The Casualty Actuarial Society is a professional organization whose purpose is the advancement of the body of knowledge of actuarial science applied to property, casualty, and similar risk exposures.
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Category Archives: Risk Management
The Future of Credentialing for Catastrophe Risk
Over the past thirty years catastrophe risk management has grown into a critical part of insurance risk management. The power, rigor and importance of the discipline is clear from the fact that insureds, insurers, reinsurers, regulators and investors all use catastrophe models and the same basic analytic risk management paradigms. The discipline has revolutionized how … Read more
Challenges to the Casualty Actuarial Profession 2016
IoT is not the same as lol (Internet of things, laugh out loud). The open internet, cloud computing, and the vast freedoms enhanced with mobile technology are already here. These present new risks for the actuarial community to become engaged. Cyber risk is not the nascent concept assumed years ago. It is here today and … Read more
Posted in Risk Management and tagged Big Data, cyber risk, Internet of Things, IoT.
Three Considerations for Career Opportunities
In my address to new members at the 2016 Spring Meeting, I offered three emerging trends that new members should consider as they pursue future career opportunities. Disruption in our industry will continue and will do so at an exponential pace. Some of these disruptions will take the form of technology firms entering the insurance … Read more
International Picnic Day – More than Your Picnic Basket May Be at Risk
This Saturday marks International Picnic Day! Celebrated around the world, June 18 is the day that people take their food and eat outside, enjoying the fresh air, beautiful sun, and…swarm of insects. Some claim the original concept of a picnic dates back to outdoor medieval feasts held by the nobility. Others assert that picnics came … Read more
Posted in Communications, Risk Management and tagged Food risk, International Picnic Day, Picnic, workers compensation.
Head of Insurance at Uber Praises Value of Actuarial Talent
Gus Fuldner, head of insurance at Uber Technologies Inc. and Business Insurance’s 2016 Risk Manager of the Year, recently talked to the magazine about the importance of his actuarial team at the fast-growing technology company. Fuldner discusses hiring CAS Fellow Frank Chang, and shares with Business Insurance that he particularly values “… a really strong … Read more
Posted in Risk Management and tagged actuarial perspective, Business Insurance, Frank Chang, Gus Fuldner, RIMS, Risk Manager, Risk Manager of the Year, risk profile, uber, ultimate liabilities.
Applying Innovation Principles to Managing Credit Risk
Recently I had the opportunity to present a webinar as part of the CAS Innovation Council’s Actuarial Innovator Profile Series. I discussed how the credit risk group I work with at Milliman has applied the principles articulated in Amy Wilkinson’s book, The Creator’s Code: The Six Essential Skills of Extraordinary Entrepreneurs. Wilkinson provides a valuable … Read more
The Staff Actuary’s Blog: The CAS Institute
Not surprisingly, one of the many things I’m helping with, in my month-old position as CAS Staff Actuary, is the development of The CAS Institute and its credentialing programs, beginning with a data science and predictive analytics credential. This is an initiative for which I was delighted to have cast an approving vote last year … Read more
Posted in Communications, Future of the Profession, Risk Management and tagged CAS Institute, icas, predictive analytics, professional education, Value at Risk.
Three Ways to Participate With the Joint Risk Management Section
The Joint CAS/SOA/CIA Risk Management Section (JRMS) is focused on advancing the actuarial profession by assisting members of the Section with the educational, research, networking, and other specialized needs that arise in the risk management of actuarial science. The Section is ideal for ERM practitioners and CERAs. Over the next few weeks, the JRMS has … Read more
Posted in Risk Management.
Considerations for the Casualty Actuarial Profession in 2015
Thanks to all who posted comments about challenges over the last year. For review of the many responses that showed up on the CAS website I recommend you view the CAS Risk Management Committee’s (RMC) two previous blog posts: Challenges to the Actuarial Profession in 2014 and Threats to the Actuarial Profession (written in 2012). … Read more
Posted in Communications, Future of the Profession, Risk Management and tagged actuary, Actuary Job, CAS, Casualty Actuarial Society, Data Scientist, Risk Management.
Risk Premium Project II Database — A Valuable Research Resource
The Committee on Theory of Risk (COTOR) began the Risk Premium Project (RPP) in 2000 with RPP I, which represented an extensive, thorough, and up-to-date analysis of the theory and empirics of risk assessment for property-casualty insurance. Given the vast development in this field, the RPP II update extended the findings from RPP I with … Read more
Posted in Communications, Research, Risk Management and tagged Asset Pricing, Capital Allocation, CAPM, Catastrophe Risk, COTOR, Database, Reinsurance, Research, Risk Management, Risk Premium Project, RPP, RPP II.