Casualty

As part of its continuing public policy research program providing objective and independent information based on actuarial analysis, the American Academy of Actuaries today introduced the first model and results of the Actuaries Climate Risk Index (ACRI), which provides results associating dollar estimates of property losses in the United States with changes in extreme weather.

The Academy has long been the most reliable and credible source of objective, independent, and nonpartisan information about actuarial matters that can and do affect public policy decisions in the U.S. We are now releasing the ACRI to provide that objective and independent analysis to assist in answering the question: Are the extreme weather conditions that result from a changing climate producing increased property losses?

The findings contained in version 1.0 of the ACRI are the culmination of years of research. We are presenting them now in the spirit of objective, transparent scientific inquiry and statistical rigor. Read the report.

The Extreme Events and Property Lines Committee responded to the NAIC's Catastrophe Risk Subgroup's request for additional information about wildfires. 

The P/C Extreme Events and Property Lines Committee presented a report on the Academy’s issue paper Wildfire: Lessons Learned from the 2017-2018 California Events to the NAIC’s P/C RBC Catastrophe Risk Subgroup. They also updated the NAIC on the Actuaries Climate Index.

The Casualty Practice Council sent comment letters to the U.S. House Committee on Financial Services and to the U.S. Senate Committee on Banking, Housing, and Urban Affairs encouraging long-term extension of the Terrorism Risk Insurance Act.

The P/C Extreme Events and Property Lines Committee has released an updated monograph on the National Flood Insurance Program. Building on the 2017 document prepared by the Flood Insurance Work Group, the paper includes data from the 2017 and 2018 hurricane seasons.

The Academy’s Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force Actuarial Opinion Working Group (AOWG) on the Regulatory Guidance on Property and Casualty Statutory Statements of Actuarial Opinion, Actuarial Opinion Summaries, and Actuarial Reports for the Year 2019, which was issued on Aug. 30. COPLFR also sent a second comment letter to the AOWG on the Sept. 17 revision of the guidance document.

Academy President Shawna Ackerman submitted comments to the NAIC's Blanks Working Group, regarding proposed changes in required qualifications for casualty actuaries filing statements of actuarial opinion.

The Academy's Casualty Practice Council has submitted comments to the Actuarial Standards Board, regarding the proposed ASOP on Setting Assumptions.

The Academy's Extreme Events and Property Lines Committee has published a new document, Wildfire: An Issue Paper -- Lessons Learned from the 2017-2018 California Events. Read the news release.

The Academy presented a seminar on Predictive Modeling for regulators attending the NAIC's Insurance Summit in Kansas City.

The Academy submitted comments to the NAIC Casualty Actuarial and Statistical (C) Task Force regarding an exposure draft of proposed P/C Statement of Actuarial Opinion Instructions.

The Academy’s Senior Property/Casualty Fellow Rich Gibson and Assistant Director for Research (Public Policy) Steve Jackson outlined the Actuaries Climate Index and described the proposed Actuaries Climate Risk Index at a meeting of the Casualty Actuaries of Greater New York.

The Cyber Risk Task Force has published a new document, Cyber Risk Insurance: A Resource Guide for Actuaries.

The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC regarding ambiguity in instructions for reporting retroactive reinsurance.

The Casualty Practice Council submitted a comment letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.