- Casualty Actuarial Society
name = Casualty Actuarial Society
size = 180px
caption = Casualty Actuarial Society logo
formation = 1914
United States of America
membership = 4585 (July 2008)
language = English
leader_title = President
leader_name = Christopher S. Carlson
website = http://www.casact.org/The Casualty Actuarial Society (CAS) is a professional society of actuaries. Its members are mainly involved in the property and casualty areas of the actuarial profession. The other main actuarial organization of its type in North America, the
Society of Actuaries(SOA), is composed mostly of actuaries involved in pensions, life and health insurance.
The two levels of CAS membership are Associate (ACAS) and Fellow (FCAS). Requirements for these levels of membership include a comprehensive series of exams. Topics covered in the exams include
mathematics, finance, economics, insurance, enterprise risk management, and actuarial science. Another class of CAS membership, Affiliate, includes qualified actuaries who practice in property-casualty insurance but do not meet the qualifications to become an Associate or Fellow.
The society was founded in 1914 and originally named the Casualty Actuarial and Statistical Society. The present name was adopted in 1922. The society's first president was
I. M. Rubinow, who played a key role in its formation. There were 97 founding members of the society.
The CAS was at first primarily concerned with problems of
workers compensationinsurance, which was introduced in the U.S.in the early 20th century. Eventually members of the society worked on all types of property-casualty insurance, including coverages for automobiles, homes and businesses. The society has now grown to over 4,000 members. Although most members live and practice in the United States, a significant numberquantify|date=August 2008 work in other countries.
Members of the CAS are employed by insurance companies, reinsurance companies, insurance brokers, educational institutions, ratemaking organizations, state insurance departments, the federal government, independent consulting firms, and non-traditional employers. There are a number of regional affiliates of the CAS, along with several special interest sections.
The CAS requires Associates and Fellows to qualify through a series of rigorous
actuarial exams covering all aspects of actuarial practice. Passing the first seven exams qualifies an actuary for the Associateship designation; passing two additional exams is required to become a Fellow. The exam process almost always takes a long time to complete, due to the low pass ratios and the difficulty of the syllabus material.
A number of the earlier exams are conducted jointly with the Society of Actuaries, and a relatively few actuaries have qualified as members of both the CAS and the SOA. Most members of the CAS (like most members of the SOA) are also members of the
American Academy of Actuaries, the U.S. umbrella group for actuaries of all specialties. A smaller but still significant numberquantify|date=August 2008 are members of the Canadian Institute of Actuaries, the national organization of the actuarial profession in Canada.
The subject matter covered on each of the nine CAS examinations is as follows:
The first four exams, known as “Preliminary Exams” consist largely of core mathematics related to actuarial science including probability, statistics, interest theory, life contingencies, and risk models. Exams 1, 2, & 4, recently renamed P, FM, and C, are common to both the SOA and the CAS. However, while the third examination of the SOA, which as of 2007 is given in two parts (Exams MLC and MFE), is accepted by the CAS, the reverse does not hold.
This joint sponsorship allows students to work on some of the initial requirements before they choose a specific discipline to pursue. The syllabus has a tendency to be adjusted regularly, which makes comparing exams from different 5-year blocks somewhat difficult.
Upper-level exam topics for the CAS include: rate making, insurance accounting, loss reserving, and reinsurance. Fellowship exams for the CAS include such topics as advanced investments and finance, advanced rate making, and risk rating plans.
Publications and research
The society's members publish a large number of research papers on various aspects of property-casualty actuarial science. The society's oldest and most prestigious research publication was the annual "Proceedings of the Casualty Actuarial Society". Beginning in 2006 the "Proceedings" no longer contained research papers but only administrative material in combination with the Society's "Yearbook". Research papers are now published in a twice-yearly journal called "Variance", and in other formats. This research material is maintained in an extensive, searchable online database at the society's web site (see "External links").
Meetings and administrative structure
The society holds two general meetings each year for the presentation of research papers and discussions about actuarial topics. Several other meetings, specializing in topics such as
ratemaking, predictive modeling, loss reserving, or reinsuranceare offered each year, along with a series of limited attendance seminars. Each of the regional affiliates also holds regular meetings.
The governing body of the society is the 15-member board of directors, elected by members who hold the Fellowship designation. The administration of the society is conducted by a President elected by the Fellows and seven board-elected Vice-Presidents responsible for administration, admissions, international activities, marketing and communications, professional education, research and development, and risk integration and enterprise risk management. These elected officials oversee a large number of task forces and committees composed of society members and others. The largest single committee is the Examination Committee, consisting of more than three hundred society members, who are responsible for writing and grading the CAS actuarial exams. A professional support staff works for the society and is located in
Society of Actuaries
* [http://www.casact.org/ Casualty Actuarial Society]
* [http://www.beanactuary.org/ Be An Actuary website]
* [http://www.actuary.net Actuary.NET News]
* [http://actuarialnews.org Actuarial News]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Casualty Actuarial Society - CAS — The Casualty Actuarial Society (CAS) is a professional society of actuaries, and the accrediting body for the Associate of the Casualty Actuarial Society (ACAS) designation and the Fellow of the Casualty Actuarial Society (FCAS) designation. The… … Investment dictionary
Society of Actuaries — logo Abbreviation SOA Motto The work of science is to substitute facts for appearances and demonstrations for impressions. John Ruskin … Wikipedia
Actuarial exam — Actuarial exams are a series of professional level examinations which must be passed in order to be admitted into an actuarial society, if the society has a membership through examination requirement. Many societies that belong to the… … Wikipedia
Actuarial credibility — describes an approach used by actuaries to improve statistical estimates. Although the approach can be formulated in either a frequentist or Bayesian statistical setting, the latter is often preferred because of the ease of recognizing more that… … Wikipedia
Actuarial science — are professionals who are qualified in this field through examinations and experience. Actuarial science includes a number of interrelating subjects, including probability and statistics, finance, and economics. Historically, actuarial science… … Wikipedia
Actuarial notation — 1. net single premium of insurance (benefit 1 unit) 2. paid at the moment of death 3. for x year old person, for n years 4. life insurance 5. deferred (m year) 6. with double force of interestActuarial notation is a shorthand method to allow… … Wikipedia
International Actuarial Association — Infobox Organization name = International Actuarial Association size = 143 formation = 1895 headquarters = Ottawa, Canada language = English, French leader title = President leader name = David G. Hartman website = http://www.actuaries.orgThe… … Wikipedia
Outline of actuarial science — The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Contents 1… … Wikipedia
The Marine and General Mutual Life Assurance Society — Type Mutual Traded as MGM Assurance Industry Financial Services Founded 1852 (1852) Founder(s) … Wikipedia
Actuary — Damage from Hurricane Katrina. Actuaries need to estimate long term averages of such damage in order to accurately price property insurance and set appropriate reserves. Occupation Names Actuary … Wikipedia