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title MICHAEL R. MURRAY, ASSISTANT VP, FINANCIAL ANALYSIS – ISO

Michael Murray

Michael Murray is ISO’s assistant vice president for financial analysis. His responsibilities include development and publication of ISO’s quarterly and annual reports about insurers’ financial performance. He is also responsible for other financial products, such as ISO's technical analysis of industry loss and loss adjustment expense reserves and ISO's Top 100 Insurer Financial Results.

Mr. Murray and his staff conduct ISO’s econometric modeling of frequency, severity, pure premium, and exposure trends and prediction intervals by line of insurance. And he is responsible for ISO’s analyses of industry expenses and taxes by line of insurance.

In addition, Mr. Murray is responsible for development and publication of ISO’s in‑depth research studies on the trends affecting insurers and the publics they serve. His published ISO Insurance Issues Series studies include Financing Catastrophe Risk: Capital Market Solutions,  Tax Law Changes and Property/Casualty Insurers: A Comprehensive Analysis, Changes in the Economic Environment: Insurance Implications, Health Care Costs in the Property/Casualty Insurance Industry, Risks and Returns: Property/Casualty Insurance Compared with Other Industries, and Managing Catastrophe Risk, among others.

Before joining ISO, Mr. Murray served as a senior economist in the Business Economics Group at W.R. Grace & Company, then a multibillion-dollar international conglomerate. His responsibilities included economic and financial market forecasting, weekly reports on developments in financial markets, flow-of-funds analyses, and special projects.

Mr. Murray also served for six years in the Corporate Planning & Research Department at Royal Insurance (now Royal Sun Alliance). As a senior research specialist at Royal, Mr. Murray was responsible for economic forecasting, industry product-line and financial forecasts, long-range and tactical planning, market-share and profit analyses, Wall Street liaison, and special projects. During that period, Mr. Murray built the models Royal used to project industry frequency, severity, exposure, and premiums by line and the models Royal used to forecast key income statement and balance sheet items. 

Mr. Murray holds a B.A. in economics from the State University of New York and a master’s degree in economics from the University of Chicago.

A past president of the Society of Insurance Research and currently a member of its board, Mr. Murray has also served the SIR as chairman of its Survey Research Committee and its vice president for research. Mr. Murray is also a member of the Association of Insurance and Financial Analysts, the National Association of Business Economists, the New York Association of Business Economists, and Phi Beta Kappa.

Mr. Murray is coauthor of Catastrophe Insurance: Consumer Demand, Markets, and Regulation (Kluwer Academic Publishers, 2003). He has also published many articles and papers.