Loss Reserves are generally the largest liability listed on an insurance company’s balance sheet. Loss Reserves are the amounts set aside to pay for claims that have already occurred for which the company is obligated to pay, whether they have been reported to the company or not. In the past, a high percentage of property/casualty […]
HUGGINS ACTUARIAL SERVICES, INC. IS A FULL-SERVICE, INDEPENDENT ACTUARIAL CONSULTING FIRM WITH ROOTS DATING BACK TO 1911.
Overpaying claims, known as claims leakage, is one of the major concerns for not only insurers but also for third-party administrators, self-administered organizations, and the policyholders. Every year, millions of dollars of cost are incurred by the industry due to claim leakage. There are two general factors which pave the way for claims leakage– process […]
Nearly one-third of insurers have reported that fraud was as high as 20 percent of claims costs! Fraud and abuse accounts for 5%-10% of claims costs EACH YEAR according to the Coalition Against Insurance Fraud. Many insurers are using predictive analytics to research their claims in order to discover fraudulent claims and excessive demands. Predictive […]
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 […]
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 […]
Huggins Actuarial Services, Inc.
111 Veterans Square, 3rd Floor
Media, PA 19063
Phone (610) 892-1824
Fax (610) 892-1827