Editor's Note

Be Informed

This Actuarial Review issue has as an important article that every FCAS should read. The CAS Board has proposed sweeping changes to the CAS Constitution and Bylaws. To quote the article: “With accountability for CAS operations assigned to the CEO, the Executive Council governance layer is no longer required by the board.
Oversight of committee operations will be the responsibility of senior staff executives … .”  

The CAS Board is proposing a fundamental transfer of power from the members to the executive staff. 

The proposal is to move our organization from a member-driven to a staff-directed one. I strongly encourage you to study the proposed changes and think about the direction of the CAS. Be certain to vote, or a minority of the voters will be making a decision that could impact our Society forever.  

While you are studying the issues, take time to learn about the nominees for president-elect and the board and read what they have to say about their visions for the future of the CAS. 

Given the recent spate of ransomware attacks, our cover story on that moving target cyber insurance is well-timed. Cyber criminals are perhaps the most successful innovators because they are constantly finding new ways to breach security. Actuaries and the insurance industry have a lot of work to do to stay ahead and protect against these law breakers. 

This issue also covers some recent CAS Spring Meeting sessions that include social inflation and market cycles. Our regular columns as well as articles on CAS diversity initiatives and The CAS Institute will keep you informed. 

You will not want to miss the video interview that CAS President Jessica Leong has with Brian Duperreault, who is the former CEO and now executive chairman for AIG. Duperreault’s storied career is fascinating, and, despite all his success, he is quite humble and down to Earth. President Leong keeps delivering in-depth and entertaining discussions with some of the most successful actuaries around. Read her summary in the President’s Message and then watch the video on the AR website or CAS YouTube channel.  

I hope you enjoy this issue. Remember to do your research and vote!