Aging in america potential impacts in property casualty risk management
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Aging in America Potential Impacts in Property Casualty Risk Management. Christopher S. Carlson, FCAS, MAAA July 14 th , 2014. Property Casualty Lines with Potential Impact. Workers’ Compensation Automobile Homeowners. Workers’ Compensation.

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Aging in America Potential Impacts in Property Casualty Risk Management

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Aging in AmericaPotential Impacts in Property Casualty Risk Management

Christopher S. Carlson, FCAS, MAAA

July 14th, 2014


Property Casualty Lines with Potential Impact

  • Workers’ Compensation

  • Automobile

  • Homeowners


Workers’ Compensation

Provides benefits to injured workers and their eligible survivors for:

  • Wage replacement (Indemnity)

  • Future related medical costs


Workers’ Compensation

Many injured worker claims are short duration but some may remain active for 50 or more years.

After 7 years following the close of a year’s accidents , about 12% of Indemnity payments remain and about 22% of future Medical payments remain.


Increased Longevity Impacts in Worker’s Compensation

  • Longer than initially anticipated payout horizon when premiums established

    • Cost of Living Adjustment (COLA) impacts

  • Potential increased medical costs due to

    • Duration (especially pharmaceutical costs)

    • Higher cost of newer treatments


Automobile

  • Original no-fault laws provided unlimited medical benefits

    • Many states adopted limitations

    • Only remaining unlimited state – Michigan

    • Issues similar to workers’ compensation

  • Increased # of older drivers and at older ages

    • Possible increased accident frequency (decreased reaction times, etc.)

    • Increased related medical costs


Homeowners

  • Many insurers provide discounts to retirees due to increase daytime occupancy

  • Impact of increased longevity uncertain


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