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

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692 INCORPORATION OF FIXED EXPENSESology is as follows: 12Proj SW Fixed Expenses Curr=Historical CW Fixed ExpensesHistorical CW Premium¤ Proj SW Premium:¤ Expense Trend FactorThe formula for calculating the projected statewide fixed expensescollected using the proposed methodology is as follows:Proj SW Fixed Expenses Prop=Historical CW Fixed ExpensesHistorical CW Exposures¤ Proj SW Exposures:¤ Expense Trend FactorDividing the first formula by the second highlights the relativedifference between the fixed expenses produced by the two procedures:Proj SW Fixed Expenses CurrProj SW Fixed Expenses Prop=Equivalently,Historical CW ExposuresHistorical CW Premium¤Proj SW PremiumProj SW Exposures :Proj SW Fixed Expenses Curr Proj SW Avg Premium=Proj SW Fixed Expenses PropHistorical CW Avg Premium :Multiplying by unity (i.e., Proj CW Avg Premium/Proj CWAvg Premium),Proj SW Fixed Expenses CurrProj SW Fixed Expenses Prop=Proj SW Avg Premium Proj CW Avg Premium¤Historical CW Avg Premium Proj CW Avg Premium :12 The following section only deals with the categories of expenses that use the countrywide(CW) expenses. Taxes, licenses, and fees are not addressed. Those expensesrepresent a relatively small portion of the total expense dollars.
INCORPORATION OF FIXED EXPENSES 693Rearranging the terms,Proj SW Fixed Expenses CurrProj SW Fixed Expenses PropSince=Proj CW Avg Premium Proj SW Avg Premium¤Historical CW Avg Premium Proj CW Avg Premium :Proj CW Avg Premium= Historical CW Avg Premium ¤ Premium Trend Factorwe have¤ On-Level Factor,Proj SW Fixed Expenses CurrProj SW Fixed Expenses Prop=PremiumTrendFactor¤ On-Level Factor ¤Proj SW Avg PremiumProj CW Avg Premium :The difference between the fixed expenses produced by thetwo methodologies is driven by premium trend, on-level factors,and the relationship of the statewide average premium to thecountrywide average premium. These are the three distortions inthe current methodology mentioned earlier. Thus, the proposedmethodology is not affected by these three distortions.Exhibit 3 shows the impact on the overall indication by locationfor the two methodologies (Exhibit 3-A lists the informationin table form and Exhibit 3-B displays the data graphically). Thisinformation is included to show two items: the total amount thecurrent procedure overstates (understates) the overall indicationrelative to the proposed procedure and the variation of the overstatement(understatement) by location. The former tells us aboutthe impact on the accuracy of the overall countrywide indication,while the latter is more indicative the potential for inequity betweenstates.An examination of the “countrywide” line on Exhibit 3-Ashows the current procedure overstates the premium needed to
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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 53the TVA
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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 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 181tur
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MODELING FINANCIAL SCENARIOS 209TAB
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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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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 751The quantif
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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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