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. (January 09, 2020)
The Committee on Property and Liability Financial Reporting has issued a practice note for Statements of Actuarial Opinion on P/C Loss Reserves (2019) It includes a new section on frequently asked questions about new requirements for Appointed Actuaries. (January 07, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (January 03, 2020)
In the January/February issue of Contingencies, the cover story, “Is ‘Data Science’ an Existential Threat for Actuaries?” investigates what the hot new career trend can tell us about our profession’s future. Other features include “Predictably Irrational,” which looks at how we make decisions, and aims to apply behavioral economics to actuarial science; and “Calculating Death With Dignity,” which looks at the issue of more states legalizing medically assisted suicide and what that means for actuaries. Also in the issue, in his first President’s Message, Academy President D. Joeff Williams explains how the Academy lives up to its “effective” motto; why hygiene matters with data quality; and truth, advertising, and Precept 11. (January 02, 2020)
What happens during an Actuarial Board for Counseling and Discipline (ABCD) investigation? By providing guidance to actuaries with questions and by investigating possible material violations of the Code of Professional Conduct, the ABCD plays a vital role in the actuarial profession’s efforts to ensure that all members maintain our self-imposed high standards of practice, conduct, and qualification. (Actuarial Update, December 2019) (December 31, 2019)
The Principle-Based Approach Projections Practice Note is now available. This practice note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations. (December 30, 2019)
The December Actuarial Update covers Academy public policy and professionalism presentations at the NAIC Fall 2019 National Meeting in Austin, Texas. Also in the issue: The final professionalism webinar of 2019 looked at issues the Actuarial Board for Counseling and Discipline (ABCD) considers—and provided a few tales from the “dark side”; the latest “Actuary Voices” podcast offers highlights of the Annual Meeting and Public Policy Forum; the PBR Boot Camp covered key life topics; and the “Professionalism Counts” column looks at what happens during an ABCD investigation. (December 30, 2019)
The Multiemployer Plans Committee submitted a comment letter to the U.S. Senate Committee on Finance regarding the Multiemployer Pension Recapitalization and Reform Plan. (December 23, 2019)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (December 20, 2019)
The Life Reserves Work Group submitted APF 2019-33 to the Life Actuarial (A) Task Force. The APF seeks to clarify the definition of individually underwritten life insurance and the applicability of PBR requirements for group insurance contracts with individual risk selection issued under insurance certificates. (December 05, 2019)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (December 13, 2019)
Chris Trost, Chairperson of the C-2 Work Group, gave an update to the Life Risk-Based Capital (E) Working Group at the NAIC 2019 Fall National Meeting. ()
The Life Experience Committee provided an introduction on the Valuation Basic Table analysis process to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting. (December 06, 2019)
The December HealthCheck covers Academy activity and presentations at the recent NAIC Fall National Meeting in Austin, Texas, including long-term care insurance, and an update on Academy work on issues such as social determinants of health, Medigap, surprise billing, and health savings accounts. Also in the issue, legislative, judicial, and regulatory updates from the Centers for Medicare & Medicaid Services, and more. (December 12, 2019)