Casualty Actuarial Society

Publications

Foundations of Casualty Actuarial Science, Fourth Edition
The definitive reference for the property/casualty actuarial practice

When introduced in 1989, Foundations of Casualty Actuarial Science was a landmark book, providing for the first time a complete text of the fundamentals of casualty actuarial science as practiced in North America.

Written by a select group of industry experts, Foundations of Casualty Actuarial Science covers ratemaking, reserving, investment income, reinsurance pricing, and other important topics in a clear and well-illustrated manner. Its thorough explanations and discussions of the fundamentals of casualty actuarial concepts and practices have made it a vital resource for casualty actuaries and candidates, college and university students, as well as insurance and general business professionals.

The Fourth Edition of Foundations of Casualty Actuarial Science has been printed to meet the continuing demand for the text.

Buy the Fourth Edition of Foundations of Casualty Actuarial Science online through the CAS Online Store.

Among the highlights of the new 4th edition—

  • Chapter 1 Introduction by Sholom Feldblum explores the characteristics of actuarial science.

  • Chapter 2 Risk Theory by Margaret Tiller Sherwood introduces risk and its various aspects, including theory, manage-ment, control, and financing. This new chapter covers more thoroughly a topic previously addressed as a chapter section.

  • Chapter 3 Ratemaking by Charles L. McClenahan introduces ratemaking basic concepts and terms as well as explores trended, projected ultimate losses; expense provisions; profit and contingencies; and much more.

  • Chapter 4 Individual Risk Rating by Margaret Tiller Sherwood explores prospective systems and retrospective rating as well as focusing on how to design an individual risk rating system.

  • Chapter 5 Loss Reserving by Ronald F. Wiser with revisions and updates by Jo Ellen Cockley and Andrea Gardner discusses the purpose of loss reserving, provides loss reserve definitions and principles, and outlines the four phases of reserve estimation strategy.

  • Chapter 6 Risk Classification by Robert J. Finger explores this topic's relationship to other mechanisms, criteria for selecting rating variables, examples of classification systems, and measures of efficiency as well as estimating class relativities.

  • Chapter 7 Reinsurance by Gary S. Patrik offers an extensive overview of reinsurance pricing and loss reserving.

  • Chapter 8 Credibility by Howard C. Mahler and Curtis Gary Dean covers such topics as classical credibility, least squares credibility, Bayesian analysis, conjugate priors, and practical issues as well as some challenging exercises.

  • Chapter 9 Investment Issues in Property-Liability Insurance by Stephen P. D'Arcy focuses on investment income, rate of return measures, and the impact of investment income on pricing.

  • Chapter 10 Special Issues by Richard W. Gorvett, John L. Tedeschi, and Kimberley A. Ward offers updates on valuing, operating, and regulating an insurance company.

Buy the Fourth Edition of Foundations of Casualty Actuarial Science online through the CAS Online Store.