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CAS Monograph No. 8: Stochastic Loss Reserving Using Bayesian MCMC Models (2nd Edition)
by Glenn Meyers, FCAS, MAAA, CERA
The Casualty Actuarial Society Trust affords members and others an income tax deduction for contributions of funds used for scholarships and research grants.
This includes their potential impact on our ability to safely and effectively administer exams to CAS candidates at testing sites around the world. After reviewing the latest information from the World Health Organization and U.S.
Deadline Extended to October 15, 2020The Casualty Actuarial Society is pleased to announce a call for essays on the property-casualty insurance implications of COVID-19.As COVID-19 and related government-issued stay-at-home orders have impacted the P&C industry in a number of ways, the CAS would like to know how P&C actuaries, actuarial science academics, insurance industry professionals and risk managers are responding to the crisis. The CAS is looking for individuals to prepare short essays addressing a variety of COVID-19-related topics.
The CAS announced on April 7 the cancellation of the April 2020 CAS exam sitting due to health and safety concerns related to the novel coronavirus. This FAQ has been compiled to answer questions about changes to the standard CAS admissions process resulting from the cancellation. The FAQ will be updated periodically to inform candidates of additional changes.
After careful consideration of the continuing developments pertaining to the outbreak of the novel coronavirus (COVID-19), the CAS has made the decision to cancel the 2020 RPM Seminar & Workshops set to take place March 23-25, 2020 in New Orleans. We share your disappointment in the cancellation of the event, but the safety, health and comfort of our meeting attendees, speakers and staff is our highest priority. Questions about the seminar and next steps to take are answered in an FAQ here.
The Casualty Actuarial Society (CAS) has now launched its Climate Change Resource Library, a compendium of past meeting and seminar presentations, recordings, articles and research papers all related to the impacts of a changing climate on P&C insurance risks. As CAS members know, actuaries are uniquely positioned to record, report on and analyze climate change data.
COVID-19 Impacts in CanadaThe CIA Research Council encourages the submission of research proposals that can fulfill its goals to better understand the impact of COVID-19, and harness the unique skill set of the actuarial profession to develop an effective approach to handle the pandemic situation.
The Casualty Actuarial Society (CAS) is pleased to announce that eight university students have been selected as recipients of the 2020 CAS Trust Scholarship, an honor created to further students' interest in the property and casualty actuarial profession and encourage the pursuit of the CAS designations. This year, the program was expanded from three scholarships to eight scholarships, with awards ranging from $2,500 to $5,000. This year's awardees are Mark Cappaert, Mikayla Daniels, Kinsey Turk, Matthew Scarpill, Asrielle Allen, Justin Garber, Owen Langejans and Oleksandr Nikipielov.
The Casualty Actuarial Society has co-sponsored a new comprehensive guide to cyber risk exposures for actuaries, insurance companies and anyone involved in pricing cyber risk. "Exposure Measures for Pricing and Analyzing the Risks in Cyber Insurance," by Michael A. Bean, FCAS, CERA, FCIA, FSA, Ph.D., provides insight into parameters for cyber risk exposure and explores why cyber liability poses such a unique problem for pricing risk.
Exams 1 and 2
Obtaining credit for these basic education requirements from the CAS is detailed below and in each individual exam syllabi.
Exam 1 - Probability
Exam 2 - Financial Mathematics
How to Obtain Credit for Exams 1 and 2
Credit can be obtained for these exams by taking the exams of one of the following organizations:
The CAS has finalized the Fall 2020 exam schedule, which has been revised to accommodate the addition of Exams 7 and 9 to the fall sitting and the transition of exams MAS-I and MAS-II to computer-based testing. The new schedule is as follows: Exam Date MAS-I November 10, 2020 MAS-II November 13, 2020 Exam 5
The 2020 Hachemeister Prize has been awarded to Ronald Richman for his paper, “AI in Actuarial Science,” presented at the 2019 ASTIN Colloquium. The Charles A. Hachemeister Prize is awarded annually to ASTIN Bulletin or ASTIN or AFIR Colloquium paper(s) based on several criteria but with emphasis placed on the paper’s impact for North American actuaries and its practicality of application.
Arlington, Va. – October 18, 2019 – The Casualty Actuarial Society (CAS) today announced that its Board of Directors has confirmed the recommendation of its Search Committee, led by CAS President Jim Christie, to appoint Victor R. Carter-Bey, D.M., M.B.A., as the new CAS chief executive officer.
The National Association of Insurance Commissioner’s (NAIC) Casualty Actuarial and Statistical Task Force (CASTF) is evaluating continued competence of appointed actuaries after receiving a designation and has requested the CAS and SOA develop a new continuing education (CE) log for use by appointed actuaries.
ACADEMIC COMMUNITY
MEETING AND SEMINAR FEE WAIVER PROGRAM FOR ACADEMICS
The CAS values the contributions of academics to the advancement of actuarial science and encourages academics to participate with practitioners at CAS meetings and seminars. Registration fees for CAS meetings and seminars are waived for up to three events per year for members of CAS Academic Central and full-time academic members of the CAS.
We have become aware that due to the COVID-19 disruption, many universities are offering students the option of choosing a pass/fail score for their spring semester courses. Most of those are offering the option at each students' discretion and have indicated that a passing score would be a C or above.
Dear Members of Actuarial Community,We invite submission of research papers related to recent advances in probability modeling from all areas of Finance, Risk Management and Insurance. We encourage research that focuses on the development of innovative probability models, methodologies and applications reflecting recent trends in finance and insurance.Topics of particular interest include but are not limited to:
Fair Value of P&C Liabilities: Practical ImplicationsThe Casualty Actuarial Society provided funding for the Tillinghast business of Towers Perrin to undertake research that analyzed the potential impact on the U.S. property and casualty insurance industry of converting from GAAP to fair value financial reporting, an ongoing initiative of the International Accounting Standards Board and the Financial Accounting Standards Board.
2016 CAS University Award Winner
Illinois State University
Research & Development Working Groups
CAS Research Working Groups and Task Forces play a critical role in advancing actuarial science through identifying research topics, reviewing proposals and papers, working with researchers and making recommendations.
Resources for CAS Regional Affiliates
The following information is provided as a resource to Regional Affiliates.
The CAS provides a variety of services to Regional Affiliates and Special Interest Sections. Following is a list of the more common services. Please contact Mikey Bevarelli, Membership and Volunteer Engagement Specialist, directly for any of the listed services.
CAS Fellows voted to amend the CAS Constitution and Bylaws to allow Associates who have been members at least five years to vote in CAS elections for President-Elect and Board of Directors, with 69.9% of those casting a ballot on the measure voting to approve. This will add around 1,500 additional CAS members to the voter rolls for the 2021 elections, helping ensure that future CAS Boards are better reflective of members’ priorities.
The International Association of Black Actuaries (IABA) strives to increase diversity within the actuarial profession by offering a network of support to students and professionals, who have traditionally been underrepresented in the field of actuarial science. Representing approximately 13% of the US population and only around1% of credentialed actuaries, the industry has a long way to go to achieve proportionate representation in the field.Read the press release from The IABA.
With the recent closures of certain Pearson VUE Professional Centers due to local government guidelines, the CAS has adopted the following Exam Site Closure Procedures: