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

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516 ARCHITECTURE FOR RESIDENTIAL PROPERTY INSURANCE RATEMAKINGFor the fire peril, two sets of geographic factors may apply–a construction/PPC factor and a territory rating factor. A solidargument can be made for the elimination of territory factorsin fire once construction/PPC factors are redefined to apply tothe fire-only partial base rate. On the other hand, regional ordemographic differences in loss costs may persist even after adjustingfor the level of fire protection by area. This case studyfound enough variation in fire hazards among territories to justifycontinued use of a territory rating factor in addition to theconstruction/PPC factor.All peril-specific actuarial considerations must be weighed inpromulgating revised territory definitions. In addition, practicalconsiderations favor having a single set of boundaries, and thoseboundaries being determined by landmarks (such as major roadsand bodies of water) that are recognizable to salespeople andconsumers. In summary, territory boundaries are based on theintersection of all of the following geographic data sets:1. Actuarially defined contours reflecting loss cost gradientsby peril and convenient landmarks that are locatedclose to the modeled contours;2. Classical (existing) company territory definitions, whichsegregate barrier islands and some coastal areas;3. ISO territory definitions (which generally follow countylines, with some municipalities and a few barrier islandsseparated);4. Existing county lines.Consideration of existing company territory boundaries is extremelyimportant for the processes of transitioning individualpolicy/location records to the new lines. A one-to-many relationshipbetween each existing territory and the new territoriesallows a simple “lookup” rather than a geo-coding exercise inpolicy management systems. Likewise, consideration of existing
ARCHITECTURE FOR RESIDENTIAL PROPERTY INSURANCE RATEMAKING 517FIGURE 4advisory organization lines is valuable for implementing statisticalreporting under the modern rating architecture.Overlaying all of the listed data sets geographically produced187 new distinct territories. 17 Figure 4 maps this set of proposedterritory definitions.Analysis of loss cost gradients for non-hurricane perils indicatedthat no significant actuarial advantage (reflecting steep17 To facilitate coding and statistical conversion, existing three-digit codes are redefinedas the county code (01-67) plus a third digit of 1 for the territory closest to the coast,followedby2,3,:::further inland, or 0 for a county which contains only one territory.
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VOLUME XCII NUMBERS 176 and 177PROC
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FOREWORDActuarial science originate
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2005 PROCEEDINGSCONTENTS OF VOLUME
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2005 PROCEEDINGSCONTENTS OF VOLUME
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Editorial Committee, Proceedings Ed
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2 AN EXAMINATION OF THE INFLUENCE O
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10 AN EXAMINATION OF THE INFLUENCE
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AN EXAMINATION OF THE INFLUENCE OF
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RISKINESS LEVERAGE MODELSRODNEY KRE
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RISKINESS LEVERAGE MODELS 33There a
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RISKINESS LEVERAGE MODELS 35where f
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RISKINESS LEVERAGE MODELS 37where a
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RISKINESS LEVERAGE MODELS 39Various
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RISKINESS LEVERAGE MODELS 41Then, f
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RISKINESS LEVERAGE MODELS 47differe
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RISKINESS LEVERAGE MODELS 49The las
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RISKINESS LEVERAGE MODELS 51ple. Th
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RISKINESS LEVERAGE MODELS 53the TVA
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RISKINESS LEVERAGE MODELS 55We also
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RISKINESS LEVERAGE MODELS 57Mean Va
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RISKINESS LEVERAGE MODELS 59APPENDI
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DISCUSSION OF A PAPER PRESENTED AT
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RISKINESS LEVERAGE MODELS 63known t
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RISKINESS LEVERAGE MODELS 65to be a
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RISKINESS LEVERAGE MODELS 67implies
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RISKINESS LEVERAGE MODELS 69bad res
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RISKINESS LEVERAGE MODELS 71a maxim
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RISKINESS LEVERAGE MODELS 734. INTE
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RISKINESS LEVERAGE MODELS 79REFEREN
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RISKINESS LEVERAGE MODELS 81EXHIBIT
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RISKINESS LEVERAGE MODELS 83
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WHY LARGER RISKS HAVE SMALLER INSUR
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ADDRESS TO NEW MEMBERS 151ateship a
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ADDRESS TO NEW MEMBERS 153You shoul
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ADDRESS TO NEW MEMBERS 155strength
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MINUTES OF THE 2005 CAS SPRING MEET
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MINUTES OF THE 2005 SPRING MEETING
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Volume XCII, Part 2 No. 177PROCEEDI
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MODELING FINANCIAL SCENARIOS 179Bab
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MODELING FINANCIAL SCENARIOS 237[30
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WHEN CAN ACCIDENT YEARS BE REGARDED
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THE APPLICATION OF FUNDAMENTAL VALU
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A NEW METHOD OF ESTIMATING LOSS RES
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ARCHITECTURE FOR RESIDENTIAL PROPER
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ESTIMATING THE WORKERS COMPENSATION
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INCORPORATION OF FIXED EXPENSESGEOF
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DISCUSSION OF PAPER PUBLISHED INVOL
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APPLICATION OF THE OPTION MARKET PA
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THE “MODIFIED BORNHUETTER-FERGUSO
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ADDRESS TO NEW MEMBERS-NOVEMBER 14,
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ADDRESS TO NEW MEMBERS 743Now to an
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PRESIDENTIAL ADDRESS-NOVEMBER 14, 2
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PRESIDENTIAL ADDRESS 747use of thes
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PRESIDENTIAL ADDRESS 749just lookin
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PRESIDENTIAL ADDRESS 751The quantif
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PRESIDENTIAL ADDRESS 753me keep my
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MINUTES OF THE 2005 CAS ANNUAL MEET
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MINUTES OF THE 2005 ANNUAL MEETING
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REPORT OF THE VICE PRESIDENT—ADMI
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REPORT OF THE VICE PRESIDENT-ADMINI
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2005 EXAMINATIONS—SUCCESSFUL CAND
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OBITUARIESROBERT GRANT ESPIECLYDE H
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OBITUARIES 825SIDNEY M. HAMMER1931
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OBITUARIES 827J. GARY LaROSE1947—
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OBITUARIES 829PAUL J. SCHEEL SR.193
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OBITUARIES 831LEO M. STANKUSCirca 1
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INDEX TO VOLUME XCIIPage2005 EXAMIN
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835GRAVES, CLYDE H.INDEX—CONTINUE
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837INDEX—CONTINUEDREPORT OF THE V
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PROCEEDINGS May 15, 16, 17, 18, 2005 - Casualty Actuarial Society

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