Casualty Practice Council (CPC) Vice Chairperson, Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Stephen Koca presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in 2023.
( )The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.
( )The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Since the initial publication of the Cyber Risk Toolkit, this document has been updated to include the “War, Cyberterrorism, and Cyber Insurance” section and the “Cyber Risk Resource Guide” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.
( )The Academy's Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events.
( )The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Cyber risk issues have been in the news regularly recently, and those using the toolkit can benefit from the perspectives offered in the papers.
( )States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined.
( )Updated monograph on the National Flood Insurance Program and related issues, with new data from the 2019 hurricane season.
( )A new paper has been published, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. Produced by the Committee on Property and Liabi8lity Financial Reporting, this document replaces an earlier paper on the same subject.
( )The Committee on Property and Liability Financial Reporting has issued a set of questions and answers about the impact of the coronavirus pandemic on P/C financial reporting.
( )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.
( )Updated monograph on the National Flood Insurance Program and related issues, with new data from 2017 and 2018 hurricane seasons.
( )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.
( )Cyber Risk Task Force resource guide to help actuaries understand cyber risk and related insurance issues
( )Travel Insurance Task Force monograph on travel insurance from an actuarial perspective. (
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Extreme Events and Property Lines Committee monograph on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks. (
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Academy Essential Elements paper on the tax treatment of pensions and insurance protections, and the potential public policy trade-offs of changes to the tax code. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
Flood Insurance Work Group monograph on the National Flood Insurance Program (NFIP) that examines key issues surrounding the NFIP, including rising sea levels, the differences between the NFIP and private-sector insurance, and its role in flood management and recovery after catastrophic events. (
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Committee on Property & Liability Financial Reporting (COPLFR) overview providing information on effective use of actuarial loss reserves expertise by audit committees and boards. (
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Medical Professional Liability Insurance Committee fact sheet on medical professional liability exposures. (
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This report is the product of Phase I of a multi-phase project commissioned by the Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries' Property/Casualty Extreme Events Committee and prepared by Solterra Solutions, with input from the CAS's Climate Index Working Group. With this project, the actuarial organizations are responding to the emerging risk of climate change by collaborating to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.
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