The P&C insurance market is experiencing dynamic growth across Asia, driven by factors such as economic expansion, urbanization, rising middle-class incomes and increasing digitalization. In Southeast Asia, emerging markets like Indonesia, Vietnam and The Philippines are seeing heightened demand for motor, property and natural catastrophe insurance, while more mature markets like Thailand and Malaysia focus on motor and Takaful insurance products. Despite this growth, low insurance penetration and high exposure to natural disasters remain key challenges. In China, the P&C market is one of the largest globally, propelled by government support, expanding auto and liability insurance segments, and rapid insurtech adoption through partnerships with tech giants.
In response to this market growth, the CAS is increasing efforts to prepare the next generation of actuaries with the skills they need to meet the local demands. Partnerships with Asian universities and professors are central to these efforts.
The inaugural CAS International General Insurance Teaching Summit took place from October 16–18, 2024, in Kuala Lumpur, Malaysia, with participation from more than 50 representatives from across Asia. This milestone event united professors from 23 universities and actuarial leaders to celebrate partnerships and exchange best practices in higher education. It is also the first-ever summit in Asia that focused exclusively on general insurance education.
The event is evidence of the CAS’s commitment to continued international expansion, as reflected in our membership base in Asia, which has been growing at an average rate of 8% per year over the past five years. CAS members in Asia serve as the leading talent pool for analytics on emerging topics such as electric vehicle insurance, IFRS 17 and various solvency regimes.
Celebrating university partnerships
A central focus of the summit was advancing partnerships with universities recognized under the CAS University Recognition Program. In just one year since its introduction, we have 55 university partners on the recognition list, with 17 in Asia.
The CAS deeply values our partners in higher education who are supporting the development of the next generation of actuaries. This initiative recognizes institutions committed to enhancing general insurance actuarial education. Partner universities benefit from CAS support and resources to equip students and graduates with the knowledge, skills and innovative thinking to be future leaders in the actuarial world.
Building foundations for future actuaries
Another key focal point of the summit was exploring strategies for bridging the gap between academic learning and early-career demands. With the actuarial profession evolving due to technological advancements, young actuaries must develop versatile skill sets. Industry leaders and educators in attendance shared insights into the skills vital for early-career actuaries, offering practical advice grounded in real-world applications. CAS speaker, Geoff Werner, FCAS, and co-author of the CAS Exam 5 textbook, led participants through an in-depth introduction to fundamental general insurance concepts on ratemaking. Emerging trends in the field were also introduced and discussed, including wildfire risk evaluation using Wildland Urban Interface (WUI) Fire Protection Scores, the development of catastrophic risk atlases and the navigation of new challenges such as cyber risks, telematics, electric vehicles and even flying cars.
Strengthening the actuarial community through collaboration and contributions
University representatives shared ideas and experiences in enhancing actuarial education, including course development and design as well as case studies and teaching techniques. Innovative approaches, such as leveraging AI advancements to reimagine actuarial education and empowering students through peer-assisted learning programs, were also shared. These discussions emphasized innovation and strategic engagement in shaping the future of actuarial education.
This teaching summit was a great success, with support and contributions from CAS volunteers, industry and university partners. A heartfelt thank you to the CAS member speakers, including Alisa Walch, Geoff Werner, Delvin Cai, Nurul Syuhada Nurazami and Ron Kozlowski. Their contributions provided attendees with global perspectives and invaluable expertise. Special thanks also to our industry partner speakers, Daniel Nee and Yew Khuen Yoon, as well as all of the speakers from our partner universities who generously shared their teaching experiences and insights. Together they created a dynamic platform for mentorship, collaboration and knowledge exchange, laying the groundwork for advancing general insurance education in Asia and beyond.
