1. Presentation Title Lessons from America
Casualty Pricing
Lessons from America
James Orr
16th July 2007 London Underwriting Centre
Wednesday, 16 May 2018

2. Moderator’s Opening Remarks James Orr, Tillinghast Culture Clash
Presentation Title
Order of Play
Moderator’s Opening Remarks
James Orr, Tillinghast
Culture Clash
Doug LaCoss, Converium
Solving the Actuarial Puzzle
John Buchanan, Platinum Re
Questions & Answers
Luncheon
12:30 to 13:30
Wednesday, 16 May 2018

3. Let’s remind ourselves…
Presentation Title
Let’s remind ourselves…
Why this is so difficult
no direct measure of exposure
long lead times and slow development
inflationary effects
economic
judicial
Why this matters
APH
“laddering”, Enron, WorldCom
Wednesday, 16 May 2018

4. The value of benchmarking
Presentation Title
The value of benchmarking
Insurance cover is
unique/bespoke
rarely traded in a secondary market So
no common currency
not hedgeable
Wednesday, 16 May 2018

5. Examples of benchmarking
Presentation Title
Examples of benchmarking
GLD – Global Loss Distributions
floated in late 90s
not presently live, but much needed
CLIPS – Commercial Lines Insurance Pricing Survey
US since 2003
UK variant launching in 2006
Wednesday, 16 May 2018

6. Global Loss Distributions
Presentation Title
Global Loss Distributions
Data-sharing benchmarking
Motor and General Liability
Computing various size of loss distributions
4 scenarios for each country
Assess impact of assumptions by scenario
Benchmarking Process
Adjust data for loss development and claim inflation
Filter claims, fit curve & calculate excess factors
All-industry application of results
Wednesday, 16 May 2018

7. Global Loss Distribution – Example Exhibit
Presentation Title
Global Loss Distribution – Example Exhibit
Comparison of Actual and Fitted Data
Wednesday, 16 May 2018

8. Global Loss Distribution – Example Exhibit
Presentation Title
Global Loss Distribution – Example Exhibit
Comparison of Expected Excess Loss Cost
Wednesday, 16 May 2018

9. Global Loss Distribution – Example Exhibit
Presentation Title
Global Loss Distribution – Example Exhibit
Incurred Loss Development United Kingdom
Wednesday, 16 May 2018
Development Years

10. Head of Actuarial Pricing – UK/Ireland Converium John Buchanan, FCAS
Presentation Title
Our speakers
Doug LaCoss, FCAS
Head of Actuarial Pricing – UK/Ireland
Converium
John Buchanan, FCAS
Senior Vice President
Platinum Underwriters Reinsurance Inc
Wednesday, 16 May 2018
Doug La Coss
Worked in insurance industry since 1990
Worked in London market since 1998
Since being in London, has held positions with St Paul Re, St Paul International, GE Frankona, Swiss Re (very briefly) , and Converium, mainly in pricing
Currently head of UK/Ireland pricing for Converium, mainly working with large insurance partners and Lloyd's syndicates
Recently has become interested in learning business French, a.k.a. survival French ;-)
Was never a contestant on "Who Wants to be a Millionaire"
John Buchanan
John is an FCAS and MAAA
John is currently an SVP at Platinum Reinsurance in NYC and in charge of reinsurance pricing for various market segments. He previously was in charge of Platinum's R&D and pricing models.
Previously he worked at Tillighast for 15 years, attaining partnership. He conceptualized and led Tillinghasts reinsurance pricing efforts' including developing their reinsurance pricing system and the Global Loss Distribution project.
Previously he worked at KPMG, Peat Marwick in NYC.
He is currently leading an effort with NOAA to backfill the public record for meteorological statistics from 1850 back to the start of printing including those from his personal hero Ben Franklin.
John is undoubetedly the first actuary to include an Austin Powers soundclip at an actuarial conference on International rating topics 10 years ago.