������Ƶ

A massive shout-out to Mooi Chun Yan (Alex), Ethan Lee Jia Hua, and Chin Peiqi from the BSc (Hons) in Actuarial Studies programme, School of Mathematical Sciences, ������Ƶ University, for emerging as the CHAMPIONS of the Peak Re Sponsored CAS ARECA Case Competition 2024, ahead of the teams of Nanyang Technological University, University of Malaya and other teams from Malaysia, Singapore, Australia, Hong Kong, China, Indonesia, Nepal, Taiwan and Vietnam.

The team proudly brought home:

• An achievement certificate for each team member.
• One free CAS Exam registration for each team member.
• A monetary award of USD 1,800.

Tackling the Future of Insurance: EVs in Focus

The 2024 case competition challenged participants to explore the impact of electric vehicles (EVs) on the auto insurance sector, which is undergoing rapid transformation.

������Ƶ's winning team impressed judges with their comprehensive 22-page report, showcasing a research-driven and data-informed approach that covered:

• Pricing insurance products for EVs.
• Monte Carlo Simulation and Bootstrapping to scale EV data from the U.S. and China.
• Frequency-severity analysis for both EVs and internal combustion engine vehicles (ICEVs).
   

Journey to Champions

The competition was first announced in late October 2024. Driven by their passion for general insurance and enthusiasm for real-world actuarial applications, the team quickly formed and was eager to take on the challenge. 

The case study invited participants to examine the impact of electric vehicles (EVs) on the insurance industry, focusing on areas such as:

• Differences between EVs and internal combustion engine vehicles (ICEVs) in claim frequency and severity
• Reinsurance considerations and structuring
• Emerging risks, including moral hazard
• The application of core actuarial principles and techniques
   

Faced with limited available data on EV insurance, the team developed innovative, regulator-oriented solutions, including:

• Leveraging simulation and bootstrapping methods to scale EV data from the U.S. and China.
• Implementing frequency-severity models that adjust for the EV-to-ICEV ratio in various markets.
   

One month after submitting their comprehensive report, the team was thrilled to be named one of the Top 5 Finalists, joining teams from Hunan University (China), Nanyang Technological University (Singapore), Institut Teknologi Bandung (Indonesia), and University of Malaya (Malaysia).

For the final round, they prepared a detailed presentation of their findings and delivered a live 10-minute online pitch, followed by a 5-minute Q&A session with the judging panel.

From the Champions Themselves 

“We are incredibly honoured and grateful to have been named champions at the Peak Re-Sponsored CAS ARECA Case Competition 2024. We extend our heartfelt thanks to the organisers, sponsors and judges for creating this platform, as well as our mentors and peers who supported us along the way.”

“This competition pushed us to think critically, collaborate effectively and apply our knowledge to real-world challenges, just like working actuaries. Throughout the journey, we faced many hurdles, from identifying complex problems to crafting innovative solutions, but it was within these challenges that the invaluable learning lies.” 

“This achievement is not just a milestone for our team but a testament to the power of persistence and teamwork. We hope to inspire others to embrace opportunities like this.”
— Alex, Ethan & Peiqi

A Testament to Excellence

We are incredibly proud of Alex, Ethan, and Peiqi for their exceptional performance and for representing ������Ƶ University with such professionalism and intellectual rigour.

Their success is a testament to their hard work and creativity, their ability to think critically about complex real-world problems, and the quality of education and training provided by ������Ƶ University in shaping future-ready actuarial professionals.
Gratitude to CAS and Looking Ahead

A heartfelt thank you to the Casualty Actuarial Society (CAS) for organising this incredible opportunity for students to engage with real-world actuarial challenges and gain experience in thinking like professional actuaries.

We look forward to more of our students stepping up to take on similar challenges in the future!

Chan Lay Guat and Dr Ang Siew Ling
School of Mathematical Sciences
Email: @email  and @email