The Casualty Practice Council (CPC) provides objective technical expertise to policymakers and regulators on major property/casualty issues, including medical professional liability and flood insurance.
Financial reporting and loss reserving issues in property/casualty actuarial practice.
The Automobile Insurance Committee released an issue brief on the development of consumer pricing for automobile insurance.( )
The Academy's Casualty Practice Council submitted comments to the Actuarial Standards Board regarding the setting assumptions actuarial standard of practice (ASOP).( )
The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance.( )
The Automobile Insurance Committee released an issue brief on automobile insurance considerations arising from the COVID-19 pandemic.( )
Senior Casualty Fellow Rich Gibson presented at the Midwest Actuarial Forum’s Virtual Spring Meeting Webinar, giving an overview of recent property/casualty public policy developments.( )
The Academy’s Property and Casualty Risk-Based Capital Committee issued a report to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Risk-Based Capital (E) Working Group in which it presents indicated Line of Business Underwriting Risk Factors for the P&C RBC Formula.( )
The Academy made three presentations to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) webinar as part of CASTF’s “Book Club” series to facilitate regulator training and the sharing of expertise on predictive analytics on the topic of race and insurance. Academy presenters were Dorothy Andrews, chairperson of the Data Science and Analytics Committee (DSAC); Roosevelt Mosley, DSAC member and member of the Casualty Practice Council’s (CPC) Racial Equity Task Force; and Lauren Cavanaugh, CPC vice president.( )
The Academy’s Cyber Risk Task Force sent a letter offering its assistance in relation to the challenges and opportunities present in the current system of regulating and overseeing responses to cyber breaches of personally identifiable information along with a copy of its report, Cyber Breach Reporting Requirements: An Analysis of Laws Across the United States, to Treasury Secretary Janet Yellen and the directors (or acting directors) of the Office of Terrorist Financing and Financial Crimes; the Federal Insurance Office; the Office of Domestic Finance; and the Consumer Financial Protection Bureau.( )
Senior Casualty Fellow Rich Gibson participated in a virtual panel discussion Monday at the National Conference of State Legislatures’ Executive Committee Task Force on insurance regarding business interruption coverage. Gibson provided a perspective on actuarial considerations important to the success of any future public or private program designed to support coverage.( )
The Committee on Property and Liability Financial Reporting (COPLFR) released the practice note, Statements of Actuarial Opinion on P/C Loss Reserves (2020), which includes discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report, as well as COVID-19 considerations.( )
The Casualty Practice Council filed comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).( )
The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers concerning the impact of COVID-19 on p/c financial reporting. This supercedes the first edition, published in June 2020.( )
The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) in cases of cyber-attacks that are aimed at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that the source of an attack was a non-governmental terrorist organization.( )
Academy volunteers presented at the National Council of Insurance Legislators (NCOIL) Annual Meeting during the Special Committee on Race in Insurance Underwriting’s session. Dorothy Andrews, chairperson of the Data Science and Analytics Committee, presented on behalf of the committee and provided an update on its ongoing work relevant to NCOIL’s examination of these issues. Casualty Vice President Lauren Cavanaugh presented on behalf of the Casualty Practice Council, and Mary Bahna-Nolan presented on the issue from a life perspective.( )
Lauren Cavanaugh, VP-Casualty, submitted written comments to the U.S. House Financial Services Committee regarding proposed legislation to provide federal government backing for coverage of future pandemic events under Business Interruption insurance.( )
Casualty Public Statements
Comments, analyses, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the casualty practice councils.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.