Soft Market Increases Pressures On Actuaries

New York–Pricing actuaries face a number of tough challenges beyond sparring with underwriters over how much they can drop insurance rates when property-casualty markets turn soft, a veteran of the process said.

William Miller, senior vice president and actuary for ACE USA in Philadelphia, told colleagues attending a meeting of the Casualty Actuaries of Greater New York here last week that issues like eroding claims-handling standards and requests to set prices for newly launched coverages are among the many concerns that can cause headaches for actuaries as the market softens.