by Michelle Bradley, ACAS, MAAA, ARM, CERA | Mar 10, 2016 | Loss Control, Loss Development and Trend
Cyber risk is likely the most significant property casualty risk to emerge in recent times. Premiums for cyber risk are growing significantly, and daily headlines bring attention to yet another major data breach affecting an entity. Most of us with credit cards have...
by Lori Ussery, Actuarial Consultant | May 1, 2014 | Loss Control, Loss Development and Trend
Loss simulations and confidence level analyses are important tools when budgeting for projected losses in the upcoming year. The projected loss pick determined by an actuary provides the expected or average value of losses, but it is also important to understand the...
by Timothy L. Coomer, Ph.D. | Feb 26, 2014 | Analytical Issues, Loss Control, Training Resources
I spent some time this week outlining a concept for my PhD dissertation. It concerns the decision process related to selecting a workers compensation large deductible policy. I’m still a long ways from getting a formal proposal written, but I loved the brainstorming...
by Timothy L. Coomer, Ph.D. | Oct 25, 2012 | Loss Control, Training Resources
This blog introduces a graphic that shows the pieces that make up “Ultimate Losses.” The ultimate losses of a policy period will typically not be known for many years. Actuaries are hired to estimate ultimate losses to help a company use appropriate reserve amounts...
by Lloyd Kelley | Aug 22, 2012 | Analytical Issues, Loss Control, Self-Insurance, Captives and Pool Issues
Decisions about risk financing are often made using one assumption about the retained losses, or at best, using a range of claims. Claims costs for future periods are a forecast that will vary to some degree. The amount of that variation is measured by estimating the...
by Al Rhodes, ACAS, MAAA | Mar 26, 2012 | Loss Control, Training Resources
A picture can be worth a thousand words. Or, in this case, a “map” can be an easy way to explain how the terminology used by actuaries fits together in one diagram. If you are a broker, you will eventually discuss with some of your clients the following...
