CASUALTY ACTUARIES OF THE NORTHWEST MINUTES OF THE SPRING 2008 MEETING February 29, 2008 Washington Athletic Club, Seattle, WA Page 1 of 5

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1 Page 1 of 5 BUSINESS MEETING Call to Order and Opening Announcements The meeting was called to order by the president, Jason Nonis, at 10:30 a.m. The president began by directing the attendees attention to the anti-trust statement in the information packet. The president next thanked the officers, committee chairs and committee members for their efforts. In particular he thanked the program committee chair Camille Minogue for her hard work organizing the meeting. Speaker Introductions The president introduced the speakers in the room who would be speaking after the business meeting. They included Dr. Evan Mills of University of California, Craig Weaver of U.S. Geological Survey, Irene Bass of CAS and Rick Sherman of Richard Sherman & Associates. Approval of Minutes from the Fall 2007 Meeting The president requested a motion to approve the minutes from the previous meeting. The motion was made, seconded and approved without dissent. Recognition of New Fellows and Associates The president opened the floor for recognition of new Fellows and Associates of the CAS. The following people were recognized: New Fellows of the Casualty Actuarial Society: Kimberly Borgelt Bill Hossom Joe Pietraszewski Timothy Wheeler New Associates of the Casualty Actuarial Society: Angela Padilha Scott Rasmussen

2 Page 2 of 5 Anne Youngers The CANW membership recognized these professional milestone achievements with a rousing applause. Introduction of New s The president opened the floor for recognition of new members. The following people were recognized: Recipients of Full ship in CANW: Tiffany Chen Recipients of Associate ship in CANW: Clémence Tatin-Jaleran Lisa Stanley Beverly Huntz Justin Fritz Peixi Si Rina Wang Jean-Luc Kiehm Anusha Anantharaju Alice Cheng Doug Conrad Griff Hollar Jeremy Lakey Charles Lee Eric Polzella Forrest Preston Ian Sims Michaela Soldano Alyssa Thao Kyle Tompkins Lucy Wang Dan Padilha AXA Pacific Insurance AXA Pacific Insurance Enumclaw Insurance Group Oregon Mutual Insurance SeaBright Insurance

3 Page 3 of 5 Secretary s Report The secretary, Michael Chan, directed the attendees attention to officer and committee member lists, the history of meeting sites and the member list in the information packet. Treasurer s Report The treasurer, Kimberly Borgelt, directed the attendees attention to the account summary and balance sheet in the information packet. She reported the current members equity was $8, which was $200 higher than at the previous meeting. The CANW collected $3,500 for 2008 member dues and spent over $3,000 on the Spring 2008 meeting. The meeting costs included facilities costs at Washington Seattle Club, subsidizing member meals and contributing to the featured speaker fees. Ms. Borgelt also acknowledged the generous contributions from ICBC, Safeco Insurance, Liberty Northwest, Sherman and Associates, and the Seattle Actuarial Club on the speaker fees. Vice President s Report Vice President, Gaétan Veilleux, had no formal report. Education Committee Report The education committee chair, Dan Perry, reported that he had been working with universities in Washington. He also reported that Brant Wipperman had held an information session at Simon Fraser University in British Columbia. He asked members from Oregon to join the committee, so we could have more complete coverage. Program Committee Report The program committee chair, Camille Minogue, reported that she was stepping down from the position due to her other commitments with the CAS. Kelly Aimers would be working with Jason Nonis in the program committee to organize the Fall meeting in Vancouver area. Site Committee Report The site committee chair, Jason Nonis, reported that the Spring meeting at Washington Athletic Club was an experiment. He encouraged members to provide feedback after the meeting. He also reported that the site for the Fall meeting had not been determined. He welcomed any suggestion on the meeting site.

4 Page 4 of 5 Election of New Officers The president opened the floor for nomination of new officers. Tim Wheeler nominated the following candidates: Gaétan Veilleux for President, Michael Chan for Vice-President, Kimberly Borgelt for Secretary, and Stephen Kolk for Treasurer. Jason Nonis requested a motion to elect the nominated candidates. The motion was made, seconded and approved without dissent. Adjournment The meeting was then adjourned at 11:00 a.m. One hundred and seven people attended the meeting. SPEAKER PRESENTATIONS At the close of the business meeting, the educational portion of the fall meeting commenced. Four speakers presented on four different topics. The presentation topics, abstracts, and the speakers are summarized in the table below. Time Topic Speakers 11:00 11:30 Estimating reserve ranges Rick Sherman Abstract: The NAIC now requires an Actuarial Opinion Summary (AOS) to accompany the Statement of Actuarial Opinion (SAO). For the AOS, opining actuaries must present either a point (best) estimate or a range for loss reserves. Common approaches to estimating the variability of loss reserves will be introduced, and practical suggestions will be offered for implementing each type of approach. 11:30 12:00 Break/Networking with Seattle Actuarial Club 12:00 1:30 Climate Change and the Insurance Industry Abstract: The insurance sector finds itself on the front lines of climate change. As the world s largest industry generating about $4 trillion in yearly premium revenue in 2006, plus another trillion or so in investment income and with core competencies in risk management and finance, the insurance industry is uniquely positioned to Richard Sherman & Associates Dr. Evan Mills University of California

5 Page 5 of 5 further society s understanding of climate change and advance creative solutions to minimize its impacts. After reviewing the scientific basis of climate risk for insurers, the talk will review a wide spectrum of insurance opportunities. 1:30 1:45 Break 1:45 2:30 CAS Update Abstract: Update on issues that are under consideration with the Board of Directors: The Centennial Goal Education Issues AAA Qualification Standards ERM Initiatives Principles Re-write 2:30 2:45 Break 2:45 3:45 New Seismic Risk Discoveries Abstract: The October 12 edition of the Seattle P-I ran a front page article on a new Seismic hazard map for Seattle recently developed by the USGS ( tml). As a result of the new approach, the USGS has discovered new areas of higher risk within Seattle: Northern Montlake, University Village, and the Interbay area. A related analysis also indicated the potential for a destructive tsunami on Lake Washington. Irene Bass CAS Craig Weaver U.S. Geological Survey The presentations ended at 4:00 p.m. Respectfully submitted, Michael Chan, Vice President