Casualty News

Academy Senior Casualty Fellow Jim MacGinnitie, and Stu Mathewson and Nancy Watkins, both members of the Flood Insurance Work Group, made a presentation on Capitol Hill based on the work group’s recent monograph, The National Flood Insurance Program: Challenges and Solutions. (June 26, 2017)
The Casualty Practice Council presented a full-day program on predictive modeling for the National Association of Insurance Commissioners’ Insurance Summit in Kansas City on May 22-26. The program ended with a public policy panel discussion led by Senior Casualty Fellow Jim MacGinnitie. (May 25, 2017)
The Casualty Practice Council submitted a comment letter on the ASB's third exposure of the proposed Actuarial Standards of Practice (ASOP), Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. (April 27, 2017)
The Flood Insurance Work Group released a new public policy monograph, The National Flood Insurance Program: Challenges and Solutions. The monograph provides objective information to policy makers on differing approaches to premium setting and program financing, including both public and private financing mechanisms. It also examines improvements in flood risk assessment and modeling that are reducing the uncertainties surrounding flood coverage and could lead to greater market participation by private insurers and reinsurers. Read the news release. (April 19, 2017)
The Workers Compensation Committee submitted a comment letter to California's Office of Self Insurance Plans that expresses concerns regarding guidance issued to actuaries who are evaluating self-insured workers compensation plans. (March 30, 2017)
Academy Senior Casualty Fellow Jim MacGinnitie presented the Actuaries Climate Index and Actuaries Climate Risk Index to the Inter-Agency Forum on Climate Change Impacts and Adaptations meeting at NASA headquarters in Washington. (March 16, 2017)
The Academy released its 2016 P/C Loss Reserve Law Manual, which is updated from 2015 and designed to help appointed actuaries comply with NAIC annual statement requirements. The manual includes SAO requirements and state laws and regulations establishing requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. The manual is available online or as a CD-ROM, and members can order online here.  (December 30, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 27, 2016)
The Property and Casualty Risk-Based Capital Committee and the Health Solvency Subcommittee jointly submitted to the NAIC's Operational Risk Subgroup a comment letter on proposed changes to the operational risk factor in risk-based capital formulas for property/casualty and health.  (December 19, 2016)
The Academy released Managing the Risks in Cyberspace, an Essential Elements report that explores insurance issues surrounding cyberattacks, including risks from data theft or malicious software. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (December 9, 2016)
The Academy, in conjunction with three other actuarial organizations, launched the Actuaries Climate Index (ACI) that provides a quarterly measure of changes in extreme events and sea levels to inform actuaries, public policymakers, and the public about climate trends in the U.S. and Canada. Read the news release. (November 30, 2016)
The Property and Casualty Risk-Based Capital Committee submitted a report to the NAIC's Property/Casualty Risk-Based Capital (E) Working Group providing a detailed update of property and casualty risk-based capital underwriting factors. (October 28, 2016)
The Casualty Practice Council (CPC) and the Committee on Product and Liability Financial Reporting (COPLFR) submitted a letter to the Actuarial Standards Board, commenting on the third exposure draft of the proposed Actuarial Standard of Practice (ASOP) for modeling.
(October 14, 2016)
The Financial Reporting Committee and the Committee on Property and Liability Financial Reporting sent a comment letter to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (July 21, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the NAIC noting certain inconsistencies in the instructions for certification of loss reserves for international insurers. (July 7, 2016)
The Casualty Practice Council and the P/C Extreme Events Committee sent a letter to members of the U.S. Senate Banking, Housing and Urban Affairs Committee commenting on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning expansion of the role of private insurers in the flood insurance marketplace. (May 25, 2016)
The Casualty Practice Council and the P/C Extreme Events Committee sent a letter to members of the U.S. House of Representatives commenting on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning expansion of the role of private insurers in the flood insurance marketplace. (April 26, 2016)
The Casualty Practice Council (CPC) submitted comments to the Actuarial Standards Board (ASB) on the second exposure draft of the proposed actuarial standard of practice (ASOP) Property/Casualty Ratemaking. (April 21, 2016)
The Price Optimization Task Force submitted comments to the NAIC’s executive committee on changes made to the proposed Price Optimization White Paper. (March 15, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions. (February 12, 2016)