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In her latest article, CAS Research Manager Annmarie Geddes Baribeau provides a deep dive into six important papers fr...
05/28/2025

In her latest article, CAS Research Manager Annmarie Geddes Baribeau provides a deep dive into six important papers from the Phase II Race and Insurance Pricing Research Series, exploring how actuaries can identify, measure and mitigate potential bias in insurance pricing.

From navigating evolving regulations to evaluating rating variables like credit scores, telematics, and geography, this article offers a practical toolkit for actuaries — no matter their company size or area of focus.

Key takeaways:
- Why actuarial soundness alone may not be enough to demonstrate fairness.
- The critical role actuaries play in aligning AI and rating models with ethical standards.
- How regulatory trends in the U.S., EU, and beyond are reshaping expectations.
- Tools for bias testing, mitigation, and understanding unintended consequences of reforms.

This article isn’t just about compliance — it’s about leadership. It’s about preparing actuaries to help shape a fairer and more effective insurance landscape.

The CAS Research Paper Series on Race and Insurance Pricing Delivers Greater Insight into Potential Bias in Insurance Practices Detecting and addressing potential bias in ratemaking and other insurance practices will continue to be a pressing concern in the future — regardless of the political cli...

The CAS is pleased to announce the publication of the Exam 5, 6-Canada, 6-United States, 6-International, 7, and 8 Conte...
05/28/2025

The CAS is pleased to announce the publication of the Exam 5, 6-Canada, 6-United States, 6-International, 7, and 8 Content Outlines for the October 2025 exam administration. Candidates should refer to these Content Outlines for the October 2025 exams. October 2025 exam registration and study kits are expected to be available in July.

Additionally, the MAS-I and MAS-II content outlines for August and October 2025 are published. Both administrations will use the same Content Outline. Exam registration for August MAS exams will be available in June.

Read the full update on our website to stay ahead:

The CAS is pleased to announce the publication of the Exam 5, 6-Canada, 6-United States, 6-International, 7, and 8 Content Outlines for the October 2025 exam administration.

What can actuaries and insurance professionals learn from a 200-year-old company that’s survived war, market crashes, as...
05/27/2025

What can actuaries and insurance professionals learn from a 200-year-old company that’s survived war, market crashes, asbestos liabilities, and even Xerox? In his piece, James P. Lynch, FCAS MAAA reviews The Once and Future C&F by Crum & Forster CEO Marc Adee — a refreshingly candid account of the company’s journey from 19th-century underwriting shop to modern-day insurance success story under Fairfax Financial. From Ben Graham’s scathing critique to decentralized turnarounds and buckets catching ceiling leaks, Adee doesn’t shy away from the messier parts of leadership. Lynch calls out the book’s deep lessons in risk, capital missteps, and cultural transformation — and explains why Adee wrote it “so the next generation doesn’t have to go through that.” A must-read for anyone who thinks history has no place in strategy.

An actuary/CEO dons a historian’s cap to tell his company’s story. An insurance company’s story is a history lesson. The company’s highs and lows reflect the risks people face and the financial vicissitudes of any era. CAS Fellow Marc Adee outlines what can be learned from one company, Crum ...

Last call for Casualty Actuarial Society research proposals covering Large Language Models (LLMs) to process unstructure...
05/27/2025

Last call for Casualty Actuarial Society research proposals covering Large Language Models (LLMs) to process unstructured data for claims analysis.

Deadline: Friday, May 30, 2025

https://www.casact.org/article/leveraging-llms-unstructured-claims-data-cas-issues-research-rfp-actuarial-solution

The Casualty Actuarial Society's (CAS) Artificial Intelligence Working Group is offering up to $40,000 for research that documents best practices for leveraging Large Language Models (LLMs) in processing unstructured data for claims analysis.

Transparency in catastrophe modeling is heating up. Sara Chen, FCAS, covers Colorado’s HB 1182, requiring insurers to di...
05/25/2025

Transparency in catastrophe modeling is heating up. Sara Chen, FCAS, covers Colorado’s HB 1182, requiring insurers to disclose wildfire model impacts and recognize mitigation efforts. Get a glimpse of the regulatory future for catastrophe risk in this Developing News article from the May/June .

A bill that’s making its way to the governor’s desk in Colorado will increase scrutiny on models used in rating or underwriting wildfire risk. After the California wildfires in January, Colorado introduced House Bill 1182: Risk Model Use in Property Insurance Policies (HB 1182), which, according...

AI agents aren’t replacing actuaries — they’re empowering them. In this Developing News article from the May/June , Xua...
05/24/2025

AI agents aren’t replacing actuaries — they’re empowering them. In this Developing News article from the May/June , Xuan You, FCAS, explores how agentic AI is revolutionizing the way actuaries work, collaborate, and innovate. Are you ready to mentor your AI coworker?

A common misconception about large language models (LLMs) is that they’re merely sophisticated chatbots that struggle with mathematical tasks. This view arises from seeing LLMs in isolation, as they are designed to predict the next token in a sequence rather than perform arithmetic. In other words...

The Casualty Actuarial Society has unveiled a refreshed approach to supporting actuaries—shifting focus to career encour...
05/23/2025

The Casualty Actuarial Society has unveiled a refreshed approach to supporting actuaries—shifting focus to career encouragement and community building, based on extensive member feedback.

Key updates:
- Clearer language that emphasizes belonging and opportunity
- Continued commitment to building a diverse, supportive profession
- Focus on awareness, accessibility, and connection across the actuarial community

CAS Board Chair Frank Chang: “This updated strategy reflects our enduring commitment to an inclusive and thriving profession.”

Read the full strategy here:

The CAS Board of Directors has adopted an updated Career Encouragement and Community Building Strategy that reflects member feedback received through an exposure and comment period on the former Strategic Approach to Diversity, Equity and Inclusion (DEI) approved in 2022.

Meet Esther Ophelia Tibbs — likely the first Black woman actuary in the U.S. and perhaps the first Black actuary of any ...
05/23/2025

Meet Esther Ophelia Tibbs — likely the first Black woman actuary in the U.S. and perhaps the first Black actuary of any gender in the country. Her remarkable story, from a small Iowa town to actuarial leadership during the Great Depression, is a tribute to talent, resilience, and trailblazing brilliance.

In the 1930s, Tibbs was not just making waves — she was a nationally recognized figure in Black-owned insurance companies, a member of the American Statistical Association, and a pioneering voice at national industry conventions. Her achievements are even more striking considering the social barriers of her time.

This newly published profile in by Liz Haringey Lynch uncovers a rich, largely forgotten chapter of actuarial and Black professional history. Let’s amplify stories that inspire — and honor those who paved the way.

In the 1930s, Esther Ophelia Tibbs made headlines with a fast-moving actuarial career, then faded from the limelight. In May 1937, members of the National Negro Insurance Association gathered in Augusta, Georgia, for their 17th national convention. The opening festivities included performances by lo...

Global tariffs are reshaping insurance pricing. In this Developing News article from the May/June , Sandra Maria Nawar,...
05/23/2025

Global tariffs are reshaping insurance pricing. In this Developing News article from the May/June , Sandra Maria Nawar, FCAS, ACIA, breaks down how increased costs for cars and homes could ripple through insurance markets — and what actuaries must prepare for. Read her insightful and timely analysis!

A trade war is in full swing, with the new tariffs imposed by the U.S., slowing down global economic activities and leading to a price surge for products flowing between countries. The effect of the tariffs are especially significant in countries where retaliatory tariff measures are also implemente...

In his latest President's Message in , Dave Cummings shares how organizational resilience starts with clarity and trans...
05/22/2025

In his latest President's Message in , Dave Cummings shares how organizational resilience starts with clarity and transparency. Through a major update to the CAS Bylaws, the Society is strengthening its foundation for the next generation of actuaries. Clear governance, better transparency, and adaptability are the pillars of CAS’s future.

A building’s foundation is the bedrock upon which everything else rests. A robust foundation ensures structural integrity, safeguarding against cracks, shifts and even catastrophic collapse from forces like earthquakes or soil erosion. A well-constructed foundation can be the difference between a ...

New Variance article published: “Bayesian Nowcasting Data Breach IBNR Incidents,” by Maochao Xu, Hong Sun, and Peng Zhao...
05/21/2025

New Variance article published:

“Bayesian Nowcasting Data Breach IBNR Incidents,” by Maochao Xu, Hong Sun, and Peng Zhao, explores using nowcasting—or predicting the present—to estimate IBNR events from cyber incidents.

Abstract: The reporting delay in data breach incidents poses a formidable challenge for Incurred But Not Reported (IBNR) studies, complicating reserve estimation for actuarial professionals. This work presents a novel Bayesian nowcasting model designed to accurately model and predict the number of IBNR data breach incidents. Leveraging a Bayesian modeling framework, the model integrates time and heterogeneous effects to enhance predictive accuracy. Synthetic and empirical studies demonstrate the superior performance of the proposed model, highlighting its efficacy in addressing the complexities of IBNR estimation. Furthermore, we examine reserve estimation for IBNR incidents using the proposed model, shedding light on its implications for actuarial practice

Variance advances the science of risk, helping actuaries across the profession expand their skills. It is the peer-reviewed journal of the Casualty Actuarial Society.

https://variancejournal.org/article/133953-bayesian-nowcasting-data-breach-ibnr-incidents

By Maochao Xu, Hong Sun & 1 more. A novel Bayesian nowcasting model integrating time and heterogeneous effects for IBNR breach incidents is proposed. The new model shows superior prediction performance of IBNR incidents and accurate reserve estimation.

Commercial Auto and Workers’ Comp: The Neverending Story of Two Remarkable Lines In the latest issue of , Jim Weiss, FC...
05/20/2025

Commercial Auto and Workers’ Comp: The Neverending Story of Two Remarkable Lines

In the latest issue of , Jim Weiss, FCAS, CSPA, explores a fascinating paradox in U.S. commercial insurance: While workers’ compensation has enjoyed nearly a decade of underwriting profitability, commercial auto has languished with persistent losses. What gives?

This deep dive brings together insights from leading actuaries, analysts, and industry experts to unpack:

Why workers’ comp thrives — from no-fault design to boots-on-the-ground loss control.

How commercial auto struggles — grappling with litigation, pricing pressures, and driver shortages.

How social inflation, actuarial methods, and economic cycles all play a role.

What emerging risks (like climate change) may mean for future claim trends.

Whether we’re headed for an inflection point — or a “new normal.”

With sharp data, thoughtful interviews, and a literary thread that weaves Dickens with data science, this is a must-read for actuaries, underwriters, and insurance leaders.

https://ar.casact.org/commercial-auto-and-workers-comp-the-neverending-story-of-two-remarkable-lines/ "

“Insanity is doing the same thing over and over and expecting different results.” —attributed to Albert Einstein “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness … it was the spring of hope, it was the winter of despair.” Charl...

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