Property Casualty Aspects Of ERM - Blackburn
Risk issues at property/casualty companies arise from fundamentally different risk drivers from those that affect life insurers. Non-Life ERM is far from just a clone of life-side ERM. While risk managers may employ concepts like duration, the treatment objective can be significantly different from common understandings and involve complex analyses of going-concern considerations, cash-flow volatility and liquidity issues. In addition P/C risk management critically focuses upon tail events and extreme outcomes and the intricate funding thereof. This presentation approaches risk management from the unique perspective of the general insurer, highlighting key methodological differences and recent advances in risk identification and quantification. A close look at prevailing risk metrics and presentation approaches is also provided.
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Property Casualty Aspects Of ERM - Blackburn
- 7. Projected Variability of Runoff General Liability Reserves Reviewing historical variability loss data ($000s) April 30, 2009 Subtitles are Part of Title Field, then Modified Manually (see next page) Basic historical paid loss emergence (exposure year by maturity triangle format) Scaled residual terms following from a static payment model Uncertainty of loss emergence beyond maturity time frame of compiled data, too. “tail risk” Page based on Title and Text from Slide Layout palette. Design is 01_Title with photo.
- 8. Projected Variability of Runoff General Liability Reserves April 30, 2009 Subtitles are Part of Title Field, then Modified Manually (see next page) Tabular results based on 10,000 simulations of future loss cashflows ($000s) Expected mean that might be used to book reserves as of year-end 2007 Outcome distribution that needs to be considered for risk management Page based on Title and Text from Slide Layout palette. Design is 01_Title with photo.
- 9. Projected Variability of Runoff General Liability Reserves April 30, 2009 Subtitles are Part of Title Field, then Modified Manually (see next page) Page based on Title and Text from Slide Layout palette. Design is 01_Title with photo.