Thursday, July 18, 2013

Casualty Insurers Revisit Models After Watching Sharknado

Yes, there is an actual movie called Sharknado. It stars a talented cast led by Tara Reid.  It’s getting a bunch of attention lately.

Some of that attention has reached P&C actuaries.

Wednesday, July 17, 2013

Introduction to ASOPs Says Promotion is Past Due

Recently the AAA held a webcast to discuss the recent revision to Actuarial Standards of Practice (ASOPs) where they announced that introduction to the ASOPs would henceforth be an official numbered standard.

Now, officially ASOP 1, the former introduction, while proud of the accolade, feels like it has been a long time coming.

“I mean, really, you couldn’t have the remaining ASOPs without me.  People think defining terms is inconsequential, but just ask any lawyer how important definitions are.”

The introduction began its career in 1989 as a preface. Its new rank bumped ASOP 1 to ASOP 2.  The former ASOP 1 declined to comment.