While researching alternative methods to calculate retained claim liability for the Company's self-insured workers compensation and general liability insurance programs, it was determined that adjustments would be necessary to the prior application of actuarial methods
used to estimate the obligation of future payments resulting from claims due to past events.
While the analysis of risk has been a mainstay of the industry throughout the years--using well-proven actuarial methods
and well-understood data--the speed of growth and potential for new and unseen risk has sounded the alarm for analytic change.
Historically, the plan and its governing body have assumed primary responsibility for selecting the actuarial methods
and assumptions used to measure the plan's funded status and to determine actuarially required employer contributions.
That would make it easier to aggregate loss information, analyze it with standard actuarial methods
, compare past exposures to present conditions and forecast potential outcomes.
Six actuarial methods
are allowed; however, special disclosure is needed it the aggregate actuarial cost method is used.
Traditional actuarial methods
can estimate these cash flows.
The company said its methodology is sound and is consistent with generally accepted actuarial methods
Topics include actuarial methods
, aging models, Bayesian approaches, censored data, cure models, duration dependence, excess mortality, frailty, hazard plotting, inverse probability, life tables, Pareto distribution, quality of life and survival analysis, relevant estimators, sample size, software, and Weibull distributions.
Richman has questioned projections CalPERS provided to the state during the adoption of the Senate bill that provided retroactive pension increases for state employees, lowered retirement ages, changed actuarial methods
and paved the way for local agencies to do likewise.
4) Most studies found actuarial methods
to outperform clinical methods; approximately 40 percent of the studies found substantially better predictive results for actuarial assessments compared with clinical assessments.
acquisition, each policy is valued using standard actuarial methods
, with the
Our thesis is straightforward: actuarial methods
have proven equal or superior to clinical judgments.