Session 25 L, Introduction to General Insurance Ratemaking & Reserving: An Integrated Look. Moderator: W. Scott Lennox, FSA, FCAS, FCIA

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Session 25 L, Introduction to General Insurance Ratemaking & Reserving: An Integrated Look. Moderator: W. Scott Lennox, FSA, FCAS, FCIA"

Transcription

1 Session 25 L, Introduction to General Insurance Ratemaking & Reserving: An Integrated Look Moderator: W. Scott Lennox, FSA, FCAS, FCIA Presenter: Houston Cheng, FCAS, FCIA

2 Society of Actuaries 2013 Annual Meeting & Exhibit Introduction to General Insurance Ratemaking and Reserving An Integrated Look Houston Cheng, FCAS, FCIA (416) Presentation Date: October 21, 2013 Agenda Introduction Technical key concepts Estimating ultimate claims Reserving Ratemaking 1 1

3 Introduction Introduction Industry Snapshot 2012 U.S. Property & Casualty Industry Direct Written Premiums Total written: $512.3 billion 7% 7% 8% 9% 5% 3% 21% Private Auto Liability Homeowners Private Auto Physical Damage Liability Workers' Comp Other Property 15% Other Commercial Multi Peril Commercial Auto Financial Products 13% 12% Source: A.M. Best's Global Insurance Database 3 2

4 Introduction Major Lines of Business Fire Multi Peril Crop Federal Flood Farmowners Multi Peril Homeowners Multi Peril Commercial Multi Peril Mortgage Guaranty Ocean Marine Inland Marine Financial Guaranty Medical Professional Liability Earthquake Accident and Health Workers Compensation Other Liability Products Liability Private Auto Liability Commercial Auto Liability Private Auto Physical Damage Commercial Auto Physical Damage Aircraft Fidelity Surety Burglary & Theft Boiler & Machinery Credit Warranty 4 Introduction Characteristics of General Insurance Most lines of business are short duration Investment income not as significant as non-gi products Important to understand frequency and severity of claims Nature of any particular claim usually unknown uncertainties include: Actual claim payment (including re-opening of a claim) Amount of claim payment Number of payments for a claim Timing of claim payment 5 3

5 Introduction Characteristics of General Insurance (Continued) Methodology: Underlying processes often not well understood by non-actuaries Methods historically have been ad-hoc Average as well as distribution of outcomes important Need to communicate uncertainty Modern approaches beginning to incorporate stochastic approaches 6 Technical Key Concepts 4

6 Technical Key Concepts Ultimate claims Data Credibility Trend 8 Technical Key Concepts Ultimate Claims Definition: the value of claims beyond which no other claims payments are expected To derive an estimate of ultimate claims, actuaries look years into the future to determine an estimated amount the insurer will pay when all claims have been closed and settled and no further payments are anticipated Ultimate claims consist of 4 components: Claim payments Case estimates for claims that have been reported Development on case outstanding (incurred but not enough reported IBNER) Claims that have been incurred but not yet reported (incurred buy not yet reported IBNYR) IBNR = IBNER + IBNYR Ultimate claims = cumulative claim payments + case estimates + IBNR 9 5

7 Technical Key Concepts Ultimate Claims (Continued) Why estimates of ultimate claims are needed: Final cost of goods sold is not known until long into the future Estimates of ultimate values become critical in the management of GI enterprises: Financial reporting Pricing Financial condition analysis Planning Valuations, including merger and acquisition analyses 10 Technical Key Concepts Data Typical data: Claim Amounts: paid, case estimates, reported, etc. Counts: Closed, open, reported Aggregation by calendar, accident, policy, or report year Line of business Gross, net and/or ceded of reinsurance Exposure Premiums, number of policies, number of vehicles, payroll, sales, etc. Expense Loss adjustment, general, underwriting, etc. 11 6

8 Technical Key Concepts Credibility GI actuaries use credibility procedures to improve estimates. Through credibility procedures, data from two (or more) sets of experience are blended together with the goal of improving the overall results of the actuarial work. Examples of actual experience blended with a complement of credibility: An insurer s experience with industry experience A subsidiary company s experience with experience from a larger, related company Experience in one territory within a state with statewide experience Experience in one state with regional or countrywide experience Experience in one line of business with similar lines of business Experience in one classification with all classifications Experience in one deductible or limit layer with experience in similar deductible or limit layers 12 Technical Key Concepts Trend Consider how changes over time affect items such as claim costs, claim severities, claim frequencies, expenses, exposures, and premiums Reflect the dynamic forces that exist in our society economic, societal and demographic that produce measurable changes in insurance experience over time Time periods for trend: Experience: historical Forecast: future 13 7

9 Estimating Ultimate Claims Estimating Ultimate Claims Life of a claim: When a claim is reported, insurance adjuster assigns initial estimate of the amount that will ultimately be paid by the insurer (known as a case reserve) Case reserve at any point in time is the estimated amount still outstanding to be paid as of that date to settle the claim (i.e., close the claim) Total amount of claim at any date (i.e., reported value) = amount paid to date + amount outstanding (i.e., case reserve) 15 8

10 Estimating Ultimate Claims Life of a Claim (Auto Collision Example) $2,500 $2,000 $1,500 Case Reserve $1,000 Payment $500 $0 12/15/ /22/ /31/2010 1/5/2011 1/15/ Estimating Ultimate Claims Life of a Claim (General Liability Example) $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $230,000 $165, $150, $150, ,000 $2 $325,000 Case Reserve Payment $0 $20,

11 Estimating Ultimate Claims Data Organization 12/31/ /31/ /31/ /31/2013 Paid 20, , , ,000 Case Reserve 230, , , Reported 250, , , ,000 Reported Age (Months) Accident Year , , , , Estimating Ultimate Claims Triangle Example Reported Age (Months) Accident Year , , , , , , , , , , , , , , ,000 Accident Year <= Age-to-age Average Selected

12 Estimating Ultimate Claims Triangle Example (Continued) Reported Age (Months) Accident Year , , , , , , , , , , , , , , , , , , , , , , , , , Selected Estimating Ultimate Claims Triangle Example (Continued) Reported Age (Months) Accident Year , , , , , , , , , , , , , , , , , , , , , , , , ,431 At 12/31/2013 Accident Year Reported Ultimate , , , , , , , , , ,

13 Estimating Ultimate Claims Methods Example highlighted: Development method Other methods: Expected Bornhuetter Ferguson Cape Cod Berquist-Sherman 22 Estimating Ultimate Claims Expected Method At 12/31/2013 Accident Year Earned Premium Reported Claims Population Claim Ratio Frequency Severity , ,196 5,000 60% 1.25% 5, , ,000 5,050 60% 1.25% 5, , ,035 4,949 60% 1.25% 5, , ,200 5,048 60% 1.25% 5, , ,000 4,998 60% 1.25% 5,412 Accident Year Ultimate at 12/31/2013 Claim Ratio Freq-Sev Selected , , , , , , , , , , , , , , ,

14 Estimating Ultimate Claims Bornhuetter Ferguson Accident Year Reported at 12/31/2013 Cumulative Dev. Factor Percent Unreported Ultimate at 12/31/2013 Expected BF , % 312, , , % 320, , , % 323, , , % 332, , , % 337, , Estimating Ultimate Claims Select Ultimate Accident Year Reported at 12/31/2013 Ultimate at 12/31/2013 Development Expected BF Selected , , , , , , , , , , , , , , , , , , , , , , , , ,

15 Reserving Reserving Financial Statement Recall that: Ultimate claims = cumulative claim payments + case estimates + IBNR Note: Claim liabilities = case estimates + IBNR or Claim liabilities = ultimate claims cumulative claim payments At 12/31/2013 Accident Year Paid Claims Case Estimates Reported Claims Selected Ultimate IBNR Unpaid Claims , , , , , , ,035 75, , , , , , , ,320 31, , , , , ,905 97, ,905 Total 447, , ,

16 Reserving Life Insurance verses General Insurance Life insurance reserves: Policy reserve = PV[expected future benefits] PV[expected future net premiums] Specific reserve for all policies Financial statement reserves = sum of all policy reserves Policy reserve increases toward face amount (i.e., gets closer to paying the death benefit) General insurance reserves: Individual reserve = case reserve Case reserve only incurred if claim is reported (i.e., not all individual policies have reserve) Financial statement reserves = sum of all case reserves + IBNR provision (i.e., bulk reserve) Case reserve typically decreases with each duration (i.e. gets closer to settling the claim and completing the payment) 28 Ratemaking 15

17 Ratemaking Objectives Essential objectives: Cover expected losses and expenses Produce rates that make adequate provision for contingencies Encourage loss control Satisfy rate regulators In general terms, the basic requirements of the regulatory agencies are that rates must be adequate, not excessive, and not unfairly discriminating Non-essential but desirable objectives: Produce rates that are reasonably stable Produce rates that are reasonably responsive to changes Be simple and easy to understand 30 Ratemaking Basics Claim frequency Frequency (i.e., probability) of an insured having a claim Claim severity Average claim size Claim cost Expected value of the incurred losses per unit of exposure i.e., pure premium [claim frequency] x [claim severity] 31 16

18 Ratemaking Pure Premium Accident Year Reported Claims Excess Claims Cumulative Dev. Factor Trend Factor ULAE Large Loss Loading , , , , , , Accident Year Adjusted Ult. Claims Population Pure Premium ,062 5, ,927 5, ,611 4, ,213 5, ,462 4, Total 1,959,276 25, Ratemaking Premium Calculation In general: Premium = expected claim + underwriting expenses + profit Assume: P = premium C = expected claim V = underwriting expenses as percent of premium = 15% Q = profit as percent of premium = 10% P C V P Q P C P 1 V Q 78.2 P

19 Ratemaking Other Considerations Adjust historic premiums to current rate levels Trend historic premiums to reflect change in mix of business Overall rate adequacy Rate adequacy by risk classification Credibility of data Competition Actuarially fair premium vs. competitive premium Regulatory constraints Operational constraints Underwriting cycle 34 Ratemaking Classification Simple one-way analysis Classical linear analysis Minimum bias procedures Generalized linear models (GLMs) 35 18

20 Ratemaking Considerations (Auto) Safety and theft statistics for the area you live in Whether you commute to work Personal or commercial use The year, make and model of your vehicle How many tickets you have had, including past at-fault insurance claims How many years you have been driving Various discounts How much coverage you wish to purchase and deductibles you choose 36 Ratemaking Considerations (Home) Building material and construction Replacement cost Whether the area is prone to flooding or wind damage Neighbourhood s crime rate Special collections or valuable items in the home Proximity to a fire station Applicable discounts and the level of deductible 37 19

21 Questions? Thank you Contact Details: Houston Cheng, FCAS, FCIA (416)

22 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. 21

2014 Statutory Combined Annual Statement Schedule P Disclosure

2014 Statutory Combined Annual Statement Schedule P Disclosure 2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional

More information

Incorporated/Organized 06/09/1988 Commenced Business 12/21/1988. (Street and Number) Tamarac, FL 33321-6405, 954-623-6700

Incorporated/Organized 06/09/1988 Commenced Business 12/21/1988. (Street and Number) Tamarac, FL 33321-6405, 954-623-6700 PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE Seminole Casualty Insurance Company NAIC Group Code 0000 NAIC

More information

Educational Note. Premium Liabilities. Committee on Property and Casualty Insurance Financial Reporting. November 2014.

Educational Note. Premium Liabilities. Committee on Property and Casualty Insurance Financial Reporting. November 2014. Educational Note Premium Liabilities Committee on Property and Casualty Insurance Financial Reporting November 2014 Document 214114 Ce document est disponible en français 2014 Canadian Institute of Actuaries

More information

ABC Auto Insurance Company Actuarial Review of Loss and LAE Reserves As of 12/31/11

ABC Auto Insurance Company Actuarial Review of Loss and LAE Reserves As of 12/31/11 ABC Auto Insurance Company Actuarial Review of Loss and LAE Reserves As of 12/31/11 Prepared by: Joe Actuary, ACAS, MAAA What s the Point Actuarial Consultants, Inc. Background and Scope ABC Auto Ins Co

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

IASB Educational Session Non-Life Claims Liability

IASB Educational Session Non-Life Claims Liability IASB Board Meeting Observer Note- Agenda Paper 10 January 2005 IASB Educational Session Non-Life Claims Liability Presented by the International Actuarial Association January 19, 2005 Sam Gutterman and

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data

Number of Insurance Companies. U.S. Premiums by NAIC Financial Statement Type. U.S. Premiums by IDRR Premium Type. Insurance Department Data The mission of the National Association of Commissioners (NAIC) is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental

More information

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number)

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE GROUP its affiliated property casualty

More information

Antitrust Notice 9/9/2013. Captive Insurance: Another View. Session Overview. Scott Anderson, Senior Vice President and Actuary, Gross Consulting

Antitrust Notice 9/9/2013. Captive Insurance: Another View. Session Overview. Scott Anderson, Senior Vice President and Actuary, Gross Consulting Captive Insurance: Another View Scott Anderson, Senior Vice President and Actuary, Gross Consulting Jeffrey Kadison, President, Practical Actuarial Solutions, Inc. Dave Provost, Deputy Commissioner, Captive

More information

Schedule A TERRORISM RISK INSURANCE PROGRAM

Schedule A TERRORISM RISK INSURANCE PROGRAM Control Number (Treasury use) Schedule A TERRORISM RISK INSURANCE PROGRAM DECLARATION OF DIRECT EARNED PREMIUM AND CALCULATION OF INSURER DEDUCTIBLE UNDER TERRORISM RISK INSURANCE ACT (TRIA) Insurer or

More information

SECTION III. Definitions have been included in these instructions to assist insurers with the preparation of their filings.

SECTION III. Definitions have been included in these instructions to assist insurers with the preparation of their filings. SECTION III Definitions have been included in these instructions to assist insurers with the preparation of their filings. This section is not a complete set of insurance and insurance accounting definitions

More information

February 11, 2005. Review of Alberta Automobile Insurance Experience. as of June 30, 2004

February 11, 2005. Review of Alberta Automobile Insurance Experience. as of June 30, 2004 February 11, 2005 Review of Alberta Automobile Insurance Experience as of June 30, 2004 Contents 1. Introduction and Executive Summary...1 Data and Reliances...2 Limitations...3 2. Summary of Findings...4

More information

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number)

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE Zurich American Insurance Company Affiliates its affiliated

More information

GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY

GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY Term Accident Accident Date Accident Period Accident Year Case- Incurred Losses Accident Year Experience Acquisition Cost Actuary Adverse Selection (Anti-Selection,

More information

Insurance Risk 101. Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220

Insurance Risk 101. Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220 Insurance Risk 101 Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220 Insurance Risk 101 1 Life Insurance Risk 101 Timothy J. Tongson, FSA, MAAA

More information

2015/2016 Filing Smart

2015/2016 Filing Smart Data Call Schedule Call Name Who Files Due Date Purpose s Published From Call Data Closed Claim Retention Groups, and Self-Insured Retentions writing general liability,, Automatically Due: Insurers are

More information

Intermediate Track II

Intermediate Track II Intermediate Track II September 2000 Minneapolis, Minnesota 1 This Session Will Discuss 1. Bornhuetter-Ferguson Method 2. Average Hindsight Method 3. Average Incremental Paid Method 2 BORNHUETTER- FERGUSON

More information

GIIRR Model Solutions Fall 2014

GIIRR Model Solutions Fall 2014 GIIRR Model Solutions Fall 2014 1. Learning Objectives: 1. The candidate will understand the key considerations for general insurance actuarial analysis. Learning Outcomes: (1l) Adjust historical earned

More information

SYLLABUS OF BASIC EDUCATION Fall 2016 Basic Techniques for Ratemaking and Estimating Claim Liabilities Exam 5

SYLLABUS OF BASIC EDUCATION Fall 2016 Basic Techniques for Ratemaking and Estimating Claim Liabilities Exam 5 The syllabus for this four-hour exam is defined in the form of learning objectives, knowledge statements, and readings. set forth, usually in broad terms, what the candidate should be able to do in actual

More information

ANNUAL STATEMENT OF THE AMERICAN STATES INSURANCE COMPANY TO THE. Insurance Department OF THE FOR THE YEAR ENDED.

ANNUAL STATEMENT OF THE AMERICAN STATES INSURANCE COMPANY TO THE. Insurance Department OF THE FOR THE YEAR ENDED. ANNUAL STATEMENT OF THE AMERICAN STATES of in the state of INDIANAPOLIS INDIANA TO THE Insurance Department OF THE FOR THE YEAR ENDED December 31, 2012 PROPERTY AND CASUALTY 2012 PROPERTY AND CASUALTY

More information

Insurance Terms. COMMON TERMS... 3 About Best s Credit Ratings... 3 Agent... 3

Insurance Terms. COMMON TERMS... 3 About Best s Credit Ratings... 3 Agent... 3 Insurance Terms To look up the definitions of commonly used insurance terms click on the term below to move to that section of the document. We hope that you find this information helpful. Our comprehensive

More information

ANNUAL STATEMENT INSURANCE DEPARTMENT

ANNUAL STATEMENT INSURANCE DEPARTMENT ANNUAL STATEMENT OF THE MBIA INSURANCE CORPORATION OF ARMONK IN THE STATE OF NEW YORK TO THE INSURANCE DEPARTMENT OF THE STATE OF FOR THE YEAR ENDED DECEMBER 31, 2012 PROPERTY AND CASUALTY 2012 ASSETS

More information

Modelling Uncertainty in Claims Experience to Price General Insurance Contracts

Modelling Uncertainty in Claims Experience to Price General Insurance Contracts Modelling Uncertainty in Claims Experience to Price General Insurance Contracts Vanita Duggal Actuary Palisade Risk Conference, Mumbai January 13, 2015 What is Insurance? Coverage by contract whereby one

More information

SECTION III. Definitions have been included in these instructions to assist insurers with the preparation of their filings.

SECTION III. Definitions have been included in these instructions to assist insurers with the preparation of their filings. SECTION III Definitions have been included in these instructions to assist insurers with the preparation of their filings. This section is not a complete set of insurance and insurance accounting definitions

More information

VIRGINIA LICENSE TYPES AS EFFECTIVE 9/1/02 TITLE 38.2, CHAPTER 18, CODE OF VIRGINIA CONVERSION TABLE

VIRGINIA LICENSE TYPES AS EFFECTIVE 9/1/02 TITLE 38.2, CHAPTER 18, CODE OF VIRGINIA CONVERSION TABLE VIRGINIA LICENSE TYPES AS EFFECTIVE 9/1/02 TITLE 38.2, CHAPTER 18, CODE OF VIRGINIA CONVERSION TABLE CURRENT LICENSE CODE NEW LICENSE EFFECTIVE 9/1/02 CODE Life & Health 001 Life & Annuities Health Those

More information

Chapter 1 Insurance Principals & Concepts 1

Chapter 1 Insurance Principals & Concepts 1 Contents Chapter 1 Insurance Principals & Concepts 1 Page I. The Concept of Insurance 1 What is Insurance? 1 II. Types of Property & Casualty Insurance 1 Parts of an Insurance Contract 2 Standardized Policies

More information

LINES OF BUSINESS MATRIX

LINES OF BUSINESS MATRIX ALABAMA 1 Fire Property (Sec. 27-5-5) 2.1 Allied Lines Property (Sec. 27-5-5) 2.2 Multiple Peril Crop Property (Sec. 27-5-5) 2.3 Federal flood Property (Sec. 27-5-5) 3 Farmowners multiple peril Property

More information

COLLECTION & PUBLICATION OF GENERAL INSURANCE STATISTICS AN OVERVIEW OF REGULATORY BEST PRACTICE. Win-Li Toh 20 November 2014

COLLECTION & PUBLICATION OF GENERAL INSURANCE STATISTICS AN OVERVIEW OF REGULATORY BEST PRACTICE. Win-Li Toh 20 November 2014 COLLECTION & PUBLICATION OF GENERAL INSURANCE STATISTICS AN OVERVIEW OF REGULATORY BEST PRACTICE Win-Li Toh 20 November 2014 What we ll cover today A potted history of regulation: Australia, NZ, US, Canada

More information

WCIRB Report on June 30, 2014 Insurer Experience Released: September 11, 2014

WCIRB Report on June 30, 2014 Insurer Experience Released: September 11, 2014 Workers Compensation Insurance Rating Bureau of California WCIRB Report on June 3, 214 Insurer Experience Released: September 11, 214 WCIRB California 525 Market Street, Suite 8 San Francisco, CA 9415-2767

More information

QUEENSWAY INTERNATIONAL INDEMNITY COMPANY (NOW KNOWN AS NORTH POINTE CASUALTY INSURANCE COMPANY)

QUEENSWAY INTERNATIONAL INDEMNITY COMPANY (NOW KNOWN AS NORTH POINTE CASUALTY INSURANCE COMPANY) REPORT ON EXAMINATION OF QUEENSWAY INTERNATIONAL INDEMNITY COMPANY JACKSONVILLE, FLORIDA (NOW KNOWN AS NORTH POINTE CASUALTY INSURANCE COMPANY) AS OF DECEMBER 31, 2003 BY THE OFFICE OF INSURANCE REGULATION

More information

The Next Generation of the Minimum Capital Test - A Canadian Regulatory Capital Framework

The Next Generation of the Minimum Capital Test - A Canadian Regulatory Capital Framework CIA Annual General Meeting The Next Generation of the Minimum Capital Test - A Canadian Regulatory Capital Framework June 21, 2013 Judith Roberge, Director, Capital Division Chris Townsend, Managing Director,

More information

Closed Confirmed Consumer Complaints by Coverage Type As of October 26, 2015

Closed Confirmed Consumer Complaints by Coverage Type As of October 26, 2015 Data reflected in this report is voluntarily submitted to the NAIC proprietary Complaints Database System (CDS) by state insurance departments. Not all states provide all of their complaint data to the

More information

Basic Track I. 2011 CLRS September 15-16, 2011 Las Vegas, Nevada

Basic Track I. 2011 CLRS September 15-16, 2011 Las Vegas, Nevada Basic Track I 2011 CLRS September 15-16, 2011 Las Vegas, Nevada Introduction to Loss 2 Reserving CAS Statement of Principles Definitions Principles Considerations Basic Reserving Techniques Paid Loss Development

More information

Montana State Fund. Review of Rates Effective July 1, 2015 & Review of Claim Liability as of June 30, 2015

Montana State Fund. Review of Rates Effective July 1, 2015 & Review of Claim Liability as of June 30, 2015 Montana State Fund Review of Rates Effective July 1, 2015 & Review of Claim Liability as of June 30, 2015 Firm: 1336 SW 146th Ct. Miami, FL 33184 Tel. (305) 273-1589 Contact: Aguedo (Bob) M. Ingco, FCAS,

More information

APPLICATION PROCEDURES FOR COMPANIES SEEKING TO DO BUSINESS IN FLORIDA 69O-136.002

APPLICATION PROCEDURES FOR COMPANIES SEEKING TO DO BUSINESS IN FLORIDA 69O-136.002 State of Florida - Governor Rick Scott The Office of Fiscal Accountability and Regulatory Reform (OFARR) Results of the Comprehensive Rule Review (Executive Order 11-72) as supplemented by the Enhanced

More information

SOA Health 2007 Spring Meeting Valuation and Reserving Techniques

SOA Health 2007 Spring Meeting Valuation and Reserving Techniques SOA Health 2007 Spring Meeting Valuation and Reserving Techniques Property & Casualty Reserving Techniques Theresa Bourdon, FCAS, MAAA CAS Statement of Principles Regarding P&C Loss and Loss Adjustment

More information

Ratemaking Methods in Insurance Operations Part 2. Factors to Consider When Developing Credible Premiums

Ratemaking Methods in Insurance Operations Part 2. Factors to Consider When Developing Credible Premiums Ratemaking Methods in Insurance Operations Part 2 Factors to Consider When Developing Credible Premiums Factors to Consider in the Delay of Data Collection and use of Information: Delays in reflecting

More information

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009 Report of Examination of Harleysville Insurance Company of Ohio Columbus, Ohio As of December 31, 2009 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination...

More information

Endurance Specialty Holdings Ltd. 2015 Loss Development Triangles

Endurance Specialty Holdings Ltd. 2015 Loss Development Triangles 2015 Loss Development Triangles 2015 Loss Development Triangle Cautionary Language This report is for informational purposes only and is current as of December 31, 2015. We are under no obligation and

More information

I-FILE Standardized Rate Indication Workbook Homeowners, Mobile Homeowners, Dwelling Fire

I-FILE Standardized Rate Indication Workbook Homeowners, Mobile Homeowners, Dwelling Fire I-FILE Standardized Rate Indication Workbook Homeowners, Mobile Homeowners, Dwelling Fire House Insurance & Banking Subcommittee January 23, 2013 Ken Ritzenthaler, Actuary Property & Casualty Product Review

More information

Chapter 7 Development Technique

Chapter 7 Development Technique Sec Description Pages 1 Introduction 84 2 Key Assumptions 84 3 Common Uses of the Development Technique 84-85 4 Mechanics of the Development Technique 85-92 5 Unpaid Claim Estimate Based on the Development

More information

Using Best Practices to Determine a Best Reserve Estimate

Using Best Practices to Determine a Best Reserve Estimate Using Best Practices to Determine a Best Reserve Estimate Paul J. Struzzieri, FCAS Paul R. Hussian, FCAS Milliman & Robertson, Inc. Two Pennsylvania Plaza Suite 1552 New York, NY 10121 (212) 279-7166 Using

More information

U.S. Homeowners Market

U.S. Homeowners Market U.S. Homeowners Market Casualty Actuarial Society Spring Meeting Kelleen Arquette, FCAS, MAAA May 2013 2013 Towers Watson. All rights reserved. AGENDA Agenda Market Overview Market Definition Direct Written

More information

ANNUAL STATEMENT OF THE PEERLESS INDEMNITY INSURANCE COMPANY TO THE. Insurance Department OF THE FOR THE YEAR ENDED.

ANNUAL STATEMENT OF THE PEERLESS INDEMNITY INSURANCE COMPANY TO THE. Insurance Department OF THE FOR THE YEAR ENDED. ANNUAL STATEMENT OF THE PEERLESS INDEMNITY of in the state of WARRENVILLE ILLINOIS TO THE Insurance Department OF THE FOR THE YEAR ENDED December 31, 29 PROPERTY AND CASUALTY 29 ANNUAL STATEMENT For the

More information

The 26th Voorburg Group Meeting on Service Statistics Newport, U.K., 19 23 September 2011

The 26th Voorburg Group Meeting on Service Statistics Newport, U.K., 19 23 September 2011 The 26th Voorburg Group Meeting on Service Statistics Newport, U.K., 19 23 September 2011 Mini-Presentation by David Friedman United States Producer Price Indexes for Non-Life Insurance NAICS 524114 and

More information

VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES, AND HEALTH CARE ADMINISTRATION

VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES, AND HEALTH CARE ADMINISTRATION VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES, AND HEALTH CARE ADMINISTRATION TECHNIQUES TO STABILIZE VERMONT WORKERS COMPENSATION PREMIUM COSTS AND MINIMIZE THE IMPACT OF LARGE CLAIMS Prepared

More information

CIA Water Damage Risk and Canadian Property Pricing Research Project

CIA Water Damage Risk and Canadian Property Pricing Research Project Institute for Catastrophic Loss Reduction Friday Forums CIA Water Damage Risk and Canadian Property Pricing Research Project January 17, 2014 Jacqueline Friedland FCIA, FCAS, FSA, MAAA Houston Cheng FCIA,

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings ANNUAL RETURN: FORM - FUND BALANCE SHEET I86G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B,8,77 Land and buildings C Loans D Cash and deposits 5,6,76 Other

More information

CHAPTER 10 - PROPERTY AND CASUALTY DIVISION SECTION.0100 - GENERAL PROVISIONS

CHAPTER 10 - PROPERTY AND CASUALTY DIVISION SECTION.0100 - GENERAL PROVISIONS CHAPTER 10 - PROPERTY AND CASUALTY DIVISION SECTION.0100 - GENERAL PROVISIONS 11 NCAC 10.0101 PURPOSE OF DIVISION 11 NCAC 10.0102 DEPUTY COMMISSIONER 11 NCAC 10.0103 DIVISION PERSONNEL History Note: Authority

More information

Article from: The Actuary Magazine. February/March 2013 Volume 10, Issue 1

Article from: The Actuary Magazine. February/March 2013 Volume 10, Issue 1 Article from: The Actuary Magazine February/March 2013 Volume 10, Issue 1 Education Structuring the General Insurance Fellowship Track By Anthony E. Cappelletti and W. Scott Lennox The decision to create

More information

CALCULATION OF THE AMOUNTS OF AN INSURANCE COMPANY S CAPITAL, FOUNDATION FUNDS, RESERVES, ETC., FOR RISKS EXCEEDING NORMAL EXPECTATIONS

CALCULATION OF THE AMOUNTS OF AN INSURANCE COMPANY S CAPITAL, FOUNDATION FUNDS, RESERVES, ETC., FOR RISKS EXCEEDING NORMAL EXPECTATIONS CALCULATION OF THE AMOUNTS OF AN INSURANCE COMPANY S CAPITAL, FOUNDATION FUNDS, RESERVES, ETC., FOR RISKS EXCEEDING NORMAL EXPECTATIONS Ministry of Finance Official Notification No.50, February 29, 1996

More information

NEW Insurance Classes 2012 Schedule

NEW Insurance Classes 2012 Schedule NEW Insurance Classes 2012 Schedule CPCU 560 Financial Services Institutions Fee $250 January 25-May 23 rd, Wednesdays Manage risks more effectively by learning the unique risks faced by financial institutions

More information

XYZ INSURANCE COMPANY GENERAL LIABILITY LOSS AND ALLOCATED LOSS ADJUSTMENT EXPENSE RESERVES. As of December 31, 2008

XYZ INSURANCE COMPANY GENERAL LIABILITY LOSS AND ALLOCATED LOSS ADJUSTMENT EXPENSE RESERVES. As of December 31, 2008 XYZ INSURANCE COMPANY GENERAL LIABILITY LOSS AND ALLOCATED LOSS ADJUSTMENT EXPENSE RESERVES TABLE OF CONTENTS INTRODUCTION...2 Purpose, Distribution and Use...2 Limitations...2 EXECUTIVE SUMMARY... 3 Loss

More information

4/12/2012. Welcome to RIMS 2012 Annual Conference & Exhibition. Basics of Risk Management Accounting. Agenda. Overview

4/12/2012. Welcome to RIMS 2012 Annual Conference & Exhibition. Basics of Risk Management Accounting. Agenda. Overview Welcome to RIMS 2012 Annual Conference & Exhibition Familiarize yourself with the Emergency Exits Silence Cell Phone/Blackberry Your Feedback is very important to RIMS and to the Speaker(s). Please complete

More information

MINNESOTA AGGREGATE FINANCIAL DATA REPORTING GUIDEBOOK. Annual Calls for Experience Valued as of December 31, 2015

MINNESOTA AGGREGATE FINANCIAL DATA REPORTING GUIDEBOOK. Annual Calls for Experience Valued as of December 31, 2015 MINNESOTA AGGREGATE FINANCIAL DATA REPORTING GUIDEBOOK Annual Calls for Experience Valued as of December 31, 2015 11/5/2015 ANNUAL CALLS FOR EXPERIENCE As the licensed Data Service Organization in Minnesota,

More information

LIMITATIONS ON WHICH TYPES OF COVERAGE CAN BE PLACED BY EXCESS LINE LICENSEES

LIMITATIONS ON WHICH TYPES OF COVERAGE CAN BE PLACED BY EXCESS LINE LICENSEES COMPLIANCE ADVISOR LIMITATIONS ON WHICH TYPES OF COVERAGE CAN BE PLACED BY EXCESS LINE LICENSEES A PUBLICATION BY THE EXCESS LINE ASSOCIATION OF NEW YORK ONE EXCHANGE PLAZA 55 BROADWAY 29TH FLOOR NEW YORK,

More information

No: D-1B Date: December 2001 Revised: July 2010

No: D-1B Date: December 2001 Revised: July 2010 Guideline Subject: (Property and Casualty Insurance Enterprises) Category: Accounting No: D-1B Date: December 2001 Revised: July 2010 Introduction This guideline outlines the disclosures that OSFI expects

More information

The Insurance Regulatory and Development Authority (General Insurance - Claims Reserving) Regulation, 2013.

The Insurance Regulatory and Development Authority (General Insurance - Claims Reserving) Regulation, 2013. The Insurance Regulatory and Development Authority (General Insurance - Claims Reserving) Regulation, 2013. F. No. IRDA/Reg/./2013 dated.. - In exercise of the powers conferred under Section 114A of the

More information

WCIRB Financial Call Data Certification through March 31, 2016 (CA-DC-2015)

WCIRB Financial Call Data Certification through March 31, 2016 (CA-DC-2015) WCIRB Financial Call Data Certification through March 31, 2016 (CA-DC-2015) Due Date: June 2, 2016 This Data Certification form must be completed by (a) a Company Officer or (b) an Actuary (who is a member

More information

Aon Benfield Analytics US P&C Industry Statutory Reserve Study

Aon Benfield Analytics US P&C Industry Statutory Reserve Study Aon Benfield Analytics US P&C Industry Statutory Reserve Study Based on Schedule P data as of December 31, 2010 For Public Distribution June 15, 2011 Disclosure Section 17(b) of the Securities Act of 1933

More information

Solution. The premium is simply the Loss Cost grossed up for expenses: $382.78 1 0.24 $503.66.

Solution. The premium is simply the Loss Cost grossed up for expenses: $382.78 1 0.24 $503.66. Exercise 1. In a PC insurance company, the estimated average Loss Cost per exposure unit for 2009 is 382.78 and the Expense Ratio for 2009 is determined to be 24%. Find the premium to be charged for a

More information

United Fire Group, Inc. Reports Second Quarter 2015 Results

United Fire Group, Inc. Reports Second Quarter 2015 Results United Fire Group, Inc. Reports Second Quarter 2015 Results CEDAR RAPIDS, Iowa - (GLOBE NEWSWIRE) - United Fire Group, Inc. (NASDAQ OMX: UFCS), August 4, 2015 - FOR IMMEDIATE RELEASE Consolidated Financial

More information

FUNDAMENTALS OF RISK MANAGEMENT AND INSURANCE

FUNDAMENTALS OF RISK MANAGEMENT AND INSURANCE Preface xv FUNDAMENTALS OF RISK MANAGEMENT AND INSURANCE CHAPTER 1 RISK AND ITS TREATMENT 2 Different Definitions 3 Chance of Loss 4 Peril and Hazard 5 Classification of Risk 6 Major Personal Risks and

More information

Property and Casualty Insurance. Improvements and Cost Savings

Property and Casualty Insurance. Improvements and Cost Savings Property and Casualty Insurance Improvements and Cost Savings Self Insured Retention (Deductible) $1 million for Liability Claims $500,000 for Liability Claims This eliminates $500,000 of liability exposure

More information

Session1: Commercial Pricing & Rate Adequacy

Session1: Commercial Pricing & Rate Adequacy 08/08/2014 INSTITUTE OF ACTUARIES OF INDIA 5th Capacity Building Seminar in GI Session1: Commercial Pricing & Rate Adequacy Table of Contents 1. What is Commercial Insurance? 2. SME and Large Enterprises

More information

REPORT ON EXAMINATION OF THE SOMPO JAPAN FIRE AND MARINE INSURANCE COMPANY OF AMERICA AS OF DECEMBER 31, 2012

REPORT ON EXAMINATION OF THE SOMPO JAPAN FIRE AND MARINE INSURANCE COMPANY OF AMERICA AS OF DECEMBER 31, 2012 REPORT ON EXAMINATION OF THE SOMPO JAPAN FIRE AND MARINE INSURANCE COMPANY OF AMERICA AS OF DECEMBER 31, 2012 DATE OF REPORT APRIL 23, 2014 EXAMINER HAILS TAYLOR, CFE TABLE OF CONTENTS ITEM NO. PAGE NO.

More information

Casualty Actuarial Society

Casualty Actuarial Society Casualty Actuarial Society Estimating Unpaid Claims Using Basic Techniques Jacqueline Friedland, FCAS, FCIA, MAAA, FCA KPMG LLP With significant contributions by Rachel Dutil, FCAS, FCIA and Edward Lam,

More information

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death. The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry

More information

Report of Examination of. Citizens Insurance Company of Ohio Columbus, Ohio. As of December 31, 2011

Report of Examination of. Citizens Insurance Company of Ohio Columbus, Ohio. As of December 31, 2011 Report of Examination of Citizens Insurance Company of Ohio Columbus, Ohio As of December 31, 2011 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination... 1 Management

More information

Sup. Inst. 17-1 LONG-TERM CARE INSURANCE EXPERIENCE REPORTING FORMS

Sup. Inst. 17-1 LONG-TERM CARE INSURANCE EXPERIENCE REPORTING FORMS Sup. Inst. 17-1 LONG-TERM CARE INSURANCE EXPERIENCE REPORTING FORMS These Reporting Forms must be filed with the NAIC by April 1 each year. The purpose of the Long-Term Care Insurance Experience Reporting

More information

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death. The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry

More information

ACTUARIAL CONSIDERATIONS IN THE DEVELOPMENT OF AGENT CONTINGENT COMPENSATION PROGRAMS

ACTUARIAL CONSIDERATIONS IN THE DEVELOPMENT OF AGENT CONTINGENT COMPENSATION PROGRAMS ACTUARIAL CONSIDERATIONS IN THE DEVELOPMENT OF AGENT CONTINGENT COMPENSATION PROGRAMS Contingent compensation plans are developed by insurers as a tool to provide incentives to agents to obtain certain

More information

ANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS

ANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY ACT 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE

More information

RE: Disclosure Requirements for Short Duration Insurance Contracts

RE: Disclosure Requirements for Short Duration Insurance Contracts INS-14 November 21, 2014 Mr. Russell G. Golden Chairman Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, Connecticut 06856-5116 RE: Disclosure Requirements for Short Duration Insurance

More information

TITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS

TITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS TITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS 114-22-1. General. 1.1. Scope. -- This legislative rule establishes guidelines and procedures

More information

IRAS CIRCULAR TAX DEDUCTIBILITY OF GENERAL INSURERS RESERVES AGAINST INCURRED BUT NOT REPORTED CLAIMS (IBNR CLAIMS)

IRAS CIRCULAR TAX DEDUCTIBILITY OF GENERAL INSURERS RESERVES AGAINST INCURRED BUT NOT REPORTED CLAIMS (IBNR CLAIMS) IRAS CIRCULAR TAX DEDUCTIBILITY OF GENERAL INSURERS RESERVES AGAINST INCURRED BUT NOT REPORTED CLAIMS (IBNR CLAIMS) Published by Inland Revenue Authority of Singapore First published on 30 Jun 1997 Revised

More information

Statistical Plans for Property/Casualty Insurers Virginia R. Prevosto, FCAS

Statistical Plans for Property/Casualty Insurers Virginia R. Prevosto, FCAS Statistical Plans for Property/Casualty Insurers Virginia R. Prevosto, FCAS 201 STATISTICAL PLANS FOR PROPERTY / CASUALTY INSURERS by Virginia R. Prevosto, FCAS, MAAA Abstract This paper reviews the genesis

More information

FASB issues enhanced disclosure guidance for insurer claim liabilities

FASB issues enhanced disclosure guidance for insurer claim liabilities No. US2015-10 June 18, 2015 What s inside: Background... 1 Summary of key provisions... 1 Detail of key provisions... 2 Scope... 3 Rollforward interim disclosure requirements... 3 Claims development table

More information

American International Group, Inc. Financial Supplement Fourth Quarter 2005

American International Group, Inc. Financial Supplement Fourth Quarter 2005 Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.

More information

Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/)

Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/) Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/) ACTUAL CASH VALUE A form of insurance that pays damages equal to the replacement value of damaged property

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

pwc.com.au NT WorkSafe Actuarial review of Northern Territory workers compensation scheme as at June 2014

pwc.com.au NT WorkSafe Actuarial review of Northern Territory workers compensation scheme as at June 2014 pwc.com.au NT WorkSafe Actuarial review of Northern Territory workers compensation scheme as at June 2014 30 June 2013 Key findings Funding ratio The following table shows the funding ratio for the scheme

More information

Reserving for Extended Reporting Endorsement Coverage, Including the Death, Disability, and Retirement Policy Provision

Reserving for Extended Reporting Endorsement Coverage, Including the Death, Disability, and Retirement Policy Provision Including the Death, Disability, and Retirement Policy Provision Susan J. Forray, FCAS, MAAA Abstract. Writers of physicians professional liability (PPL) claims-made coverage typically offer a death, disability

More information

An Actuarial. Advantage. Maximizing the Benefit of an Actuarial Analysis. Prepared by: SIGMA Actuarial Consulting Group, Inc.

An Actuarial. Advantage. Maximizing the Benefit of an Actuarial Analysis. Prepared by: SIGMA Actuarial Consulting Group, Inc. An Actuarial Advantage Maximizing the Benefit of an Actuarial Analysis Prepared by: SIGMA Actuarial Consulting Group, Inc. An Actuarial Advantage Maximizing the Benefit of an Actuarial Analysis Copyright

More information

ANNUAL INDUSTRY-WIDE ADJUSTMENT OF RATES FOR BASIC COVERAGE EFFECTIVE NOVEMBER 1, 2013 SECTION 4 OF THE AUTOMOBILE INSURANCE PREMIUMS REGULATION

ANNUAL INDUSTRY-WIDE ADJUSTMENT OF RATES FOR BASIC COVERAGE EFFECTIVE NOVEMBER 1, 2013 SECTION 4 OF THE AUTOMOBILE INSURANCE PREMIUMS REGULATION ANNUAL INDUSTRY-WIDE ADJUSTMENT OF RATES FOR BASIC COVERAGE EFFECTIVE NOVEMBER 1, 2013 SECTION 4 OF THE AUTOMOBILE INSURANCE PREMIUMS REGULATION ALBERTA AUTOMOBILE INSURANCE RATE BOARD BOARD DECISION REPORT

More information