CIA.VALN Flashcards
1
Q
How should an actuary incorporate inflation assumptions in a reserve analysis?
A
- consult with: underwriters, business analysts, fraud detection experts, claim adjusters
(to understand whether inflation has transpired in claim payments, and is accounted for in case reserves) - consult the CPI (Consumer Price Index)
- perform a sensitivity analysis
(with varying inflation assumptions to assess the sensitivity of reserve estimates)
2
Q
What is the ongoing role of actuaries concerning COVID-19?
A
- follow guidance from regulatory bodies like OSFI
- monitor legal actions related to COVID-19 that might impact valuations
3
Q
What specific requirement does OSFI have for insurance companies related to COVID-19?
A
- report statistics and impacts in the Appointed Actuary’s Report
