PROCEEDINGS May 15, 16, 17, 18, 2005 - Casualty Actuarial Society

2005 PROCEEDINGSCONTENTS OF VOLUME XCIIPAPERS PRESENTED AT THE 2005 CAS SPRING MEETINGPageAn Examination of the Influence of Leading Actuarial JournalsL. Lee Colquitt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Riskiness Leverage ModelsRodney E. Kreps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Discussion by Robert A. Bear . . . . . . . . . . . . . . . . . . . . . . . . 61Why Larger Risks Have Smaller Insurance ChargesIra L. Robbin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89ADDRESS TO NEW MEMBERS—MAY 16, 2005“The Meaning of Life, the Universe, and All That”Allan M. Kaufman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150MINUTES OF THE 2005 CAS SPRING MEETING . . . . . . . . . . . . . . . . 157PAPERS PRESENTED AT THE 2005 CAS ANNUAL MEETINGModeling Financial Scenarios: A Framework for the ActuarialProfessionKevin C. Ahlgrim, Stephen P. D’Arcy, andRichard W. Gorvett . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177When Can Accident Years Be Regarded as DevelopmentYears?Glen Barnett, Ben Zehnwirth, and EugeneDubossarsky. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239The Application of Fundamental Valuation Principles toProperty/Casualty Insurance CompaniesWayne E. Blackburn, Derek A. Jones, Joy A.Schwartzman, and Dov Seigman. . . . . . . . . . . . . . . . . . . . . 257A New Method of Estimating Loss ReservesColin M. Ramsay. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462A Modern Architecture for Residential Property InsuranceRatemakingJohn W. Rollins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486III