What is the Casualty Actuarial Society and What Does It Do

The Casualty Actuarial Society (CAS) is a professional organization that plays a crucial role in the insurance industry. The CAS was established in 1899 to promote and maintain the highest professional standards in the field of actuarial science.

The CAS is responsible for developing and maintaining the standards for actuarial practice. This includes creating and maintaining the Casualty Actuarial Society's (CAS) suite of exams, which are designed to test an individual's knowledge and skills in actuarial science.

The CAS is governed by a Board of Directors, which is comprised of elected members who serve three-year terms. The Board is responsible for setting the overall direction and strategy for the organization.

To achieve the credential of Fellow of Casualty Actuarial Society (FCAS), you'll need to pass three additional exams beyond the initial exams. These exams cover advanced topics such as estimation of policy liabilities, insurance company valuation, and enterprise risk management.

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The three exams required for FCAS are Exam 7, Exam 8, and Exam 9, which focus on estimation of policy liabilities, advanced ratemaking, and financial risk and rate of return, respectively.

To become a Fellow, you'll also need to have already passed exams one through seven and attended the CAS Course on Professionalism. This is in addition to passing the initial competency exam, known as the Validation by Educational Experience (VEE).

Preliminary Exams are the first four actuarial exam requirements, which consist largely of core mathematics related to actuarial science.

These exams are common to both the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), allowing students to work on some initial requirements before choosing a specific discipline to pursue.

Exam 1 is interchangeable with SOA Exam P and focuses on probability, while Exam 2 is interchangeable with SOA Exam FM and covers financial mathematics.

The syllabus for Preliminary Exams is adjusted regularly, making it somewhat difficult to compare exams from different 5-year blocks.

On a similar theme: Actuarial Mathematics

Here's a breakdown of the CAS Preliminary Exams:

These exams are the foundation for further actuarial education and are required for both the Associate of the Casualty Actuarial Society (ACAS) and Fellow of the Casualty Actuarial Society (FCAS) credentials.

To achieve the credential of Fellow of Casualty Actuarial Society (FCAS), you'll need to pass three additional exams.

Exam 7 focuses on Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management.

Exam 8 covers Advanced Ratemaking.

Exam 9 examines Financial Risk and Rate of Return.

Here's a summary of the fellowship exams:

The Casualty Actuarial Society (CAS) offers various webinars and resources to help professionals develop their skills and stay up-to-date with industry developments.

You can participate in case studies webinars, such as the 2025 Webinar - CAS Professionalism: Case Studies on April 22, or the 2024 Webinar - CAS Professionalism: Case Studies on December 19.

Additionally, the CAS provides complimentary webinars on practical topics, like the CAS Tips and Tricks to Completing your CE Log, which can be a helpful resource for professionals looking to improve their record-keeping and certification processes.

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The CAS Professionalism: Case Studies is a valuable resource for professionals looking to improve their skills. 2025 saw a webinar on this topic, held on April 22.

Staying up-to-date with the latest developments is crucial for professional growth. The 2024 webinar on CAS Professionalism: Case Studies took place on December 19.

The CAS offers a complimentary webinar on CE Log tips and tricks that can be a huge help. This webinar is specifically designed to provide guidance on completing your CE Log.

The CAS also has a Student Central Webinar on Actuarial Exam Tactics that can be helpful in preparing for exams. This webinar is geared towards students, but the tips and tricks learned can be applied to CE Log completion as well.

If you're struggling to keep track of your CE hours, the CAS Complimentary Webinar can provide some much-needed clarity. The webinar will cover tips and tricks to make the process easier.

The Casualty Actuarial Society is all about understanding and managing risk in the insurance industry. In 2024, a webinar focused on balancing risk assessment and social fairness in auto telematics, highlighting the importance of considering both factors in insurance decisions.

Risk assessment is a critical component of insurance operations, as seen in the 2022 webinar on advancing knowledge of insurance operations to enhance the actuarial role. This webinar demonstrated how actuaries can use data and analysis to make informed decisions.

Catastrophe concentration pricing for primary insurers was a key topic in a 2020 webinar, warning against putting all one's assets at risk in a single basket.

In December 2020, the CAS Board of Directors voted unanimously to rescind three CAS Statements of Principles.

This action caused a significant backlash from CAS stakeholders who were affected by the change.

The CAS Board's decision presented problems for CAS Members, regulatory agencies, and consumer groups.

The CAS Board voted to reinstate the Ratemaking Statement of Principles in May 2021, reversing their previous decision.

This reinstatement was likely a relief for those who relied on the Ratemaking Statement of Principles.

Navigating insurance fairness in rapidly evolving regulatory environments requires careful attention to detail and a deep understanding of the complex issues at play.

Insurance companies must stay up-to-date with changing regulations to ensure they are providing fair and equitable services to their customers.

A recent webinar on Navigating Insurance Fairness in Rapidly Evolving Regulatory Environments highlighted the importance of this issue.

The webinar, held on November 14, 2024, brought together experts in the field to discuss the challenges and opportunities presented by these changing regulations.

To navigate these complexities, insurance companies must be willing to adapt and evolve their practices to meet the needs of their customers.

A key challenge in achieving insurance fairness is addressing bias in the insurance industry.

A 2023 webinar on Bias and Insurance – The Current State of Practice revealed that bias is a significant issue in the industry, but one that can be addressed through education and awareness.

By prioritizing fairness and equity, insurance companies can build trust with their customers and establish a strong reputation in the market.

Staying ahead of the curve in terms of regulatory changes is crucial for insurance companies to remain competitive and provide fair services to their customers.

In fact, a 2020 webinar on Transportation is Advancing Rapidly, Will Commercial Insurance Keep Up the Pace? highlighted the need for insurance companies to keep pace with rapidly evolving technologies and regulatory environments.

By staying informed and adapting to changing regulations, insurance companies can ensure that they are providing fair and equitable services to their customers.

Catastrophe Concentration Pricing is a strategy that helps primary insurers manage risk by spreading it out. This is particularly relevant for insurers who have a high concentration of assets-at-risk (AALs) in one area.

In 2020, a webinar discussed the importance of diversifying AALs, titled "Don't Put All Your AALs in One Basket - May 7". This highlights the need for insurers to think carefully about where they're placing their assets.

A concentrated risk can lead to significant losses in the event of a catastrophe. This is why insurers need to consider catastrophe concentration pricing to protect their assets.

By using catastrophe concentration pricing, insurers can better manage their risk and avoid catastrophic losses. This is a crucial consideration for primary insurers who want to stay financially stable.

Insurance companies are starting to take PFAS contamination seriously, as evident from the webinar "PFAS - Underwriting & Reserving Considerations - April 30".

The insurance industry is grappling with the complexities of PFAS contamination, which was a topic of discussion in the 2024 webinar "PFAS - Underwriting & Reserving Considerations - April 30".

PFAS contamination is a growing concern for insurance companies, as seen in the webinar "PFAS - Underwriting & Reserving Considerations - April 30".

The webinar "PFAS - Underwriting & Reserving Considerations - April 30" highlighted the need for insurance companies to consider PFAS contamination in their underwriting and reserving processes.

Insurance companies are now forced to consider the costs associated with PFAS contamination, such as cleanup and remediation efforts, as discussed in the webinar "PFAS - Underwriting & Reserving Considerations - April 30".

The webinar "PFAS - Underwriting & Reserving Considerations - April 30" also emphasized the importance of accurate and timely data in assessing the risks associated with PFAS contamination.

The Casualty Actuarial Society is at the forefront of innovation in the field of actuarial science. The Bionic Actuary is a concept that embodies the future of actuarial work, combining speed, connectivity, and insightful decision-making.

In 2020, the CAS hosted a webinar titled "The Bionic Actuary: Fast, Connected and Insightful" on March 12, which highlighted the potential of emerging technologies in actuarial work. The webinar showcased how the Bionic Actuary can process large amounts of data quickly and provide actionable insights to inform business decisions.

The Bionic Actuary is not just a concept, but a reality that is being shaped by advancements in science and technology. By leveraging the power of data and analytics, actuaries can work more efficiently and effectively, providing better outcomes for their clients and the insurance industry as a whole.

Commercial insurance is facing a challenge in keeping up with rapid transportation advancements. The pace of innovation in transportation is outpacing the development of insurance products to match.

In 2020, a webinar titled "Transportation is Advancing Rapidly, Will Commercial Insurance Keep Up the Pace?" highlighted the issue. The webinar took place on December 17.

The rapid development of autonomous vehicles, for instance, is a concern for commercial insurance. These vehicles will require new types of insurance policies that currently don't exist.

The increasing use of drones for transportation is another area where commercial insurance is struggling to keep up. Drones are being used for package delivery and other purposes, but the insurance industry is still figuring out how to cover them.

The lack of standardization in insurance policies for new transportation technologies is a major issue. This makes it difficult for companies to find insurance that covers their specific needs.

The 2020 webinar on transportation advancements suggests that the insurance industry needs to be more proactive in developing new products and policies. This will require collaboration between insurers, regulators, and technology companies.

For more insights, see: Business Casualty Insurance

The Bionic Actuary is a game-changer in the field of actuarial science.

Actuaries are now leveraging artificial intelligence to enhance their work, as evident from the 2024 webinar "The Intersection of Actuarial Science and Artificial Intelligence" held on October 15.

This integration has led to faster and more insightful decision-making.

A notable example is the 2020 webinar "The Bionic Actuary: Fast, Connected and Insightful" held on March 12, which showcased the benefits of being a "bionic actuary."

Actuaries can now advance their knowledge of insurance operations to enhance their role, as demonstrated by the 2022 webinar "Advancing Your Knowledge of Insurance Operations to Enhance the Actuarial Role" held on May 12.

By staying connected and informed, actuaries can provide more accurate and timely insights to their clients.

GPT and large language models are making waves in the actuarial landscape. The 2023 Webinar on GPT and the Actuarial Landscape highlighted this trend.

GPT is a type of large language model that's gaining attention. It was the topic of a 2023 webinar on November 2.

These models are being applied in various ways, but their impact on the actuarial landscape is still being explored.

Ratemaking with Auction Theory is a fascinating topic that combines the principles of economics and computer science.

In 2023, a webinar on Ratemaking using Auction Theory was held on September 28, showcasing its potential applications.

Auction Theory is a mathematical framework that helps determine the optimal price for goods or services.

This approach has been explored in various industries, including insurance, to create more accurate and efficient rating systems.

The webinar on Ratemaking using Auction Theory was likely attended by professionals interested in learning about this innovative approach.

By applying Auction Theory, companies can make more informed decisions about pricing and risk management.

The Casualty Actuarial Society (CAS) offers various resources to enhance your knowledge of insurance operations. In 2022, a webinar titled "Advancing Your Knowledge of Insurance Operations to Enhance the Actuarial Role" was held on May 12.

To stay up-to-date with the latest strategies, the CAS also hosts webinars on specific topics. For instance, "Modern Strategies to Handle Legacy Claims" was the focus of a 2023 webinar held on January 31.

The CAS recognizes the importance of adapting to changing claims management needs, as evident from the "Modern Strategies to Handle Legacy Claims" webinar.

A unique perspective: Casualty Claims Adjuster

Advancing your knowledge of insurance operations can significantly enhance the actuarial role. This was demonstrated in a 2022 webinar, "Advancing Your Knowledge of Insurance Operations to Enhance the Actuarial Role - May 12".

On May 12, 2022, a webinar was held to discuss the importance of advancing knowledge in insurance operations. The event was titled "Advancing Your Knowledge of Insurance Operations to Enhance the Actuarial Role - May 12".

Legacy claims handling can be a complex and time-consuming process, but there are modern strategies that can make it more efficient. A 2023 webinar on "Modern Strategies to Handle Legacy Claims" took place on January 31, highlighting the importance of staying up-to-date with the latest techniques.

Legacy claims often involve outdated systems and processes, which can lead to delays and errors. This can be particularly challenging for insurance companies that have a large backlog of legacy claims.

In 2023, a webinar on "Modern Strategies to Handle Legacy Claims" was held on January 31. This event showcased innovative approaches to managing legacy claims, including the use of automation and data analytics.

To effectively handle legacy claims, insurance companies need to adopt a proactive approach, rather than simply reacting to each claim as it arises. This requires a thorough understanding of the underlying causes of the claims and a clear plan for resolution.

Estimating Pure IBNR Counts Using Policy Level Information is a crucial aspect of insurance operations. This topic was explored in a 2024 webinar that took place on September 19.

The webinar provided valuable insights into how to use policy level information to estimate pure IBNR counts accurately. In contrast, AI in actuarial science was the focus of a 2021 webinar held on December 6.

To estimate pure IBNR counts, actuaries can leverage policy level information, as demonstrated in the 2024 webinar. This approach can lead to more precise calculations.

However, it's worth noting that the 2021 webinar on AI in actuarial science highlighted the potential benefits of using machine learning algorithms to improve actuarial calculations.

New York Workers' Compensation Loss Development Factors have been decreasing in recent years, as seen in the 2023 Webinar "An Examination of Recent Decreases in New York Workers’ Compensation Loss Development Factors" held on August 17.

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The webinar highlighted the importance of understanding these factors to make informed decisions in insurance operations.

Loss development factors are crucial in determining the future costs of workers' compensation claims, and recent decreases in New York indicate a positive trend for insurance companies.

In fact, the webinar provided a detailed examination of these decreases, offering valuable insights for insurance professionals.

Data-driven insights are essential in making informed decisions, and leveraging public data can enhance modeling for insurance operations, as seen in the case study "How to Find Data-Driven Insights When You Have No Data (or Just Want More): Case Studies in Leveraging Public Data to Enhance Modeling for Fire and..."

If you're a student interested in the Casualty Actuarial Society (CAS), you'll want to check out their webinars, which are a great way to learn from industry experts.

The CAS Student Central Webinar, "A Day in the Life of a P&C Actuary", was held on May 2, 2019, and is available to view on-demand.

You can purchase recordings of CAS webinars, including the "A Day in the Life of a P&C Actuary" webinar, for a group rate of the product price multiplied by 4, which can be a cost-effective option for groups of up to ten participants.

To purchase a group recording, contact [email protected].

The CAS Student Central Webinar: A Day in the Life of a P&C Actuary is a great resource for students interested in learning more about the field of actuarial science. This webinar was held on May 2, 2019.

The webinar is a valuable opportunity to gain insight into the daily life of a P&C actuary. You can watch the recording of this webinar on the CAS website.

If you're interested in watching the recording, you can purchase it for $100. Group rates are also available, with a price of $400 for up to ten participants.

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In 2020, The Travelers hosted a webinar called "The Travelers Predictive Modeling Cooking Show" as part of the CAS Student Central Webinar series, focusing on LGBTQ+ identities and allyship in actuarial workplaces.

The topic of LGBTQ+ identities and allyship in workplaces is crucial for creating inclusive environments. This is particularly evident in the actuarial field, where The Travelers' webinar highlighted the importance of understanding and supporting diverse identities.

The CAS Student Central Webinar series provides valuable resources for students and professionals alike. The Travelers' webinar is a great example of how organizations can promote LGBTQ+ awareness and allyship.

The webinar, "The Travelers Predictive Modeling Cooking Show", took place on February 27, 2020. This specific date and event highlight the ongoing effort to promote LGBTQ+ inclusion in the actuarial workplace.

The Casualty Actuarial Society offers a range of resources for professionals in the field, including seminar recordings.

The 2022 Casualty Loss Reserve Seminar Recordings are available online, providing a valuable learning opportunity for actuaries and other industry professionals.

These recordings offer a chance to learn from experts in the field, with topics covered including casualty loss reserve development and analysis.

The seminar recordings are a great way to stay up-to-date on the latest trends and best practices in casualty actuarial science.

By watching the recordings, professionals can gain a deeper understanding of complex concepts and techniques, and apply this knowledge to their work.