Some PR finery I worked on at the CAS ratemaking seminar.
HUNTINGTON BEACH, CA, March 12 — The key changes in federal health care reform remain months away, but property/casualty actuaries are already trying to determine what impact they will have on their own lines of business as new rules and regulations emerge.
Elements of the Affordable Care Act have been phased in since the law’s 2010 passage, but many key reforms begin January 1, 2014. The expected impact on health insurance is direct and widely studied – the law will expand access to affordable health care and attempt to rein in rising medical costs. Less obvious – but still important – are the indirect effects on other insurance lines, such as workers’ compensation and medical malpractice. Property/casualty actuaries need to consider the potential impact of these effects so they can adjust rates and reserves when changes occur.
At the Casualty Actuarial Society’s (CAS) Ratemaking and Product Management Seminar held March 12-13, two Fellows of the CAS led a discussion of the health care law’s major changes and how the reforms may affect property-casualty lines.
This particular presentation also had some very thorough slides, which are a good resource if you are looking for ways that Obamacare may end up affecting the property/casualty market.