Distinguishing “BEST ESTIMATES” from “best estimates”

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Presentation transcript:

Distinguishing “BEST ESTIMATES” from “best estimates” Al Weller, FCA, FCAS, MAAA Insurance Services Office, Inc. 212-898-5990

Dualism Actuaries Can count Cannot count Data Random Manageable

Four Differences Business Purpose Reasonableness Reconciliation Prospective Tests

Business Purpose Engagement Definition Parties Objectives Scope Deliverables / Format Cost / Detail

Reasonableness Description Relationships Benchmarks

Reconciliation Interpretation Advice

Testing Budget Opportunities / Risk

Actuarial Organizations American Academy of Actuaries Casualty Actuarial Society Conference of Consulting Actuaries Actuarial Standards Board Actuarial Board for Counseling and Discipline Canadian Institute of Actuaries

Professionalism Code of Professional Conduct Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves Actuarial Standards of Practice issued by the Actuarial Standards Board Qualification Standards & Practice Councils

Conclusion BEST ESTIMATES best estimates

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