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Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance 5th Edition Author: Brown & Lennox

ISBN(s): 978-1-64756-787-3 | 978-1-64756-854-2 | 978-1-64756-787-3 | 978-1-64756-854-2

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The 5th edition of Introduction to Ratemaking and Loss Reserving is a required text for SOA exams FAM, FAP and ASTAM.

This text provides a basic foundation of knowledge concerning two fundamental building blocks of property/casualty actuarial work: ratemaking and loss reserving.  The material also represents the basic foundation of knowledge needed to gain an introductory appreciation of the building blocks of the property/casualty actuarial discipline.

Although the material presented here is purely property/casualty in its origins, the application of the knowledge gained is much broader. The methods presented here have potential application not only in the property/casualty practice area, but also in accident and sickness insurance, group life and health insurance, and many other related areas.

The fifth edition incorporates the supplemental material to the fourth edition on the statistical foundations of the reserving methods. Also, the terminology has been updated to reflect common use. In particular, this edition uses the term reported losses to avoid confusion with the accounting terminology of incurred losses.

Highlights and Details

  • Updated to reflect industry changes over the past seven years and includes some additional exercises
  • Designed to provide an overview of core principles and methodologies incorporating examples as an educational tool
  • Incorporates nearly 100 exercises for practice
  • Includes digital solutions manual

About the Authors

Rob Brown, PhD, FCIA, FSA, ACAS

Rob retired from the University of Waterloo program in Actuarial Science in 2010 after 39 years of teaching and research. In that time, Rob wrote seven books and over sixty refereed papers. His research focus is the design of financial security programs in times of rapidly shifting demographics. Rob was President of the Canadian Institute of Actuaries in 1990/91, President of the Society of Actuaries in 2000/01 and President of the International Actuarial Association in 2014. Rob was also Research Chair for the Ontario Expert Commission on Pensions in 2007/08. Rob now resides in Victoria, BC.

Scott Lennox, FSA, FCIA, FCAS

Scott is a Staff Fellow in Education with the Society of Actuaries. He earned a degree in Mathematics from the University of Waterloo, and is a Fellow of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries and a Fellow of the Casualty Actuarial Society. Scott has more than 30 years work experience that includes property and casualty insurance pricing, group health benefits pricing, pension consulting, and actuarial evidence. Scott is also a part-time professor at the University of Waterloo, teaching courses on property and casualty insurance reserving and pricing since 2009. Scott volunteered as a member of the Facility Association actuarial committee from 2004 to 2011 and is a past president of the Ontario Conference of Casualty Actuaries, a regional affiliate of the Casualty Actuarial Society.

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