They’re Back! Actuarial Society, Under Pressure, Reinstates Ratemaking Rules
Less than a month ago, the prospect that long-held principles of actuarial ratemaking would survive an action by the Casualty Actuarial Society board of directors to rescind them seemed like a long shot.
But facing continuing pressure from actuaries representing regulatory agencies and consumer interests, the CAS announced a reversal May 7. The reversal came after the CAS had confirmed the rescission on April 1.
The reinstatement restores language ratemaking actuaries and regulators have followed for years: “A rate is reasonable and not excessive, inadequate, or unfairly discriminatory if it is an actuarially sound estimate of the expect value of all future costs associated with individual risk transfer.”
Actuarial Science Actuarial Science
Actuarial science is a specialization in the mathematics major tailored to students interested in a career as an insurance or pension actuary. The specialization focuses on a collection of mathematical and statistical techniques that make it possible to calculate the monetary value of uncertain future events.
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Mathematics and statistics courses introduce new ways of thinking and develop discipline in carefully expressing these thoughts through problem solutions or carefully written arguments. Beginning with calculus, all mathematics courses are taught in small sections to ensure an appropriate level of personal attention. Students utilize various software tools that are available in the Math Science Computer Lab and in other computer labs across campus.
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Eduard Alpin joins Resilience as Chief Actuary
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SAN FRANCISCO, April 14, 2021 /PRNewswire/ Resilience Cyber Insurance Solutions continues to build its leadership team naming Eduard Alpin as Chief Actuary. Alpin, joined Resilience effective April 12, bringing experience from a variety of risk management and actuarial positions, most recently as the Director of Cyber Solutions at Verisk Analytics, a data analytics and risk assessment firm. He led the ISO Cyber Rating Plan development and launched the Cyber Data Exchange, a first-of-its-kind global data-sharing platform. Alpin s addition signals Resilience s consistent growth trajectory over the last months and highlights the broadening of in-house expertise in the company providing cyber coverage and security services exclusively to the middle-market.
AM Best : to Join Panel at Midwest Actuarial Forum s Spring Meeting
03/03/2021 | 02:55pm EDT
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AM Best will participate in a panel discussion on actuarial communication to senior management and boards during the Midwest Actuarial Forum’s (MAF) spring meeting, taking place March 4-5, 2021.
Daniel J. Ryan, an AM Best senior director, will take part in the panel discussion, which will explore the actuarial standard of practice with respect to actuarial communications. The event also will look at the role of the board and how it fits into a company’s enterprise risk management (ERM) strategy, how to assess ERM effectiveness and AM Best’s perspective on effective ERM. The panel discussion will take place at 11 a.m. (CST) on Friday, March 5. Dan Ryan is responsible for the credit analysis and the assignment of Best’s Credit Ratings on nearly 200 insurance organizations, and directs the rating activities on domestic and foreign captive i