Actuarial Analysis

Actuarial Analysis

What is an Actuarial Analysis?

An actuarial analysis is the calculation of the current value of financial events that either occurred in the past or are expected to happen in the future by applying probability and financial mathematics. Statistical methods calculate the risk of occurrence of any event, such as the onset of illness, recurrent disease, hospitalization, disability, or death. These methods also put a dollar value on the consequences of such events, once they have occurred.

Actuaries in the litigation arena play an essential role in civil litigation cases by assisting in the quantification of economic damages.[1] Such assistance may be a report that backstops the negotiation of a fair settlement. Or it may be testimony in a trial or deposition.

TD&P experts issuing statements of actuarial opinion (SAOs) are required to adhere to the American Academy of Actuaries’ Code of Professional Conduct, Actuarial Standards of Practice, and Qualification Standards for education, experience, and continuing education.[2] The principal calculations carried out by our experts include the present value of lost past and future earnings, lost pension and other benefits, lost valuable services, and the cost of future care in disputes arising from matters such as:

Personal injury | Wrongful death | Professional negligence | Wrongful dismissal

Craig Allen

Our expert Craig A. Allen, FCAS, FCIA, leads the Actuarial Analysis department covering actuary and forensic economics services building the foundation of comprehensive experience in professional liability insurance. Over 25 years serving as an actuary and forensic economics consultant in legal-related matters. His expertise in forensic economics is built on a foundation of comprehensive experience in professional liability insurance. Previously Vice President and Actuary at LAWPRO, the liability insurer of the 20,000 lawyers in private practice in Ontario, Canada. There he applied his analytical and data management capabilities to the resolution, financial reporting, risk management, and funding of a $300 million portfolio of 3,500 complex malpractice claims. Inspired by his service at LAWPRO, he has since worked with insurers and lawyers, providing expert testimony and consulting services in forensic economics and actuarial science. Read More on Craig Allen

To learn more about our actuarial services or to schedule an appointment, contact TD&P Consulting, Inc. at admin@tdphealth.com or call (877) 420-8680.

[1] Wishnick, S. (n.d.). Actuarial Litigation Service. Retrieved February 18, 2020, from https://www.actlitserv.com/index.php?page=confessions-of-a-financial-expert

[2] Guidance for Actuaries. (n.d.). Retrieved February 18, 2020, from https://www.abcdboard.org/standards/guidance/