The Casualty Actuarial Society

1
The Casualty Actuarial Society

• Steve DArcy
• ??????
• Chairman of the Board of the Casualty Actuarial
  Society
• ???????????
• Professor of Finance at the University of
  Illinois
• ???????????
• Presented at Peking University
• ????
• June 26, 2006

2
Overview ??

• Introduction to the Casualty Actuarial Society
• ????????
• What Risks the Casualty Actuarial Society
  Addresses
• ??????????????
• Membership Statistics ????
• Exams ????
• Structure of the Casualty Actuarial Society
• ????????
• Casualty Actuarial Society Meetings????????
• Recent Developments ????
• Important Features of the Casualty Actuarial
  Society for China ??????????????

3
What is the Casualty Actuarial Society??????????

• The CAS is an international organization
  dedicated to advancing actuarial science for
  casualty and similar risks
• CAS???????,?????????,?????????????????
• The CAS has over 4000 members from 27 different
  countries, including 25 in China
• CAS????27???,??4000???,???25?
• Most members currently work in the United States
  or Canada ????????????????

4
Membership Growth ??????
5
Membership Employment ????
Type of Employment Type of Employment 1975 1985 1995 2005
Insurance Company???? Insurance Company???? 66.4 60.2 59.6 60.2
Organizations Serving Insurance Industry ????????? Organizations Serving Insurance Industry ????????? 6.1 5.2 4.1 3.4
Consultants ???? Consultants ???? 8.1 17.0 21.9 18.4
Government ?? 3.7 3.7 3.3 2.7 2.1
Academic ???? 1.2 1.2 0.9 0.3 0.5
Brokers and Agents ??? 0.0 0.0 0.0 2.2 3.4
Other ?? 2.8 2.8 3.9 2.9 6.0
Retired ?? 11.7 11.7 9.5 6.3 5.9
Total ?? 100.0 100.0 100.0 100.0 100.0
6
What Risks Does the Casualty Actuarial Society
Address???????????????

• Major types of insurance ??????
• Property ??
• Liability ??
• Surety ????
• Inland and Ocean Marine ???????????
• Risk integration ????
• Other terms for casualty insurance ??
• General insurance ????
• Non-life insurance ?????

7
Casualty Actuarial Society Exams
1????????????-1

• There are 9 exams and a course on
• professionalism are required to become a Fellow
• of the Casualty Actuarial Society
• ?????????????????????9?????????????
• Three exams are joint with the Society of
  Actuaries
• ??3????????????
• Exam 1 Probability ??
• Exam 2 Financial Mathematics ????
• Exam 4 Advanced Actuarial Models ??????

8
Casualty Actuarial Society Exams
2????????????-2

• The Casualty Actuarial Society offers six exams
• ???????6???
• Exam 3 Statistics and Actuarial Models ???????
• Exam 5 Ratemaking ??????
• Exam 6 Loss Reserving and Other Topics ????????
• Exam 7 Regulation and Taxation Nation Specific
  
• ???????-????
• Exam 8 Investments and Financial Analysis
  ???????
• Exam 9 Advanced Ratemaking ????????
• Associates have passed the first 7 exams and
  taken the professionalism course
• ?????????7????????????

9
Structure of the Casualty Actuarial
SocietyVolunteers????????-???

• Board of Directors Elected by Fellows
• ????????????
• President Elected by Fellows ???????????
• Vice Presidents Elected by the Board
• ???????????
• Numerous Committees and Task Forces Reporting
  to the Vice Presidents or Board
• ?????????-??????????

10
Structure of the Casualty Actuarial
SocietyProfessional Staff????????-????

• Executive Director (Cynthia Ziegler) ????
• 23 Additional Staff Members 23???
• Casualty Actuarial Society??????
• 4350 North Fairfax Drive, Suite 250Arlington,
  Virginia 22203???,????
• Telephone [phone]Fax (703)
  276-3108E-Mail office_at_casact.org
• Website www.casact.org

11
Casualty Actuarial Society Meetings ????????

• Meetings cover important topics and current
  events, and give members a chance to meet
• ???????????????,???????????
• Fall and spring meetings General topics
• ???????- ????
• Annual seminars ????
• Loss reserving ?????
• Ratemaking ????
• Predictive Modeling ????
• Enterprise Risk Management ??????

12
Casualty Actuarial Society Seminars?????????

• Special interest seminars ???????
• Dynamic Financial Analysis ??????
• Catastrophe Risk Management ??????
• Other topics as interest indicates ????????
• Online courses ????
• Financial Risk Management ??????
• Enterprise Risk Management ??????
• Webinars (seminars offered over the Web) ?????
• Under development on a range of topics
• ??????????
• Any suggestions for particular topics? ??????

13
Recent Developments ????

• Reduced Exam Fees for many countries including
  China
• ??????????????????
• New Casualty Actuarial Society Journal
• ??????????

14
Revised Fee Structure for Exams??????

• Policy applies to Casualty Actuarial Society
  exams, but not joint exams ????????????,???????
• Any country with per capita income below 50 of
  Canada and US is eligible
• ?????????????????50???
• China, including Hong Kong, qualifies for
  discount
• ??,???????????
• Discounted Exam Fees ??????
• 40 of standard fee for candidates working in
  the financial services industry
  ?????????????40????
• 10 of standard fee for other candidates
  (students)
• ?????(??)??10????

15
New Journal ???

• The new journal will publish articles on research
  of interest to casualty actuaries around the
  world
• ???????????????????????
• Theoretical and practical research ???????
• Authors do not have to be members of the Casualty
  Actuarial Society
• ???????????????

16
Important Features of the Casualty Actuarial
Society for China - 1??????????????

• Vice President International Amy Bouska
• ?????????
• Asia Regional Committee Chair - Bob Conger
• ?????????

17
Important Features of the Casualty Actuarial
Society for China 2 ??????????????

• University Liaisons members work with 160
  universities worldwide
• ????,???????160???
• Capital University of Economics and Business -
  Hong Chen
• ????????
• Chinese University of Hong Kong - Wai Yip Chow
• ??????
• Hong Kong University - Kai Tse Beda Chan ????
• Academic Correspondent Program ??????
• For nonmembers involved in teaching actuarial
  science or related courses ???????????????

18
Conclusion ??

• The Casualty Actuarial Society is interested in
  working with universities, government agencies
  and industry worldwide to help develop casualty
  actuarial science ??????????????????,????,???????
  ????
• Contact the Casualty Actuarial Society, our Vice
  President International, our Asia Regional
  Committee Chair or me with any questions
• ?????????,???????????????????????

19
Contact Information ????

• Steve DArcy s-darcy_at_uiuc.edu
• Amy Bouska, Vice President International
• ?????????
• amy.bouska_at_towersperrin.
  com
• Bob Conger, Chair, Asia Regional Committee
• ?????????
• bob.conger_at_towersperrin.
  com
• CAS Office office_at_casact.org CAS???
• Cynthia Ziegler, Executive Director ????
• cziegler_at_casact.org