Property/Casualty InsuranceCompany Insolvencies
A P u b l i c P o l i c y P ap e r
Property/Casualty InsuranceCompany Insolvencies
September 2010
American Academy of Actuaries Property/Casualty
Financial Soundness/Risk Management Committee
Property/Casualty Insurance Company Insolvencies
September 2010
Developed by the Financial Soundness/Risk Management Committee
of the American Academy of Actuaries
The American Academy of Actuaries is a professional association with over 17,000 members, whose mission is to assist public policymakers by providing leadership,
objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards
for actuaries in the United States.
2010 Financial Soundness/Risk Management Committee
Debbie Rosenberg, Chairperson
Shawna Ackerman Kevin Bingham Jeff Kadison Christopher Ritter David Spiegler
Bob Aldorisio Sarah Fore Mary D. Miller Joanne Spalla
1850 M Street N.W., Suite 300 Washington, D.C. 20036-5805
TABLE OF CONTENTS
Introduction........................................................................................................................1 Historical Perspective ........................................................................................................2 Scope of the Current Research .........................................................................................4 Summary of Observations.................................................................................................5
1. A Retrospective Look at the 30 Companies With the Greatest Loss Reserve Development in 2002 from 2001 Losses ....................................................................6
General Observations...............................................................................................7 The Best of Those Companies With Adverse Loss Reserve Development.............8 Those Companies No Longer Actively Writing ......................................................8 Special Cases ...........................................................................................................9 Additional Discussion............................................................................................10 Conclusions............................................................................................................11 2. The Companies With the Highest Loss Reserve Development Based on 2008 Data ............................................................................................................................12 Reserve Developments--Financial Data ...............................................................12 The 2008 Top 30....................................................................................................14 The Appointed Actuary and the SAO....................................................................14 Areas of Continued Interest ...................................................................................16 3. Insolvent Property Casualty Companies 2005-2009..........................................16 Observations ..........................................................................................................17 General Comments.................................................................................................17 Future Steps ...........................................................................................................18 Appendix 1........................................................................................................................19 Appendix 2........................................................................................................................20 Appendix 3........................................................................................................................23
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