What Is the Casualty Actuarial Society (CAS)?

The Casualty Actuarial Society (CAS) is a professional society of actuaries, and the accrediting body for the Associate of the Casualty Actuarial Society (ACAS) and the Fellow of the Casualty Actuarial Society (FCAS) designations.

The CAS focuses on risks and hazards related to property-casualty insurance (e.g., care and home insurance), and not life or health insurance.

Key Takeaways

  • The Casualty Actuarial Society (CAS) is an industry association of actuaries.
  • CAS focuses on property and causality risks and serves more than 9,000 professionals worldwide.
  • CAS is also a credentialing body, issuing the Associate of the Casualty Actuarial Society (ACAS) and the Fellow of the Casualty Actuarial Society (FCAS) professional designations.

Understanding the Casualty Actuarial Society (CAS)

The Causality Actuarial Society is a global industry organization for actuarial professionals in the lines of property and causality insurance. In addition to providing professional credentials that are recognized worldwide throughout the insurance industry as a gold standard, it also provides educational resources, events, and relevant news to its members.

Formed in 1914, the organization began with 97 charter members. CAS emerged as a result of discrepancies that arose between sickness, disability, and casualty insurance related to workers' compensation, and traditional life insurance.

The more than 9,100 CAS members are employed by reinsurance companies, insurance companies, educational institutions, insurance brokers, state insurance departments, rate-making organizations, non-traditional employers, independent consulting firms, and the federal government.

According to its website, the mission of the Casualty Actuarial Society is six-fold:

  • To advance the body of knowledge of actuarial science applied to general insurance, including property, casualty, and similar risk exposures.
  • To expand the application of actuarial science to enterprise risks and systemic risks.
  • To establish and maintain standards of qualification for membership.
  • To promote and maintain high standards of conduct and competence.
  • To increase the awareness of actuarial science.
  • To contribute to the well-being of society as a whole.

CAS Credentialling Programs

The Casualty Actuarial Society (CAS) requires all candidates to qualify through a series of rigorous actuarial exams, covering all aspects of actuarial practice including mathematics, finance, economics, insurance, enterprise risk management, and actuarial science.

Successful completion of (or credit for) exams one through seven and attendance at the CAS Course on Professionalism satisfy the education requirements for associateship. Satisfactory completion of (or credit for) all nine exams is required for fellowship, the highest distinction a member can receive.

The CAS offers two professional credentials, the Associate of the Casualty Actuarial Society (ACAS) and the Fellow of the Casualty Actuarial Society (FCAS). Either credential can only be undertaken after an initial competency exam is passed that covers basic probability and financial mathematics, known as the Validation by Educational Experience (VEE), which may be completed as an undergraduate by accounting or actuarial majors.

After passing five more exams covering more advanced topics in actuarial statistics, the ACAS degree is awarded. Then, two more exams must be passed, one dealing with regulation and financial reporting, and the other on financial risk. If those are passed, the FCAS credential is awarded.