When I was a Chief Risk Officer, I needed a method to help me quickly decide how to allocate my time and resources. The result was the acronym “SAGE.” “SAGE” stands for “Survive, Achieve, Grow, and Expand.” The order is important, not just to make the acronym work, but because that is the order in […]
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Entries by Huggins_Actuarial
Enterprise risk management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization’s capital and earnings. If something is important to a company, it will be in the performance metrics for management’s bonus. If you want staff or budget […]
Loss Reserves are generally the largest liability listed on an insurance company’s balance sheet. Loss Reserves are amounts set aside to pay for all claims that have already occurred, whether reported or not, that the company is obligated to pay in the future. In the past, a high percentage of property/casualty insurance company insolvencies have […]
“What is IBNR” is likely the most asked question of actuaries at a Board of Directors meeting. Huggins’ actuaries often are asked the question, so we decided to put together this short, printable explanation. Even if you already understand IBNR, this short narrative might enable you to save some time. Feel free to share it with others, including […]
Climate Change is a Relative Concept – Why We Should Pay Attention to the Actuaries Climate Index (ACI) Measuring Climate Change Headlines from a News Release on August 1, 2018 by US and Canadian Actuarial Organizations: Fall 2017 Data Reveal Extreme Weather Frequency and Sea Level Changes Continue to Drive Composite Index Values Higher […]
OVERVIEW When Huggins’ actuaries create an Economic Capital Model, they use a state-of-the-art modeling platform designed by actuaries and other insurance professionals that is widely known as an industry standard. These models are used to predict profits, policyholder surplus, income and other financial metrics over a pre-determined timeframe. In order to reflect uncertainty in the […]
California REG-2017-0001 – Actuarial & Financial Implications Regarding Workers’ Compensation High-Deductible Policies The New Requirements: REG-2017-0001 is an effort by the California Insurance Commissioner and Department of Insurance to protect California workers by decreasing the risk of insurer insolvency via new regulations concerning workers’ compensation high-deductible policies. The proposed regulation will require the insurer […]
How Driverless Cars Affect the Auto Insurance Industry by James Chang, FCAS, CPCU, ARe, MAAA and Kim E. Piersol, FCAS, MAAA The American public has mixed feelings about giving up control of their cars’ steering wheels. Despite the enthusiasm with which autonomous vehicles are being developed by auto manufacturers and technology companies, recent polls show […]
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