School of Statistics

Between June 17 and June 22, two sessions were held in Orlando, Florida, USA. One was CAS (the Casualty Actuarial Society) Spring Meeting, dating from 17th June to 20th June. The other one was ASTIN (Actuarial Studies in Non-life Insurance) Colloquium, dating from 20th June to 22nd June.

At the CAS meeting dated 19 June, Mr. Robert Conger, former chairman of CAS, specially held a Panel discussion on Chinese Casualty & Property insurance market. Mr. Ding Peng, who is the deputy director of property insurance regulatory department actuarial division, China Insurance Regulatory Commission (CIRC), Professor Xie Zhigang from Shanghai Finance and Economics University, Graduate student Yao Rui and Tao Qian from Renmin University separately made a speech on non-life insurance of China in this sessions. Their subjects cover status of automobile third party liability insurance market in China, regulation and solvency capital requirement. Impressively, participants ask so many relative questions and showed much curiousness and attention on China accordingly. In the midday, president Chairman and several former chairmen on behalf of CAS held a welcome banquet for Chinese delegation. Many oversea Chinese Actuaries on property insurance who come from America, Canada, Taiwan, Singapore and Malaysia also attended the banquet.

On 21st June of ASTIN Colloquium, Lecture Xiao Yugu from Renmin University of China was invited to present a research report during the session. His subject was the problem on how to make a price in condition that historic accidents information of certain automobile insurer can not be shared in public.

In general, from the meeting we might see that many non-life insurance corporations and consultant companies are interested in Chinese insurance market and they have strong desire to participate in this market. Meanwhile, there are many differences in property actuary in different countries. How to design our own insurance rating system and relative supervision system? These mainly depend on our domestic actuaries. It is necessary to facilitate its development with efforts.