CAS Fact Sheet - CAS Overview
Automated Vehicles. Cyber Risk. Climate Change. The risks addressed by the actuarial profession continue to change every day. The Casualty Actuarial Society (CAS) was founded over 100 years ago with the advent of workers compensation insurance in the United States; now the CAS and its members continue to work on the most pressing insurance issues of the day.
Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property/casualty risks (known globally as general insurance) and is the third-largest actuarial organization in the world among those who credential actuaries through examinations. The CAS has over 10,000 members who have earned our rigorous Associate (ACAS) and Fellow (FCAS) designations, recognized worldwide as the gold standard in property/casualty insurance credentials.
From its inception and foundations in workers compensation in the early 20th century, the CAS has grown constantly, not only in membership, but also in range of interest and in scientific and related contributions to all lines of insurance other than life, including automobile, fire, homeowners, commercial multiple peril, and others.
Employers across the globe value our members for their deep technical training and ability to explore data to connect dots, solve real-world problems and spot trends. As the “original data scientists,” our actuaries are helping companies harness emerging technologies to respond to new innovations in data, technology and methodology.
The more than 10,000 members of the CAS are employed by insurance companies, educational institutions, ratemaking organizations, state insurance departments, the federal government, and independent consulting firms. CAS membership has grown 25% since 2017 and CAS has experienced a 5.7% annual membership growth rate over the past decade.
The Society has three designations of credentialed members:
- Fellows, who have passed all Associate requirements plus exams 7-9
- Chartered Enterprise Risk Analysts (CERA), who are actuaries who meet requirements in ERM in addition to Associate level requirements
- Associates, who have passed exams 1-6 and two online courses, and completed all VEE requirements and the Course on Professionalism
All designations are achieved by successful completion of a series of comprehensive examinations.
A class of CAS membership, Affiliate, serves qualified actuaries who practice in the general insurance field but do not meet the qualifications to become an Associate or Fellow.
Academic Central is a program for nonmembers who are involved in teaching actuarial science, mathematics, economics, business or related courses and have an interest in the CAS. Other interested nonmembers may join the CAS community by enrolling in the Subscriber Program.
Professionals who earn CAS actuarial credentials follow a path of education and a rigorous testing of knowledge leading to our Associate and Fellow credentials. CAS exams utilize the practical experience of many subject matter experts for the development of exam content relevant in actual practice; these exams test the candidate’s ability to apply theory to solve real-world problems. The CAS credentials its members to be risk professionals who work primarily in the property and casualty insurance industry in areas such as auto, home, liability, workers compensation, and reinsurance; however, CAS members are increasingly being employed in risk management roles in non-insurance organizations such as Uber, Google, Hertz, Expedia, Tesla and Lowe’s.
CAS members and other industry professionals can access 100+ continuing education opportunities (over 340 hours annually), including CAS Regional Affiliates’ and Special Interest Sections’ offerings. Each year, the CAS sponsors approximately 15 seminars on a wide range of business, insurance, and actuarial subjects, as well as two general meetings each year, in May and November. Online courses, webcasts and webinars further supplement the CAS continuing education offerings. Special and joint meetings with other actuarial bodies are occasionally held, and each of the 18 Regional Affiliates holds meetings periodically on topics of interest to CAS members.
The CAS also fosters the professional growth of its members by disseminating actuarial-related information through its many publications. These include:
- Variance: Advancing the Science of Risk
a peer-reviewed journal to disseminate work of interest to casualty actuaries worldwide
- Actuarial Review
a bimonthly magazine
a nonrefereed journal that contains research sponsored by CAS committees and from other sources
- Future Fellows
a quarterly newsletter produced for CAS candidates taking exams
authoritative, peer-reviewed, in-depth works focusing on important topics within property and casualty actuarial practice
- Foundations of Casualty Actuarial Science
the definitive reference for the property and casualty actuarial practice
- CAS Research Papers
funded, peer-reviewed, in-depth works focusing on important topics within property and casualty actuarial practice.
- white papers on current issues
The CAS contributes original research to advance the property/casualty actuarial profession. Through calls for papers, funded research, and working parties, CAS members offer new insight on areas that range from predictive modeling and data analytics to microinsurance. To encourage research within the actuarial profession, CAS annually sponsors prizes for the best papers on specific research areas such as ratemaking, reserving, and reinsurance.
The Society's governing body is the 18-member Board of Directors. The principal administrative body is the Executive Council, consisting of the president, president-elect, six vice presidents and CEO. The vice presidents are responsible for advising on the Society's major activities including education and examinations, continuing education, membership services, research, publications, and international outreach. The Society is supported by a professional staff, with an office in Arlington, Virginia. An Organizational Chart shows the complete structure of the CAS.