The Role of the Casualty Actuary

The expanding role of the casualty actuary is explored in this address. In the field of loss reserving, loss reserve opinions are required for a broader scope, including both gross and net reserves. The emergence of environmental and toxic tort claims presents new types of liabilities for actuaries to deal with. Another direction for the casualty actuary’s expanding role is in concept of the valuation actuary, which expands the scope to the whole balance sheet, including assets, liabilities, and the adequacy of surplus. The expansion of the role of the casualty actuary beyond the actuarial department to all areas of insurance operations is also explored.