New CAS Monographs to Explore Strategy, Competition, and Extreme Risk
The Casualty Actuarial Society (CAS) is pleased to announce the development of two new monographs exploring foundational and emerging areas of actuarial science: game theory and extreme value theory (EVT). Following recent calls for proposals, the CAS Monograph Editorial Board selected two author teams to lead these efforts, reflecting the CAS’s ongoing commitment to advancing actuarial research and practice.
Game Theory
The CAS has selected a proposal led by Agni Chatterjee, with coauthors Betty Zhu and Max Martinelli, to develop a monograph focused on game theory and its applications in insurance. The monograph will explore how strategic interactions among insurers, policyholders, and other market participants shape outcomes in pricing, competition, and risk management.
“Insurance markets are fundamentally strategic,” the authors note. “Competitors react, customers adapt, and incentives matter. Game theory provides a powerful framework for understanding these dynamics, yet it remains underutilized in actuarial practice. This monograph aims to make these tools more accessible and practical for actuaries.”
The finished work is expected to connect core game theory concepts with real-world actuarial applications, including agent-based modeling and strategic decision-making.
Extreme Value Theory
The CAS has accepted a proposal from Clara Xing Wang, Jackie Wong Siaw Tze, and Tolulope Fadina to develop a monograph on EVT. EVT plays a critical role in modeling rare, high-impact events and is becoming increasingly important in property and casualty actuarial work.
The authors aim to deliver a comprehensive, practice-oriented resource that integrates EVT’s statistical foundations with applications in insurance, finance, and risk management. Planned topics include distributional assumptions, estimation techniques, and practical case studies designed to help actuaries apply EVT methods with confidence.
About the CAS Monograph Series
CAS monographs provide in-depth explorations of foundational topics in the property-casualty actuarial field. The addition of these two projects reflects both the evolving challenges facing the profession and the CAS’s commitment to supporting actuaries with rigorous, relevant resources.
Updates on the development of these monographs, along with future additions to the CAS monograph series, will be shared as the work progresses.
