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 america potential impacts in property casualty risk management

Aging in AmericaPotential Impacts in Property Casualty Risk Management

Christopher S. Carlson, FCAS, MAAA

July 14th, 2014


Property casualty lines with potential impact

Property Casualty Lines with Potential Impact

  • Workers’ Compensation

  • Automobile

  • Homeowners


Workers compensation

Workers’ Compensation

Provides benefits to injured workers and their eligible survivors for:

  • Wage replacement (Indemnity)

  • Future related medical costs


Workers compensation1

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

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

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

Homeowners

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

  • Impact of increased longevity uncertain


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