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Casualty Actuarial Society Ratemaking Seminar March 11-12, 2004

Casualty Actuarial Society Ratemaking Seminar March 11-12, 2004. “What Makes a Good Rate Filing?” Timothy L. Wisecarver, FCAS, MAAA, FCA. CAS Ratemaking Seminar What Makes a Good Rate Filing?. For Purposes of This Discussion, “Rate Filing” Will Mean –

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Casualty Actuarial Society Ratemaking Seminar March 11-12, 2004

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  1. Casualty Actuarial SocietyRatemaking SeminarMarch 11-12, 2004 “What Makes a Good Rate Filing?” Timothy L. Wisecarver, FCAS, MAAA, FCA

  2. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • For Purposes of This Discussion, “Rate Filing” Will Mean – • Any Pricing Proposal Submitted to an Insurance Regulator(s) • This Includes but is Not Limited to: • Rate Filings • Loss Cost Filings • Classification Plan Filings • Experience Rating Plan Filings

  3. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Data • Analytical Foundations for Filings • Accessibility - To What - For Whom - How Much? • Bureau vs. Company Filings

  4. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Data • Quality • Accuracy • Completeness • Verifiability • Quantity • Credibility

  5. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Data • Breadth • Support for Alternative Analyses • Depth • Proof and Validation for Summary Data • Testing of Hypotheses, Scenarios

  6. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Analytical Foundation • Understanding the Data • Applying Data to the Filing Question(s) • Accuracy • Pertinence • Scope

  7. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Accessibility of • Filer(s) • Supporting Information • Audience Needs and Privileges May Vary • Regulator • Bureau Members • Intervenors/Other “Active” Reviewers • Insureds • General Public

  8. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Bureau Filings • Data from Many Diverse Sources • Primary Utility as a Beginning Benchmark • Often Subject to Prior Approval • Greater Public and Political Interest • Basic Analysis or Analyses • Less Judgmental Intervention in Application • Variety of Data Source Circumstances • Carrier Adaptations Yet to Come

  9. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? • Company Filings • Data from Fewer, More Similar Sources • Serve as a Final Benchmark • Often Not Subject to Prior Approval • Competition Regulates, Not Public/Political Interest • Wider Range of Possible Analysis or Analyses • More Judgmental Intervention in Application • Commonality of Data Source Circumstances • Access to Key Personnel, Strategic Information

  10. CAS Ratemaking SeminarWhat Makes a Good Rate Filing? Questions & Answers

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