Professional Development
 
2018-Fall-Seminars-Banner-ae-en

Metro Toronto Convention Centre, North Building, 255 Front Street West

Monday, September 17, 2018

10:15 – 12:00 – Meeting of the Committee on Actuarial Evidence (Room 201CD)

Observers are welcome.

12:00 – 13:00 – Registration and Information Desk

13:00 – 13:15 – Opening Remarks and Seminar Overview

Speaker:
Vivek Gupta (FCIA), principal actuary, TCL Economic Valuation Experts

13:15 – 14:30 – Session 1: The Financial Cycle of an Automobile Accident

Speakers:
Jim Cameron*, president, Cameron & Associates Insurance Consultants
Laura Hillyer*, personal injury lawyer, Martin and Hillyer and vice-president, Ontario Trial Lawyers’ Association (OTLA)
Maryse Larouche (FCIA), co-founder, GML Actuarial Services

This session provides a brief description of the financial cycle of an automobile accident. The three speakers share their knowledge on the following topics: how property and casualty (P&C) actuaries set reserves, with limited information, when they first receive notice of an accident; how an actuary calculates loss of income two to three years after the accident; and how lawyers negotiate the settlement amount for a loss-of-income case.

14:45 – 15:45  Session 2: (Joint AE & AA) Triangles Reimagined

Moderator:
Craig Allen (FCIA), Chair, CIA Actuarial Evidence Committee

Speakers:
Jim Cameron*, president, Cameron & Associates Insurance Consultants
Chris Gross*, president, Christopher Gross Consulting

The loss development triangle, a staple of the actuarial profession for more than 100 years, has been reimagined. 

Chris Gross presents his revised framework for the triangle, based on alternative case reserves set by actuaries. Such an approach automatically and smoothly eliminates the need to adjust for changes in the mix of business, closing rates, and case reserve adequacy. This paradigm promises more accurate and responsive reserving, and could open the door to more value-added actuarial contribution to the claims resolution process. Further, the setting of case reserves by actuaries may call upon the skills of both the P&C and actuarial evidence practice areas.

Jim Cameron will describe the features of case reserves set by claims adjusters, for comparison to Mr. Gross’ alternative case reserves.

Mr. Gross’ approach was published in the July-August 2018 issue of Actuarial Review.

15:45 – 16:00 – Refreshment Break

16:00 – 17:00 – Session 3: Legal and Ethical Problems Concerning Autonomous Vehicles

Speaker:
Daniel Gardner*, professor, faculty of law, Laval University

According to industry experts, all new cars by 2030 will be autonomous. Professor Gardner will share his knowledge on the legal and ethical problems concerning autonomous vehicles. He will examine how autonomous vehicles might impact the work of insurance companies, lawyers, and actuaries.

Tuesday, September 18, 2018

7:30 – 8:30      Continental Breakfast

8:30 – 9:30      Session 4: Medical Malpractice Reforms in Ontario

Speaker:
Timothy D. Chapman-Smith*, counsel, Ontario Medical Association

The Ontario Ministry of Health retained Mr. Justice Stephen Goudge to conduct a review of the medical liability system in Ontario. Mr. Goudge's mandate was to examine the causes of increased costs of medical liability protection and to make recommendations to promote appropriate and timely compensation for patients where medical malpractice is found, while providing fair processes to healthcare providers.

Tim Chapman-Smith, now of the Ontario Medical Association, was a key member of Mr. Goudge's team and will provide an overview of the recommendations.

9:30 – 10:30    Session 5: Auto Insurance Reform in Ontario

Speaker:
Willie Handler*, consultant and blogger, Ontario Auto Insurance Topics

In April 2017, David Marshall presented his report “Fair Benefits, Fairly Delivered: A Review of the Auto Insurance System in Ontario” to the previous Ontario government. Mr. Handler will share his knowledge of the current state of auto insurance reforms in Ontario under the Doug Ford government, including what changes in the auto insurance system are needed.

10:30 – 10:45  Refreshment Break

10:45 – 11:15  Session 6: The Move to In-House Practice by Insurers

Speaker:
Audrey Ramsay*, associate, Blouin Dunn

Canadian insurance companies are expanding their in-house legal departments, causing a shift in defence practice toward in-house lawyers and away from private practitioners. The restructuring may prompt experts like actuaries to adapt their marketing strategies. Audrey Ramsay, who has served as defence counsel, both in-house and in private practice, provides insight into the changes and how actuaries might respond to them.

11:15 – 12:00 Session 7: Current Topics in Economic Valuations

Speaker:
Vivek Gupta (FCIA), principal actuary, TCL Economic Valuation Experts

This interactive session explores various topics pertaining to the calculations of loss of income, income replacement benefits (IRB), and the future cost of care. Starting with two or three points suggested by committee members, the speaker will encourage input from audience members on how they deal with these topics in their own practice. The audience can then suggest new topics to receive feedback from their peers. A summary of all the topics discussed during this session will be provided to members via e-mail.

12:00 – 12:45  Luncheon

13:00 – 14:00  Session 8: Changing Demographics of AE practitioners

Speakers:
Amelia Burns (ACIA), associate, GML Actuarial Services
Jamie Jocsak (FCIA), actuary, BCH Actuarial Services

The speakers share their understanding of the changing demographics of AE practitioners. They will encourage feedback from the audience on how to attract new members to the AE group, define some action items, and assign those action items to willing audience participants. A summary of all the topics discussed during this session will be provided to members via e-mail.

14:05 – 15:05  Session 9: Ontario’s Mandated Interest Rate in 2018

Speaker:
Craig Allen (FCIA), Chair, CIA Actuarial Evidence Committee

In late 2018, the CIA will make a submission to Ontario’s review of the formula for its mandated discount rate for damages in civil trials. The review is required every four years by the Courts of Justice Act.

The review comes at a time where a number of issues around the mandated interest rate have converged. These include low (even negative) interest rates worldwide, possible permanent changes in long-term real investment returns, and a changing market for structured settlements.

These issues have implications for injured parties, auto insurers, life insurers, and the actuarial evidence practice itself. Mr. Justice Stephen Goudge’s report on medical liability raised the mandated interest rate as an issue for the medical profession and Ontario’s Ministry of Health. 

AE Committee Chair Craig Allen outlines the issues and the CIA’s task in responding to them. 

15:05 – 15:15  Refreshment Break

15:15 – 16:30 Session 10: Current Ontario Topics in Marriage Breakdown

Speakers:
Peter Martin (FCIA), director, actuarial services, Golden Actuarial Services
Kelley McKeating (FCIA), actuary, McKeating Actuarial Services

This interactive session explores various topics pertaining to actuarial work related to marriage breakdown in the province of Ontario. Starting with five or six points suggested by committee members, the speakers will encourage input from audience members on how they deal with these topics in their own practice. If time permits, the audience will be invited to suggest additional topics and receive feedback from their peers.

16:30 – 16:55 Session 11: Update from the Committee on Actuarial Evidence

Speaker:
Craig Allen (FCIA), chair, CIA Actuarial Evidence Committee

The Chair of the Committee on Actuarial Evidence provides an update on the committee’s recent activities and a summary of its plans and priorities for the coming year. This is your opportunity to ask questions and provide comments.

16:55 – 17:00  Concluding Remarks

Speaker:
Vivek Gupta (FCIA), principal actuary, TCL Economic Valuation Experts