Actuaries And Analysts Trade Barbs Over Reserve Deficiencies
Spirited exchanges between two groups of numbers-crunching professionals not known for making free-wheeling accusations has taken many in the industry by surprise. At the core of the debate is the role of actuaries in setting loss reserves, especially in light of recent highly-publicized reserve inadequacies.
The initial volley was launched by New York-based rating agency Standard & Poors, which in November issued a report"Insurance ActuariesA Crisis of Credibility"that pinned responsibility for recent property-casualty insurers reserve troubles in large part on actuarial incompetenceand worse.
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