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The 2023 CAS Spring Meeting is rapidly approaching, and we’re excited to introduce a new element to the event! In honor of the location and theme of Navigate. Predict. Lead., we invite you to create a paper boat and “sail your way” to Boston.
A Town Hall discussion was held in conjunction with the 2023 CAS Spring Meeting on Monday, May 8, 2023 on the topic of “Preparing the Actuary of the Future.”
A recording of the Town Hall meeting is available via the CAS Online Learning Center.
The Casualty Actuarial Society is pleased to announce the release of the Annual Report for the year 2022. Inside you will find highlights from the previous year encompassing all facets of the CAS, including admissions, engagement, research and more.
Read the Report
The CAS and the Institutes are excited to announce the refresh of its ACAS pathway online courses, Online Course 1 and Online Course 2, to the new Data Insurance Series Courses: Risk Management (DISC RM) and Insurance Operations and Insurance Accounting, Coverage Analysis, Insurance Law and Insurance Regulation (DISC IA). The refreshed courses feature updated content, new video content, an improved user experience, and additional resources to enhance the learning experience.
More specifically, the refreshed courses provide several improvements including:
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.
The Actuarial Standards Board (ASB) of the American Academy of Actuaries approved an exposure draft of a new ASOP on enterprise risk management to replace ASOP Nos. 46 and 47, Risk Evaluation in Enterprise Risk Management and Risk Treatment in Enterprise Risk Management, respectively.
Link to Agenda
For print registration form, please follow this link
Taipei, Taiwan
September 8, 2023
Proposals for Presentations are due no later than May 20, 2023.
The Casualty Actuarial Society (CAS) and the Actuarial Institute of Chinese Taipei (AICT) invite you to be a part of the 2023 Joint Property/Casualty Actuarial Seminar scheduled for September 8, 2023, in Taipei. Don’t miss out this opportunity to speak to actuarial practitioners in Taiwan and the greater Asia region.
Two new papers have been published on the Variance website:
"Multivariate Copula Modeling for Improving Agricultural Risk Assessment under Climate Variability"
By Marwah Soliman, Nathaniel K. Newlands, Vyacheslav Lyubchich, and Yulia R. Gel
The CAS Research Council is issuing a Request for Proposals (RFP) to gauge the impact of climate change on the insurance industry by product line.
Variance is in search of associate editors (AEs) to manage the peer review of papers. This is a leadership position on the Editorial Board in which the AE will receive assistance and guidance from, and provide assistance to, the editor in chief and co-editor. It’s a great opportunity to contribute to new actuarial literature!
The Casualty Actuarial Society is thrilled to announce that registration for the 2023 Seminar on Reinsurance is open. This highly anticipated event will take place on June 5-6 in the vibrant city of Philadelphia and virtually.
The Variance Prize for papers published in Variance volume 15 (2022) has been awarded to Drake Landry and Steven Martin for their paper, “Policy-Level Unreported Frequency Model for Pure IBNR Estimation.”
Peng Shi, ACAS, FSA, Ph.D., co-editor of Variance, chaired the judges panel, and Brian Fannin, ACAS, CSPA, CAS research actuary, co-chaired.
Are you looking to grow in new classes or geographies? Are you looking to start a new book of business? Or, do you simply want to understand broad trends better? It’s tough to build models when you lack data. This presentation will show you how you can use interesting external data sets reported by cities, from statutory returns and other sources to supplement your own data, with examples. Please come with the willingness to be creative, scrappy, and think outside-the-box. Key messages include:
The presentation begins with an overview of the Insurance Information Institute’s (Triple-I) insurance economics outlook and underwriting projections, updated quarterly their economists and actuaries. The presentation then transitions to Triple-I’s perspective on key risks and opportunities facing the insurance industry, including climate risk, legal system abuse, cyber, and risk-based pricing. Key Messages:
We will demonstrate the importance of accurate geocoding in classifying catastrophic risk, including the particularly sensitive perils of wildfire and flood. This will include exploring how geocoding works, why not all geocoding results are “created equal,” and how to address limitations with geocoding. We will also discuss why wildfire and flood are such localized perils, with risk varying greatly between relatively close locations. Finally, we will consider other implications of understanding an exposure’s accurate location, such as underwriting and managing concentration.
The CAS Reinsurance Research Working Group is issuing a Request for Proposals (RFP) to develop methods for validating casualty catastrophe models.
Using evidence from the Highway Data Loss Institute and CARFAX, we will investigate how Advanced Driver Assistance Systems (ADAS) are impacting auto insurers. We will review which features are effective at reducing claims frequency, and drill into the reasons behind the apparent increase in severity for ADAS-equipped vehicles. It is very complicated to assess the impact of advanced driver assistance systems on auto insurers. Current market conditions such as the residual impact of COVID-19 pandemic and supply chain issues are exacerbating the complexity.
Two new papers have been published on the Variance website:
"Maximum Likelihood Approaches to Misrepresentation Models in GLM ratemaking: Model Comparisons"
By Michelle Xia, Rexford Akakpo, and Matthew Albaugh
