Hayden Burrus, FCAS, MAAA gathered some interesting statistics on opining actuaries and their actuarial opinion at The American Academy of Actuaries Effective Loss Reserve Opinion Seminar earlier this month.
- Only 9% of all members of the casualty actuarial society (FCAS or ACAS) sign an actuarial opinion in any given year.
- 64% of those opining actuaries are consultants employed independently from the insurance company.
- 27% of those opining actuaries opined on only 1 insurance company.
- 7% of those opining actuaries are opining on at least 14 insurance companies.
- 85% of all insurance companies do not book the opining actuary’s estimate of liabilities for loss and loss adjustment expense reserves.
- Twice as many insurance companies booked loss reserves above the actuarial estimate as below the actuarial estimate.
- The percentage of companies booking loss reserves below the actuarial estimate has risen significantly in the past five years.