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Publication Date: 21 Apr 2025
Publication Site: Treasury Dept
All about risk
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Publication Date: 21 Apr 2025
Publication Site: Treasury Dept
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Publication Date: 11 Apr 2025
Publication Site: Treasury Dept
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Publication Date: 10 Apr 2025
Publication Site: Treasury Dept
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Publication Date: 9 Apr 2025
Publication Site: Treasury Dept
Link: https://ar.casact.org/modeling-the-casualty-exposures-in-epidemics/
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A casualty actuary might be forgiven for thinking that illness and disease are what those “other” actuaries worry about.
Though risk of illness is usually considered the province of the life-health actuary, a session at the 2017 CAS Annual Meeting in Anaheim, California, showed how epidemics can affect property-casualty risks. The session also described how to approach modeling those exposures.
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Milliman actuary Cody Webb, FCAS, began by demonstrating how big the insurance gap is, particularly in developing nations. He explained that the spectrum of losses ranges from minuscule (loss of a single strand of hair) to catastrophic (sudden, instant death) and can affect a single person or every entity in the universe across eons. But the insurable losses share some traits, Webb said, including:
In showing a chart of property-casualty insurance as a percentage of GDP — with the wealthier countries better insured than others — Webb noted that insurance companies need to “quantify and develop products that meet all criteria of insurability.” (See chart below.)
Author(s): James P. Lynch
Publication Date: 16 Jan 2018
Publication Site: Actuarial Review, Casualty Actuarial Society
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Publication Date: 8 Apr 2025
Publication Site: Treasury Dept
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Publication Date: 31 Mar 2025
Publication Site: Treasury Dept