ActuarialEvidence (1)

ActuarialEvidence (1) - Actuarial Evidence UWO Presentation...

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Actuarial Evidence UWO Presentation November 30, 2010 Overview I. Tort Law Background II. Types of Losses III. Actuarial Evidence by Experts IV. CIA Actuarial Evidence Standard
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© Thomas Schinbein Actuarial Services Inc. November 30, 2010 1 I. TORT LAW BACKGROUND · Current Approach to Valuing Damages based on Supreme Court of Canada 1978 Trilogy [ Trilogy = Andrews v. Grand & Toy, Thortonton v. Board of School Trustees of School District No57, (Price George) and Arnold v. Teno ] · In trilogy, the Supreme Court outlined the principles and methods to use in determining damages. · Losses are now on an itemized basis instead of a global award approach. · Itemized basis relies heavily on statistical, actuarial and economic evidence presented by experts. · Supreme Court also accepted the principle that there should be full compensation for all pecuniary ( monetary ) losses. · Plaintiff ( injured person ) should not be required to accept something less than full restoration to their pre-accident living conditions.
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© Thomas Schinbein Actuarial Services Inc. November 30, 2010 2 Trial Process · Plaintiff has the responsibility to present actuarial and economic data on losses (damages). · Since the Court system is adversarial, both sides generally retain their own experts to present their theory (scenario) of the case. · Court’s role is to select evidence it thinks is most accurate or reject both parties’ evidence and proceed with its own position. · Most Personal Injury cases settle out of court. Contingencies · In applying trilogy approach, the courts acknowledge that future losses could be adjusted to some extent to reflect the impact of future events. · In Lewis & Todd, the Supreme Court encouraged contingency deductions supported by actuarial data to provide the courts with a guide to help reach the proper decision.
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© Thomas Schinbein Actuarial Services Inc. November 30, 2010 3 II. TYPES OF LOSSES Four Main Categories of Losses: 1) Special Damages - Pretrial Pecuniary (Monetary) Losses ( Also Called Past Losses ) 2) Future Earnings / Income Losses ( Pecuniary Loss ) 3) Future Care Costs ( Pecuniary Loss ) 4) Non-Pecuniary Loss for Pain and Suffering ( $ 100,000 From January 1978, Indexed ) · Actuarial Evidence is involved in items 1 to 3.
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© Thomas Schinbein Actuarial Services Inc. November 30, 2010 4 Common Types of Future Losses With Itemized Approach A) Personal Injury Claims · Income Losses Wage Group Benefits
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