Notes From The IAASE Conference
IAASE – Insurance Auditors Association of The Southeast
I was going to post the IAASE Conference from earlier this week live. So much helpful information was covered that I found it better to write it down and then post the presentations from the IAASE Conference later in the week.
The conference was held at the University of South Carolina (Columbia). The conference also provided a career fair for any Gamecock students that were interested in premium auditing or insurance in general. I took notes on some of the presentations.
IASSE Conference Keynote Speaker
Robert P. Hartwig, PhD, CPCU
Clinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management
Darla Moore School of Business
University of South Carolina
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Dr. Hartwig has been quoted by me and presented at some of the conferences I have attended over the years. Dr Hartwig used to work for the Insurance Information Institute. He covered so much good information so quickly I could not blog it live. Some of the notes I took from his presentation:
- University of South Carolina has the 3rd largest Risk Management program in the US
- New Tax Laws adjustments will show up more in 2019
- P&C Insurance Industry $60 billion net income after taxes
- ROE (Return on Equity) is in single digits
- Combined Ratio receded from 1.14 last year to .96 this year
- Domestic Reinsurance 13 – 15% growth, probably due to new tax laws repatriation of assets
- $30 billion in mergers and acquisitions
- Trumponomics – tax reform, deregulation, infrastructure investment, Fair Trade, and other programs from the new administration resulted in 4.2% economic growth. The 4.2% growth has increased insurance exposures
- Economy drives P&C insurance growth
- Job growth drives the economy
- Commercial lines much more volatile than personal lines
- Workers Comp – downward growth trend – why?
- Returning to rate adequacy from prior year
- Safety and Risk Management (?)
- Rates are decreasing
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The Honorable Ray Farmer – South Carolina Insurance Commissioner –
Three main concerns for the Insurance Commission –
- Affordable Care Act – only one carrier left in the state, no competition
- Long Term Care Insurance – steep increases in older policies
- Coastal Insurance Coverage – Flood Insurance – Hurricane Florence was devastating
South Carolina Workers Compensation System
- Favorable and Stable
- 20% rate decrease
- Premium Growth – Total $827 million in 2017
- Market
- 300 participating insurers
- Small 4% residual market
- Largest insurer writes 9%
- Biggest Challenges
- No in-state burn center, so insurers pay full out-of-state rates for treatment
- Opioid abuse
- No guaranty fund for self insureds in SC – I did not know this
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Keith West -Excel Tips For Premium Auditors – IAASE Conference
- Flash Fill – great time saver
- Filter
- Transpose
- Text to Columns – Another great time saver
- Pivot Table
- V lookup
The IAASE Conference had many more great presentations. I decided to write notes on the above three presentations.
Feel free to check out the handouts and the other presenters from the IAASE Conference.
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