The Casualty Actuarial Society (CAS) held a successful, day-long China Summit on November 17, 2023, in Beijing, China, with virtual attendance also available. The summit addressed a wide range of topics relevant to actuaries practicing in China, attracting participants from across the insurance industry in China and abroad, including CAS members, candidates, academics and other insurance professionals.

This event, tailored for a Chinese audience and conducted primarily in Mandarin, marks the second time the CAS has hosted the event. Despite being at capacity for in-person attendees, the summit drew a substantial virtual audience.

The Summit agenda featured a dynamic lineup of speakers that covered a diverse range of topics, including the latest trends in electric vehicle insurance, autonomous driving and its impact to P&C insurance, how P&C insurers are coping with a government-sponsored health program, climate-related scenarios and cyber insurance. The Summit featured an IFRS 17 panel discussion with partners from PwC, Deloitte, KPMG and EY, who considered how to prepare for the adoption of new accounting rules that are to be implemented by January 2026.

This event, tailored for a Chinese audience and conducted primarily in Mandarin, marks the second time the CAS has hosted the China event.

The morning session commenced with welcome remarks and a message from CAS President-Elect David Cummings, who emphasized the growing importance of actuaries in an increasingly dynamic marketplace. The program included four hours of continuing education credits for CAS members.

In addition to informative speakers, the event also included a celebration of new members, recognizing the 10 new Associates and 13 new Fellows who earned their CAS credentials in 2023.

“The gross written premium of the China Property and Casualty insurance market was CNY 1,487.6 billion ($209.1 billion) in 2022 and is expected to achieve a CAGR of more than 7% during 2021-2026,” said Ran Guo, FCAS, China country manager for the CAS. “The Zero COVID Policy, quick rise of the electric vehicle on the road, extreme weather, as well as adaptation of IFRS 17, are all new challenges faced by P&C insurers,” said Guo. “The CAS is excited to host our first-ever, in-person event to address some of these issues.”

Recordings of the China Summit sessions will be available in UCAS in January 2024. For any inquiries regarding this event, please contact the CAS International staff.

Sharon Burns is an independent consultant and writer living in Oakton, VA.