The Casualty Actuarial Society is a professional association of non-life actuaries founded in 1914 to study the effects of workers’ compensation on insurance. Its primary goal is to educate members and the public about actuarial analysis of property and liability risk. Membership is exclusive and requires passing a series of rigorous exams. The society has grown in recent years and is at the forefront of innovations in actuarial science.
The Casualty Actuarial Society is a professional association of non-life actuaries or risk management professionals working in industries other than life insurance. The company was founded in the early 20th century by actuary Dr. IM Rubinow to study the effects of workers’ compensation on insurance. The society’s primary goal is to educate members and the general public about actuarial analysis of property and liability risk. Membership in the society is achieved after the completion of a series of rigorous exams. The role of the Casualty Actuarial Society has grown in recent years, especially in the management of actuarial risk associated with financial markets.
Actuaries study past events and current trends in order to predict future outcomes 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 risks and techniques for making the necessary actuarial adjustment when losses occur.
There were 97 original members of the Casualty Actuarial Society when it was formed in 1914. As of 2010, the society boasts more than 5,000 members from all corners of the globe. Over the years, members have met twice a year to discuss changes in casualty and property insurance, such as new markets and the effects of technology. Computers have fundamentally changed many approaches to actuarial science, such as dynamic financial modeling and methods of calculating the actuarial basis of accounting, and the company is at the forefront of these innovations.
Educating and exchanging ideas is the main purpose of the Casualty Actuarial Society. The company offers a detailed syllabus of prerequisite topics and a list of materials in order to better understand non-life actuarial issues. It also provides a publication for actuaries to report on their research and findings in addition to their biennial symposiums. Finally, the firm acts as a public presence that non-members can contact to learn more about the details of actuarial science, such as actuarial gains or losses.
Membership in the Casualty Actuarial Society is quite exclusive. Admission as an associate occurs only after passing six exams that take up to one year each to prepare, plus a professional conduct course. The scholarship is earned after three more exams, for a total of nine exams completed. Once a member, actuaries are qualified in the United States or Canada, depending on the version of the exams, but their status is recognized in most parts of the world.
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