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Old 03-17-2020, 10:23 PM
LDGhomie1223 LDGhomie1223 is offline
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Default Any actuaries being laid off due to whats going on?

Anyone know of any companies laying of actuaries due to whats going on?
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Old 03-21-2020, 07:10 PM
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Probably not a good idea to lay off your risk managers during a time of uncertainty.
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Old 03-22-2020, 11:01 AM
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It's probably way too early for that. No one knows what the fallout will really be. I'd expect, at the earliest, layoffs to be next year.
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Old 03-22-2020, 12:29 PM
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It's probably way too early for that. No one knows what the fallout will really be. I'd expect, at the earliest, layoffs to be next year.
From a P&C perspective, come Q3-Q4, when many (most?) carriers are in high planning season, we'll have better information on the impacts of the pandemic and economic disaster, and expense pressures will force some cuts.

Actuaries might be a little better-protected than some insurance professions at the carriers, but they won't be immune. Perhaps there will be an increased demand for consultants around that time?

I've been wondering...does anyone have some shareable insight into Travelers' RIF last year: how many of the impacted actuaries were able to move into different positions, and how many had to pursue opportunities elsewhere?
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Old 03-22-2020, 03:14 PM
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You'd be pretty safe if you're a lawyer and your job is to defend your company against business interruption claims.
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Old 03-23-2020, 07:09 PM
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I work in Health and with the way the company stock is going and the job losses America will be experiencing, I definitely expect some cuts to actuarial this year. Commercial membership will be coming down. Medicaid will likely go up so that will help some. Also a ton of uncertainty on how much this whole situation will cost us and whether there will be any offsets like reduced elective services. Definitely concerned about my job this year. Hopefully any job losses will be temporary and will come back when the virus is more contained.
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Old 03-25-2020, 11:00 AM
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You'd be pretty safe if you're a lawyer and your job is to defend your company against business interruption claims.
I fully expect most, if not all, states to force insurers to waive all pandemic exclusions.
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Old 03-25-2020, 11:05 AM
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I fully expect most, if not all, states to force insurers to waive all pandemic exclusions.
This might be important with regard to travel insurance, but I don't think would be meaningful for companies experiencing business interruption. Most companies that purchase business interruption coverage due so through their property policies which require a loss from a covered peril to trigger coverage.
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Old 03-25-2020, 01:28 PM
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Tl;dr - watch the interest rate environment like a hawk and if your company is still dependent upon longer tailed lines of business update your resume. Your five year outlook just got worse.

I graduated during the early years of the 2008 recession and worked for several years at a couple P&C carriers that were having serious trouble with the collapse in interest rates. It created an awkward situation where the first company to recognize the new interest rate environment and increase premiums would be the first one to lose their book to the companies who didn't. Then those companies would have a decaying portfolio because of the under priced business and the cycle would continue.

They had layoffs every 1-2 years, and actuaries lost there jobs in each section. The company executives were correctly trying to change their line of business holdings and re-evaluated staffing as needed. On the one hand, we need risk professionals. On the other hand, our job is inherently easy to scale up simply by linking another spreadsheet.

Maybe having one staff member per line of business isn't the way to go when you can consolidate the ratemaking process into the planning process, which is exactly what happened. Maybe paying for all this real estate to service the claims department of a product that is suddenly hot garbage is making you re-evaluate a satellite office. One company laid off both their ratemaking and their "pricing-side" corporate actuarial departments and rolled it all into reserving.

Last edited by HuskerCAS; 03-25-2020 at 01:33 PM..
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