Casualty
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.
Extreme Events
Floods, earthquakes, other natural catastrophes; terrorist events; and mass torts.
Medical Professional Liability
Medical professional liability insurance issues.
Risk Classification
Use of risk-based insurance scoring in auto and other insurance lines.
Workers' Compensation
Workers’ compensation issues as they relate to property and casualty actuarial practice.
Financial Reporting and Loss Reserving
Financial reporting and loss reserving issues in property/casualty actuarial practice.
Risk-Based Capital
Risk-based capital issues in property and casualty actuarial practice, including its treatment by the National Association of Insurance Commissioners.
Solvency and Soundness
Soundness and solvency issues facing property and casualty insurance companies.
Casualty News
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.
( )The P/C RBC Committee submitted a scope letter to the NAIC P&C Risk-Based Capital (E) Working Group outlining proposed research into various underwriting risk factors in the RBC formula for P/C insurers.
( )The Academy’s senior casualty fellow, Rich Gibson, gave a presentation on the Actuaries Climate Index at Tulane University’s conference on environmental law.
( )The Academy's senior casualty fellow, Rich Gibson, presented testimony on predictive modeling at a hearing on automobile insurance held by the District of Columbia's Department of Insurance, Securities and Banking.
( )Casualty Public Statements
Comments and letters
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.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Policy papers
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.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
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.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
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.
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