Casualty Loss Reserve Seminar Washington, DC September 17-18, 2008 Intl1: International Reserving Issues Stewart Mitchell INSTRUCTIONS This template is.

Slides:

Advertisements

Similar presentations

Area Agencies on Aging Insurance and Risk Management Issues by Jeff Cole McNeary Consulting Services.

Advertisements

Microsoft ® Office Word 2007 Training Header and footer basics Sweetwater ISD presents:

Insurance Premium Risk, Competition and the Insurance Cycle George Maher.

1 PROVISIONS FOR PROFIT AND CONTINGENCIES (MIS-35) Seminar on Ratemaking Nashville, TNRuss Bingham March 11-12, 1999Hartford Financial Services.

Why Lloyd’s?. © Lloyd’s 2007Why Lloyd's?2 The world’s leading specialist insurance market 93% of Dow Jones Industrial Average companies 92% of FTSE 100.

The Underwriting Cycle Are Loss Reserves Reasonable in Light of Potential Underwriting Cycle Biases? December 2, 2011 PwC Actuarial and Insurance Management.

1 Math 479/568 Casualty Actuarial Mathematics Fall 2014 University of Illinois at Urbana-Champaign Professor Rick Gorvett Session 3: Economics and Insurance.

PRICING ISSUES IN GROUP LIFE ASSURANCE By David Mureriwa 15 April 2015.

Lloyd’s Strategy January © Lloyd’s2 Lloyd’s vision Key Characteristics A subscription market backed by mutual security A broker market;

Casualty Loss Reserve Seminar September 23-24, 2002 Surety Bonds – A General Overview By Richard Meyerholz Vice President Underwriting.

JUN 8 – 10, Title Slide JUN 8 – 10, Getting Employee Benefits and Pension Programs into your Captive.

McGraw-Hill/Irwin The Interactive Computing Series © 2002 The McGraw-Hill Companies, Inc. All rights reserved. Microsoft PowerPoint 2002 Creating a Custom.

AAAlexandra Vincenti. © Lloyd’sPresentation name 00 July Overview of Lloyd’s Origins in a 17 th Century coffee house Home to over 50 managing agents.

Chapter-06 Insurance company operations

Should There Be A National Reinsurance Catastrophe Pool ? May 8, 2006 Mary Z. Seidel Reinsurance Association of America.

The Role of the Actuary in a General Insurance Company Yangon, Myanmar 14 July 2014 Scott Yen.

Introduction to Reinsurance Reserving Casualty Loss Reserve Seminar Washington, D.C. September 23, 2002 Bruce D. Fell, FCAS, MAAA Am-Re Consultants, Inc.

Pricing Actuaries – Adding Value in a Softening Market Ana Mata, PhD, ACAS Spring CAE Meeting London, 22 May 2008 Mat β las Underwriting and Actuarial.

Brown & Brown Plants Its Flag in the United Kingdom.

The Actuary In Ceded Reinsurance: Non-Actuarial Considerations CAS Seminar On Reinsurance June 2-4, 2002 Tarrytown, New York Edward P. Lotkowski, FCAS.

Reserving and Pricing in Liability Insurance 2 nd International Istanbul Insurance Conference 30 September 2010 Prepared by Thomas Cordier, FCAS, FIA Aon.

® Aon Energy Course Wednesday 6 th July ® AIM Introduction Underwriter & Underwriting Underwriting – Tools Conclusion.

Abcd 2001 Healthcare Conference Learning from Experience October 2001 © Peter Turvey.

Slide 1 Trend Sources and Techniques, A Comparison of US and European Methods Trending of Premium and Claims A Reinsurer’s Perspective FIT FOR PURPOSE.

A Tutorial about the PPD Reform Tracking Tool on FileMaker Public-Private Dialogue.

Recent Trends in Catastrophe Risk Pricing. 2  How do reinsurers price Catastrophe Risk ?  Trends in Catastrophe pricing in 2005  How has the market.

GEM A Progress Report September 27, A Brief History Governmental Entities Mutual, Inc. (GEM) is a captive domiciled in Washington, DC Incorporated.

Intensive Actuarial Training for Bulgaria January 2007 Lecture 11 – Reinsurance By Michael Sze, PhD, FSA, CFA.

Sample GEN 1A Questions. Insurance operates by paying the claims of the few from the premiums of many. This is known as : This is known as : A actuarial.

CPM EVM World 2015 Rights Reserved by the Organization on the Cover Page EVM World 2015 CPM-100: Principles of Earned Value Management Lesson A: Principles.

Role of the Reinsurance Industry in the Management of Catastrophe Related Risks Dr. Anselm Smolka Geo Risks Research Munich Reinsurance Company Global.

Click to edit Master title style Casualty Loss Reserving Seminar – San Diego, CA September 10 – 11, INSURANCE AND ACTUARIAL.

PRESENTATION 2014 Name of Presenter Subtitle, if needed.

Managing the UW Cycle CARe Hamilton Bermuda June 2005 John Doucette.

Overview of Insurance Operations Types of Insurers Risk Transfer Process Objectives of Insurers Constraints of Achieving Objectives Measurement of Insurer.

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate The General Insurance Market in New Zealand - Changes that have taken place during 2001/2002.

INTRODUCTION TO REINSURANCE NOLAN ASCH CAS RATEMAKING SEMINAR MARCH 10-11, 2005 INT-6.

Casualty Actuarial Society ERM for the CAS. Centennial Goal The CAS will be recognized globally as a leading resource in educating casualty actuaries.

1999 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (MIS - 32) BETH FITZGERALD, FCAS, MAAA.

OESAI COMPREHENSIVE LIFE INSURANCE TECHNICAL TRAINING.

By: Aakash Mishra, General Manager Island Life Assurance Co Ltd Mauritius at OESAI LIFE INSURANCE TECHNICAL TRAINING, TANZANIA - 11 th Nov 2015 Pricing.

2004 Hurricane Season Recap and Observations May 2005 CAS Meeting.

2004 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (COM - 4) BETH FITZGERALD, FCAS, MAAA.

Best Insurance Jobs, Their Pay, & Qualifications The top careers in the insurance field offer stability, interesting work, and great pay. This category.

OESAI COMPREHENSIVE LIFE INSURANCE TECHNICAL TRAINING

Finance 431: Property-Liability Insurance Lecture 8: Reinsurance.

24th India Fellowship Seminar

1999 CAS RATEMAKING SEMINAR Product Development (MIS - 32) Ron Latva.

TEAM FINANCE Allianz Group 1 Broadening The Audience Actuarial Interaction With Chief Financial Officers 2002 Casualty Loss Reserve Seminar September 23,

Casualty Actuarial Society Seminar on Reinsurance June 7, 1999 Peter Kellogg Chubb Re Inc. Problems of the Past, Lessons Learned Chubb Re.

Word 2010 Headers and Footers You can make your document look professional and polished by utilizing headers and footers. The header is a section of the.

XP Adding Headers and Footers Text that is printed at the top of every page is called a header A footer is text that is printed at the bottom of every.

HUA Plc Presentation - Results for year ended 31 st December 2006 Page 1 Heritage Underwriting Agency Plc Presentation Results for the year ended 31 December.

Leadership and Change for Energy Efficiency in Accounting and Management Module 7 INSTRUCTIONS This template is designed for projected presentations and.

About this template 1 This MHPOD presentation template has two slide masters and five slide layouts. The Slide Layouts palette can be opened from the.

Energy Efficiency Two Day Seminar Introduction INSTRUCTIONS This template is designed for projected presentations and printed handouts only. The template.

Current Issues in General Insurance 29th April, 2002 State of the London Market David Lang Limit Underwriting Limited.

Unlocking Gold's Potential- IMC Event- 22nd Dec.2016

INTRODUCTION TO REINSURANCE

PRACTICE OF REINSURANCE IN BANGLADESH 19th November 2016

Eleanor Haupt Susan Wood

Overview of Insurance Operations

Hurricane Cat Modeling: Tightrope or Catwalk?

Insurance Collective Update

Themes MOAC Lesson 4.

Title: EVM World 2016 Name of Presenter Company

Title: IPM Workshop 2015 Name of Presenter Company

Title: Name of Presenter Company and Telephone number Date:

Why choose a career in the insurance industry?

Establish the Price: Rating

Presentation transcript:

Casualty Loss Reserve Seminar Washington, DC September 17-18, 2008 Intl1: International Reserving Issues Stewart Mitchell INSTRUCTIONS This template is designed for onscreen presentations and printed handouts only. The template provides the option of either a grey or white background. How to change colour palette: Format menu > Slide Design… > Color Schemes Choose the desired colour scheme and use the dropdown option to select Apply to All Slides. Guidance on formatting the beam is available in the notes pages of this document.

September 17-18, 2008CAS Loss Reserving SeminarPage 2 Reserving from a London Market perspective Agenda ► What is Lloyd's and the London Market? ► Cultural observations on the London Market ► Current reserving issues in the London Market ► Impact of the softening market on reserving INSTRUCTIONS Apply a pattern fill to text slides created with a grey background by changing the design template. How to change design template: Format menu > Slide Design… > Design Template Choose the desired design and use the dropdown option to select Apply to Selected Slides. PATTERNS SHOULD NOT BE USED WITH THE WHITE BACKGROUND Update the Presentation title and Date from the Header and Footer… option from the View menu.

September 17-18, 2008CAS Loss Reserving SeminarPage 3 What is Lloyd’s? INSTRUCTIONS Apply a pattern fill to text slides created with a grey background by changing the design template. How to change design template: Format menu > Slide Design… > Design Template Choose the desired design and use the dropdown option to select Apply to Selected Slides. PATTERNS SHOULD NOT BE USED WITH THE WHITE BACKGROUND Update the Presentation title and Date from the Header and Footer… option from the View menu. Straw poll of Lloyd’s  What are your perceptions?

September 17-18, 2008CAS Loss Reserving SeminarPage 4 What is Lloyd's? Positive ► 320 year history ► Unrivalled promise to pay claims (1906 San Francisco earthquake) Negative ► Opaque ► Complex

September 17-18, 2008CAS Loss Reserving SeminarPage 5 Lloyd’s (of London) ► 17th century coffee shop ► Market not a company ► Landlord and regulator ► Statistics ► 72 Syndicates, 46 Managing Agents ► $14bn capacity ► 40% of income from the US ► 2nd largest surplus lines insurer ► 5th largest global reinsurer

September 17-18, 2008CAS Loss Reserving SeminarPage 6 What is the London Market? The London insurance market is a collective term for the insurance companies, including Lloyd's of London, which issue policies out of London. It is a subscription market whereby a number of insurers may well participate in smaller individual shares on each policy. Each insurer's participation on that policy is a separate contract of insurance.

September 17-18, 2008CAS Loss Reserving SeminarPage 7 Cultural observations on the London Market ► Subscription market – leader/follower ► Entrepreneurial vs One man band ► The underwriter was king ► ‘Relationship’ underwriting and brokers ► The underwriter is still king ► ‘Embeddedness’ of actuarial skills

September 17-18, 2008CAS Loss Reserving SeminarPage 8 Current reserving issues in the London Market ► KRW ► Subprime/credit crunch ► Risk losses in first half of 2008 ► 2008 Hurricane season ► Approaches to reserving: ► Top down ► Bottom up

September 17-18, 2008CAS Loss Reserving SeminarPage 9 The insurance cycle ► Key reasons for cycle ► Supply/demand ► Not a perfect market ► Large loss impacts and “pay-back” ► Macro impacts e.g. recession ► Relative attractiveness compared to other investments Profits – top of cycle Losses – bottom of cycle

September 17-18, 2008CAS Loss Reserving SeminarPage 10 Impact of the softening market on reserving Our recent survey highlighted: ► Underestimation of rate changes ► Price vs Terms & Conditions

September 17-18, 2008CAS Loss Reserving SeminarPage 11 Underestimation of rate changes 73% respondents believe they will underestimate the softening of rates ► New business ► Not all business monitored ► Underwriter ‘optimism’

September 17-18, 2008CAS Loss Reserving SeminarPage 12 Price vs Terms & Conditions ► competition on price to date ► competition on T&C going forward ► deductibles ► removal of exclusions ► monitoring the impact of changes in T&C

September 17-18, 2008CAS Loss Reserving SeminarPage 13 Impact on reserving Roll forward of loss picks leading to under-reserving? ► Rate MI under cooking true rate reductions ► Changes in T&C not being captured

September 17-18, 2008CAS Loss Reserving SeminarPage 14 Any questions?

Casualty Loss Reserve Seminar Washington, DC September 17-18, 2008 Thank you