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

752 PRESIDENTIAL ADDRESSa valuable natural resource, the industry might be able to copewith hurricane losses there as well.There is another hedge for property insurers that is relatedto the spike in oil prices caused by Hurricane Katrina. High gasprices led to a reduction in driving, which reduced the number ofautomobile accidents, and lowered collision and liability lossesfor insurers. On the other hand, drivers encumbered with gasguzzling SUVs could be tempted to generate additional comprehensiveclaims as these vehicles are “stolen” or “burned.” Moralhazard also affects ERM. Start thinking in this manner and youare on your way to becoming an actuary of the fourth kind. Welcomeaboard!Despite my proclivity to turn this into a teaching opportunity,I do not want to miss the chance to thank those many people whohelped me during my term in office. To you, the members of theCAS who elected me, thank you for putting your confidence inme. I hope I have met your expectations. To all the volunteers,the committee and task force chairs, and especially the vice presidentsand board members who worked so closely with me overthe year, thanks for helping me achieve what we did accomplish.Progress would not have been possible without you. Thank youto the wonderful CAS staff members, here and back at the office,and to Cynthia Ziegler for motivating and leading them, for youtruly do the essential work of our organization. To the leadersof the other actuarial organizations, some of whom are with ustoday, others unable to be here, thank you for your opennessand cooperation as we worked together to enhance the actuarialprofession throughout the world.Thanks to my family for supporting me during my term. Mydaughter, Meriden, who is not here, accompanied me to a NorthAmerican Actuarial Council meeting in Hawaii and helped outat the Spring Meeting in Phoenix. My son, Grant, who was hereuntil this morning, helped me explore Norway and Zurich duringASTIN and AFIR meetings. Most of all, I want to thank mybest friend, my wife, Cleo, whose leadership experience helped