risk_09dec01.pdfVIP

Risk Management in the Insurance Industry December 2001 NAIC Meeting Session 7a Sunday, December 9, 2001 Copyright © 2001 by the American Academy of Actuaries. NAIC December 2001 1 Panelists Moderator: Andrea M. Sweeny, FCAS, MAAA Casualty Actuarial Assistance LLC Presenters: P C – Jerry Miccolis, FCAS, MAAA Tillinghast – Towers Perrin Health – Donna Novak, ASA, MAAA MMC Life – Dave Sandberg, FSA, MAAA Allianz Life Overview • Outline some framework for assessing insurance company risk in an organized way • Provide some concrete examples/models for risk management for: -specific risks -use in day to day company decision making -integrated insurance company risk Overview (continued) • Look at risk management structures in the light of the 9/11 and subsequent terrorist events • Outline some of the stresses/impediments in designing a good risk management process • Summarize some recent insurance industry findings • Highlight area of research and sources for more information We Hope You Will Take Away • A sense of the structure of an insurance company risk management process • An understanding of the importance of an integrated program • An indication of the volume and kinds of research being done and of how to tap the work that has been completed to date Risk Management Practices in the Property/Casualty Industry Jerry Miccolis, FCAS, MAAA Tillinghast – Towers Perrin Copyright © 2