The Casualty Actuarial Society is a professional association of non-life actuaries who study property risk and liability. It was founded in the early 20th century by Dr. IM Rubinow and has grown to over 5,000 members worldwide. The society’s primary goal is to educate and exchange ideas among members and the public about actuarial science. Membership is exclusive and requires passing a series of rigorous exams.
The Casualty Actuarial Society is a professional association of non-life actuaries, or risk management professionals working in industries other than life insurance. The society was started in the early 20th century by actuary Dr. IM Rubinow to study the effects of workers’ compensation on insurance. The primary purpose of the society is to educate members and the general public about the actuarial analysis of property risk and liability. Membership in the society is obtained after completing a series of rigorous examinations. The role of the Accident Actuarial Society has grown in recent years, especially in the management of actuarial risk linked to financial markets.
Actuaries study past events and current trends to predict future results using scientific methods. The non-life insurance industry uses actuaries to study potential exposure to risks such as fire, theft, and business interruption. The Casualty Actuarial Society was developed as a forum for actuaries to share methods for calculating risk and techniques for making the necessary actuarial adjustment when losses occur.
There were 97 original members of the Victims Actuarial Society when it was formed in 1914. As of 2010, the society numbers over 5,000 members from all corners of the world. Over the years, members have met twice a year to discuss changes in property and casualty insurance, such as new markets and the effects of technology. Computers have radically changed many approaches to actuarial science, such as dynamic financial modeling and methods for calculating the actuarial basis of accounting, and society is at the forefront of these innovations.
Educating and exchanging ideas is the primary goal of the Accident Actuarial Society. The society offers a detailed program of prerequisite topics and a list of materials to better understand non-life actuarial issues. It also provides a publication in which actuaries can report their research and findings in addition to its biannual symposia. Finally, the society acts as a public presence that non-members can contact for more information on details of actuarial science, such as actuarial gain or loss.
Membership in the Accident Actuarial Society is quite exclusive. Admission as an associate occurs only after the successful completion of six exams that take up to a year to prepare, plus a course in professional conduct. The scholarship is obtained after three additional exams, for a total of nine exams completed. Once a member, actuaries are qualified in the United States or Canada, depending on versions of the exam, but their status is recognized in most parts of the world.
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