Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar...
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![Page 1: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/1.jpg)
Casualty Loss Reserve Seminar
Actuarial & Insurance Services Risk Management Consulting Group
Actuary and Risk Manager -- A New Relationship
Casualty Loss Reserve SeminarSeptember 18, 2000
![Page 2: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/2.jpg)
2Casualty Loss Reserve Seminar
Introduction
Introduction
Partners
Examples
Opportunities
Evolution
![Page 3: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/3.jpg)
3Casualty Loss Reserve Seminar
Evolution
Introduction
Partners
Examples
Opportunities
Evolution
![Page 4: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/4.jpg)
4Casualty Loss Reserve Seminar
Evolution of the Risk Manager
The Insurance Administrator
The Insurance Buyer
The Manager of Risk
The Enterprise Risk Manager
The Chief Risk Officer
![Page 5: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/5.jpg)
5Casualty Loss Reserve Seminar
Evolution of the Risk Manager
InsuranceAdministrator
InsuranceBuyer
EnterpriseRisk
Manager
• Insurance Agent purchases insurance
• Insurance Administrator Pays the Premiums
• Handles other Administrative Activities
Certificates
Auto Cards
• Management began to notice expense of insurance on income statement
• Ins. Admin. was put in charge of reducing the price
• Cost of insurance continued to increase
• Ins. Buyer began to look for reduction opportunities
Reduce Losses
Manage claims
Alternative risk financing
• Stepping beyond just property and casualty
• Risk is risk, whether fortuitous with no opportunity for gain, or other business risk
• Board becomes aware of the significance of managing risk, and elevates the status of risk managers within the organization
Key Activities
Today
RiskManager
ChiefRiskOfficer
![Page 6: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/6.jpg)
6Casualty Loss Reserve Seminar
Partners
Introduction
Partners
Examples
Opportunities
Evolution
![Page 7: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/7.jpg)
7Casualty Loss Reserve Seminar
Partners
Insurer
Risk Manager
Actuary
Insurance Broker
![Page 8: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/8.jpg)
8Casualty Loss Reserve Seminar
Partners
A well conducted actuarial analysis can
be one of the most valuable decision-
making tools available
![Page 9: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/9.jpg)
9Casualty Loss Reserve Seminar
Partners
Actuary’s involvement in renewal process Independence working for the risk manager
Better knowledge of risk portfolio
Adds credibility to the process
Supports reasonableness of premiums
![Page 10: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/10.jpg)
10Casualty Loss Reserve Seminar
Examples
Introduction
Partners
Examples
Opportunities
Evolution
![Page 11: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/11.jpg)
11Casualty Loss Reserve Seminar
Examples
Quantify retained losses
Aid in program structure
Allocate cost of risk
Evaluate mergers & acquisitions
Verify letters of credit
![Page 12: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/12.jpg)
12Casualty Loss Reserve Seminar
Examples
Captive Insurance Subsidiaries
Balance Sheet Reserves
Loss Projections
Premium Reasonableness
Portfolio Transfer
Funding of Retentions
![Page 13: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/13.jpg)
13Casualty Loss Reserve Seminar
Opportunities
Introduction
Partners
Examples
Opportunities
Evolution
![Page 14: Actuarial & Insurance Services Risk Management Consulting Group Casualty Loss Reserve Seminar Actuary and Risk Manager -- A New Relationship Casualty Loss.](https://reader036.fdocuments.in/reader036/viewer/2022072014/56649eaa5503460f94bafea2/html5/thumbnails/14.jpg)
14Casualty Loss Reserve Seminar
Opportunities
ANNUALLY?? Update previous loss analyses
Evaluate impact of changes to corporation
Compare to current market conditions
MARKETPLACE PRODUCTS Asbestos Liabilities
Other Environmental Liabilities
Loss Portfolio Transfers