Extreme Events Committee comments to the National Conference of Insurance Legislators concerning natural catastrophe insurance reform options. (April 13, 2012)
Extreme Events Committee presentation on actuarial rates in the context of the National Flood Insurance Program (NFIP) before the National Conference of Insurance Legislators. (July 17, 2011)
Flood Insurance Subcommittee's monograph on the actuarial issues surrounding the history and future of the National Flood Insurance Program. (July 12, 2011)
Flood Insurance Subcommittee presentation regarding the actuarial condition of the National Flood Insurance Program (NFIP) and its future. (July 12, 2011)
Flood Insurance Subcommittee letter to the U.S. Senate Banking, Housing & Urban Affairs Committee concerning the actuarial implications of S. 1091, "The Consumer Option for an Alternative System to Allocate Losses (COASTAL) Act." The bill would reauthorize the NFIP for an additional five years and would create a system for allocating losses between wind and water for "slab claims," in which no physical structure remains. (July 11, 2011)
Flood Insurance Subcommittee testimony to the Senate Banking Committee's meeting on the reauthorization of the National Flood Insurance Program. (June 30, 2011)
Flood Insurance Subcommittee comment letter to the leadership of the House Financial Services Committee on H.R. 1309, a bill to reform the National Flood Insurance Program. (May 4, 2011)
Stu Mathewson, chair of the Academy's Flood Insurance Subcommittee, presentation before the National Conference of Insurance Legislators' (NCOIL) Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being done within the National Flood Insurance Program. (March 2, 2011)
Terrorism Risk Insurance Subgroup comments to the President's Working Group on Financial Markets in response to its Federal Register request for an analysis of terrorism risk insurance. (August 2, 2010)
Casualty Practice Council testimony to the Senate Environment and Public Works Committee on S. 3305, which would raise the statutory limit of liability for some entities responsible for oil spills. (June 9, 2010)