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Relative to some other professions, like teacher, doctor, or engineer, the job of actuary seems like a modern idea. After all, there are many fewer actuaries despite it being ranked as one of the best careers in the world. However, the practice of actuarial science is not as young as it used to be. In fact, primitive versions of actuaries are as old as insurance itself, dating back to the seventeenth century. The Casualty Actuarial Society was founded in 1914, which set forth the principles that we follow today.
The world is going through an extraordinary event.
While many people know they want to be an actuary in college and move straight to the insurance industry after graduation, a good segment of the actuarial population is career changers – people who worked in a different field, often for many years, before taking on an actuarial role. The reasons for making this switch are varied, but career changers generally bring valuable perspectives and experience to their actuarial roles. To give further insight on what it’s like to become an actuary after working in a different field, below are three current actuaries’ stories.
The Board of Directors is proposing changes to the CAS Constitution and Bylaws to streamline the governance of the Society. Fellows will be asked to vote on the changes in conjunction with the 2021 CAS elections in August. In putting the proposals on the ballot, the Board is recommending that the Fellows vote in favor of the amendments.
This webinar will enable attendees to understand key principles and requirements involved in the regulatory review of predictive models and, in particular, will address how the Property and Casualty Section of the Nevada Division of Insurance reviews predictive models, what support is required for such models, common issues encountered in the course of review, and ways in which communication can streamline the review process.
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IIHS-HLDI researchers have recently completed groundbreaking research that significantly expands our understanding of the impact of advanced driver assistance systems (ADAS) and driving automation on highway safety and auto insurance. Currently, the most advanced vehicles for sale in the US have Level 2 automation, but the effect on claim frequency is mixed for these systems. The impact of these systems on repair costs and collision claim severities is complex. The enabling sensors can be expensive when damaged because in addition to being replaced, they often need to be recalibrated.
CAS Research Actuary Brian Fannin, ACAS, CSPA, MAAA, recorded a webinar for university students based on his research brief, “COVID-19: The Property - Casualty Perspective.”[PDF] The recording, which has been released through CAS Student Central, our free membership program for students interested in pursuing an actuarial career, is also available to CAS members, affiliates and partners via the
Revisit highlights from the 2020 CAS Annual Meeting through the following complimentary session recordings.
Update your contacts! The Actuaries’ Resource Center (ARC) is now the Administrative and Customer Support (ACS) department. You can contact ACS staff by emailing acs@casact.org.
HAROLD W. SCHLOSS MEMORIAL SCHOLARSHIP FUND
In November 1984, the Harold W. Schloss Scholarship was established by the Casualty Actuarial Society as a memorial to Mr. Schloss, a past president of the Society. The fund for this annual $500 scholarship stipend was initiated by Mr. Schloss' wife, France A. Schloss, and their children. The scholarship is being used to benefit deserving and academically outstanding students in the actuarial program of the Department of Statistics and Actuarial Science at the University of Iowa.
The Importance of Adverbs on Exams
By Steven D. Armstrong, FCAS, Examination Committee General Officer
During the creation of the CAS exams, the writers, Part Chairs, and General Officers pore over the meaning of every word in each question to ensure that the question is not ambiguous and that it prompts the test-taker to provide enough information to demonstrate required mastery of the relevant subject material.
Dear CAS Members,
2018 CAS UNIVERSITY AWARD WINNER - UNIVERSITY OF TEXAS AT AUSTIN
ANNOUNCEMENTS
ANNOUNCEMENTS
This is a four day-long course that will give the attendee an introduction to R, but with the objective of preparing attendees to be able to apply what they've learned upon completion of the course. To that end, the focus is on direct, interactive content delivery.
October 15, 2020 – The Joint Committee for Inclusion, Equity and Diversity (JCIED) – an effort between the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) – proudly announces a series of professional development sessions that will take place at each of their respective annual meetings.
The CAS will be hosting its 2020 Virtual Annual Meeting November 9-12. Diversity, equity, and inclusion-related sessions include:
ANNOUNCEMENTSMEETING AGENDAS/PRESENTATIONSno information at this timeOFFICERSEthel Wang, PresidentJoshua Pyle, President-ElectHuina Zhu, Secretary-TreasurerADDITIONAL INFORMATIONCABA ConstitutionCONTACT INFORMATIONHuina ZhuEmail: hzhu@auw.com
CAS members looking to discuss actuarial and data-related implications of COVID-19 are invited to join discussions taking place in the CAS General Research online community. The community has recently generated several discussions related to COVID-19, including around the creation of CAS GitHub repository for COVID-19 data.
ANNOUNCEMENTS
Dear CAS Members,
The CAS is closely monitoring the continuing developments pertaining to the outbreak of the novel coronavirus (COVID-19). With the constant stream of evolving information, I wanted to provide our community with an update on the considerations and actions the CAS is taking to ensure the health and safety of our members, candidates, and other stakeholders. These include:
Cancelling the 2020 Ratemaking, Product and Modeling (RPM) Seminar set to take place March 23-25 in New Orleans.
This is a four day-long course that will give the attendee an introduction to R, with the objective of preparing attendees to be able to apply what they've learned upon completion of the course. To that end, the focus is on direct, interactive content delivery.
This is a four day-long course that will give the attendee an introduction to R, but with the objective of preparing attendees to be able to apply what they've learned upon completion of the course. To that end, the focus is on direct, interactive content delivery.
Dear CAS Members and Candidates:
I’m pleased to announce exciting news about the future administration of CAS credentialing exams. Beginning this fall, the CAS’s multiple-choice exams, MAS-I and MAS-II, will be delivered via computer-based testing. Constructed response exams, beginning with Exam 6-Canada, will start transitioning in the spring of 2021, with a goal to offer all CAS exams via computer-based testing by the end of 2022.
In April 2020 word began to spread that actuarial students were having their summer internships shortened, altered, and in some cases, cancelled altogether. CAS President Steve Armstrong approached the University Engagement Committee (UEC) and proposed we find a way to assist these students by offering a program that would help them gain knowledge and experience similar to what an internship would have offered them.
