Education for General Insurance Actuaries

1
Education for General Insurance Actuaries

• Casualty Actuarial Society
• Mary Frances Miller
• President, CAS

2
CAS Education Stages

• Preliminary Education
• Practice Application
• Advanced Finance and Asset Management
• Nation-specific Practice
• Course on Professionalism

3
Preliminary Education

• Mathematical Background for Actuarial Science
• Probability and Mathematical Statistics
• Mathematics of Finance (Interest)
• Actuarial Models (including life contingencies)
• Applications of Actuarial Models (including
  credibility theory, regression curve fitting)
• Economics Basic Finance
• 4 Examinations (14 hours) required coursework
  in economics, finance, regression time series
• Approximately 1600 hours preparation time

4
Actuarial Practice

• Covers a wide range of theory and practical
  applications
• Insurance exposures Long tail, short tail,
  periodic payments
• Pricing insurance policies
• Reserving for insurance liabilities
• Accounting Basic and insurer-specific
• Reinsurance excess insurance
• Etc.
• 3 Examinations (4 hours)
• 1200-1500 hours preparation time

5
Assets Nation-Specific Practice

• Advanced Finance/Assets course is based on
  graduate textbooks in finance
• 4 hour examination 500 hours preparation
• National Practice Exam
• Insurance law and regulation
• GAAP and statutory accounting
• Standards of practice professionalism
• Current options are US Canada
• 4 hour examination 500 hours preparation

6
Internationalizing CAS Education

• Preliminary topics
• Waiver rules for UK/Australia/India
• CAS is committed to developing waiver options for
  other systems
• Nation-specific
• Exploring options for other national practice
  education (eg UK/Australia/India/South Africa)
• Potential for international practice exam if
  sufficient interest
• International accounting regs standards of
  practice