Casualty Actuarial Society

What Casualty Actuarial Society does

The Casualty Actuarial Society (CAS), founded in 1914 and headquartered in Arlington, Virginia, is the world's only actuarial organization focused exclusively on property and casualty insurance risks. It administers the gold-standard credentialing pathway for P&C actuaries through the Associate (ACAS) and Fellow (FCAS) designations, along with specialized credentials including CERA (Chartered Enterprise Risk Analyst), PCPA (Property & Casualty Predictive Analytics), and credentials offered through its iCAS subsidiary. All examinations are delivered via Pearson VUE's network of 300+ testing centers globally, following a 2020 transition to computer-based testing.

The business model is a membership-and-credentialing hybrid. Revenue is generated from annual membership dues (Associate, Fellow, Affiliate tiers), per-exam registration fees across MAS-I/MAS-II and Exams 5-9, professional education delivered through the Path LMS-hosted Online Learning Center and a calendar of signature events (Ratemaking Seminar, Spring Meeting, Seminar on Reinsurance, Casualty Loss Reserve Seminar, Annual Meeting), publication sales (Actuarial Review, Variance, E-Forum, CAS Monographs), and event sponsorship. Supporting technology infrastructure includes the CAS Portal, ScholarOne for manuscript submission, a public Loss Reserve Database, the Dynamo Dynamic Financial Analysis model, and an Excel-Based Data Exchange (EBDEx) format for reinsurance submissions.

CAS serves approximately 12,000 members across 42 countries, 9,000+ student members through the free CAS Student Central program, and a downstream employer base of P&C insurers, reinsurers, and insurance employers globally. Distribution is multi-channel: self-serve via casact.org, computer-based testing through Pearson VUE, digital learning via Path LMS, in-person signature events, and regional affiliates (CABER, CAE, ARECA). Strategic partnerships with the Society of Actuaries, Canadian Institute of Actuaries, American Academy of Actuaries, and the International Actuarial Association underpin joint qualification frameworks and standards work.

Name

Casualty Actuarial Society

Legal name

Casualty Actuarial Society

Website

https://casact.org

Company type

Private

Founded year

1914

Operating status

Operating

Headcount range

51–100 employees

Short description

Founded in 1914, the Casualty Actuarial Society is the world's only professional body exclusively credentialing property and casualty actuaries, administering ACAS, FCAS, CERA, and PCAS examinations globally and serving nearly 12,000 members across 42 countries.

Ownership category

akta.pro rank

Product category

Actuarial Professional Credentialing Services

akta.pro primary industry

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD)

akta.pro secondary industry

Financial Services & Insurance (FINRA, CFP, IAR, Insurance CE) (EDAAALAJ)

Keywords

• Actuarial credentialing
• Property casualty insurance
• Professional membership
• Actuarial examinations
• Risk management education

Headquarters

HQ city

Arlington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Membership Dues: Annual membership dues from Associate (ACAS), Fellow (FCAS), and Affiliate members. Membership provides access to publications, community, and professional resources.
2. Examination Fees: Revenue from administering actuarial examinations (MAS-I, MAS-II, Exams 5-9, PCPA) through Pearson VUE testing centers. Exam fees include registration and computer-based testing administration.
3. Professional Education: Revenue from signature events (Ratemaking Seminar, Spring Meeting, Seminar on Reinsurance, Casualty Loss Reserve Seminar, Annual Meeting), Online Learning Center courses, and continuing education programs.
4. Publications: Revenue from flagship publications including Actuarial Review, Variance journal, CAS Monographs, and other research publications.
5. Sponsorship & Advertising: Revenue from sponsorship opportunities at CAS events and advertising in CAS publications and on the website.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

The Casualty Actuarial Society administers the ACAS and FCAS credentialing pathway for property and casualty actuaries through a series of computer-based examinations delivered globally via Pearson VUE. It supplements credentialing with professional education programs (signature seminars, online courses through the Path LMS Online Learning Center), peer-reviewed research publications (Actuarial Review, Variance, E-Forum, Monographs), specialized credentials such as CERA and PCPA, and member services including networking, scholarships, and competency frameworks.

Product overview

The Casualty Actuarial Society offers a comprehensive professional credentialing ecosystem for property and casualty actuaries, structured around its flagship ACAS and FCAS examination pathways. The credentialing system includes Modern Actuarial Statistics Exams (MAS-I, MAS-II), fellowship-level Exams 5-9 covering ratemaking, reserving, and risk management, along with specialized credentials such as CERA (Chartered Enterprise Risk Analyst) and PCPA (Property & Casualty Predictive Analytics). Supporting the examination products, CAS provides educational resources including the Online Learning Center (Path LMS), CAS Student Central for university outreach, and The CAS Institute (iCAS) for specialized credentials. Research publications include Actuarial Review magazine, Variance peer-reviewed journal, E-Forum, and CAS Monographs, with additional support through scholarships and the CAS Capability Model for professional development.

Differentiator

Problem solved

Functional benefit

Brands

• CAS Student Central: A free membership program providing university students with exclusive benefits including career resources, study tools, and networking events, with over 9,000 student members.
• The CAS Institute (iCAS)
• Online Learning Center
• Actuaries Climate Index

Products and services

• CAS Examinations (ACAS/FCAS Pathway) Comprehensive actuarial credentialing program through a series of computer-based examinations leading to Associate (ACAS) and Fellow (FCAS) certifications, covering probability, statistics, ratemaking, reserving, and advanced actuarial topics for P&C insurance practice.
• Modern Actuarial Statistics Exams (MAS-I, MAS-II) Computer-based statistical examinations covering probability models, extended linear models, credibility theory, linear mixed models, statistical learning, and time series analysis as part of the new admissions pathway.
• Exams 5–9 (Fellowship Level) Advanced fellowship-level examinations covering basic ratemaking and claims liabilities estimation (Exam 5), regulation and financial reporting (Exam 6 variants for U.S., Canada, International, Taipei), advanced estimation of claims liabilities (Exam 7), advanced ratemaking (Exam 8), and risk management for actuaries (Exam 9).
• Chartered Enterprise Risk Analyst (CERA) Credential Specialized credential in enterprise risk management, including Exam SP9 and the Enterprise Risk Management and Modeling (ERMM) online course, providing actuaries with strong ERM knowledge for business decision-making.
• Property & Casualty Predictive Analytics (PCPA) Credential and project-based assessment for ACAS candidates demonstrating predictive analytics competency in property-casualty insurance contexts.
• Online Learning Center (Path LMS) Subscription and on-demand digital platform hosted on Path LMS offering continuing education courses, live webinars, and archived recordings for CAS members.
• CAS Signature Events Annual and recurring in-person professional conferences including the Ratemaking, Product and Modeling Seminar, CAS Spring Meeting, Seminar on Reinsurance, Casualty Loss Reserve Seminar, and CAS Annual Meeting.
• CAS Membership (Associate, Fellow, Affiliate) Annual individual memberships at Associate (ACAS), Fellow (FCAS), and Affiliate levels providing access to publications, member community, professional resources, and special interest sections.
• The CAS Institute (iCAS) Credentials Subsidiary-issued credentials and specialized professional education, including the Certified Specialist in Catastrophe Risk (CSCR), targeted at quantitative professionals beyond traditional actuarial credentials.

Quantifiable outcome

• Gold standard credentialing for P&C actuaries with ACAS and FCAS designations recognized globally
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Society of Actuaries (SOA)coreStrategic or Co-development Partner · 15 April 2024Joint programs including the Actuarial Exam Support Program, Diversity Exam Reimbursement Program (currently under review), Needs-Based Exam Reimbursement Program, and 2026 Individual Grants Competition. Both organizations collaborate on VEE (Validation by Educational Experience) administration and research initiatives.
• Canadian Institute of Actuaries (CIA)minorStrategic or Co-development Partner · 1 January 2024Joint VEE Administration Committee with CAS and SOA for validating educational experience requirements. Collaborates on exam offerings including Exam 6-Canada and Quebec-specific requirements.
• Exam Prep ProvidersminorChannel Partner/ Reseller/ Distributor · 12 October 2023Partnership with third-party exam preparation providers to offer new MAS Practice Exams for candidates preparing for Modern Actuarial Statistics exams.
• Pearson VUEcoreStrategic or Co-development Partner · 1 January 2020Global leader in computer-based testing serving as CAS's exclusive test delivery partner since 2020. Administers all CAS computer-based exams (MAS-I, MAS-II, Exams 5-9, PCPA) through Pearson Professional Centers at 300+ locations globally. Partnership enables standardized, secure exam delivery worldwide.
• The CAS Institute (iCAS)coreStrategic or Co-development Partner · 1 January 2016A subsidiary of the Casualty Actuarial Society offering new credentials and specialized professional education for quantitative professionals. Provides additional credential pathways beyond traditional ACAS/FCAS including Certified Specialist in Catastrophe Risk (CSCR).
• International Actuarial Association (IAA)minorStrategic or Co-development PartnerGlobal organization of actuarial associations. CAS participates as a member organization advancing the actuarial profession internationally.
• American Academy of Actuaries (AAA)minorStrategic or Co-development PartnerU.S.-based actuarial organization. CAS collaborates on professional standards and advocacy for the actuarial profession in the United States.
• The Actuarial FoundationminorStrategic or Co-development PartnerNonprofit organization supporting actuarial education and research. Collaborates on scholarships and educational initiatives.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Society of Actuaries (SOA): The Society of Actuaries is the closest direct peer: a parallel professional credentialing body offering Associate (ASA) and Fellow (FSA) designations, computer-based exams, research publications, and continuing education. CAS and SOA jointly administer the Actuarial Exam Support Program, VEE validation, and grants competitions, making SOA the most directly comparable organization in structure, scale, and mission—differentiated only by CAS's exclusive focus on P&C versus SOA's life/health/retirement breadth.
• American Academy of Actuaries (AAA): AAA is a U.S. actuarial membership organization that collaborates with CAS on professional standards and advocacy. While AAA focuses more on policy, professionalism, and public representation than credentialing exams, it shares the same member base and governance overlap, making it a direct peer in the actuarial professional association ecosystem.
• Canadian Institute of Actuaries (CIA): The CIA is Canada's national actuarial body, jointly administering the VEE Administration Committee with CAS and SOA and offering Exam 6-Canada. It mirrors CAS's credentialing model on a national scale and is a direct peer for cross-border credentialing operations and member services.

Broad incumbents

• International Actuarial Association (IAA): The IAA is the global umbrella for actuarial associations worldwide, of which CAS is a member. It operates upstream of national societies like CAS, setting international standards and accreditation frameworks; comparable in mission (advancing the actuarial profession) but broader in geographic scope and less focused on P&C credentialing.
• CFA Institute: CFA Institute administers the CFA Program, the dominant global credential for investment professionals. It is structurally analogous to CAS in operating a tiered credentialing exam system, professional membership dues, and a research/publication ecosystem, but serves a much larger and broader investment-management candidate pool rather than P&C actuaries.

Emerging players

• GARP (Global Association of Risk Professionals): GARP issues the FRM (Financial Risk Manager) and SCR certifications, serving a similar financial-services risk professional audience with a similar credentialing-plus-education revenue model. It is comparable in business model (membership, exams, continuing education) but covers broader financial risk rather than P&C-specific actuarial science, making it an adjacent peer with overlapping candidate demographics.
• Actuaries Without Borders: Actuaries Without Borders is an international nonprofit applying actuarial science to development and humanitarian work, particularly in emerging markets. It is comparable as a nonprofit advancing actuarial practice globally but does not administer credentials, positioning it as an ecosystem peer for international member engagement.

Others

• The Actuarial Foundation: The Actuarial Foundation is a nonprofit that supports actuarial education and research, partnering with CAS on scholarships and educational initiatives. While it does not administer credentials or compete directly, it is an ecosystem peer in advancing the profession and shares overlapping member and donor constituencies with CAS.

Regional players

• Insurance Information Institute (Triple-I): Triple-I is a U.S. insurance industry trade and education organization serving a similar P&C insurance professional audience. It is comparable as a P&C industry knowledge and research hub but does not administer actuarial credentials, making it an adjacent peer in the P&C professional ecosystem.
• International Insurance Society (IIS): IIS is a global insurance industry leadership organization focused on education, research, and networking for insurance executives. It overlaps with CAS's professional education mission and international affiliate model but operates at a senior executive level rather than credentialing practicing actuaries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/casact
• GitHubgithub.com/casact
• YouTubeyoutube.com/user/CASwebmaster
• Facebookfacebook.com/casualtyactuarialsociety
• LinkedInlinkedin.com/company/casualty-actuarial-society
• Instagraminstagram.com/cas.act

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Casualty Actuarial Society