There are two ways to create a new Physics Asset: on import or by using the context menu in the Content Drawer. Below are the steps and interfaces for both methods.
When a Skeletal Mesh is imported, there is an option to generate a Physics Asset for it as it is imported. Once the imported file is processed, a new Physics Asset will be generated using the default properties, which can be modified using the Physics Asset Editor.
<aside> 💡 You can choose to use an existing Physical Asset by disabling the Create Physics Asset checkbox, then selecting the appropriate Physics Asset using the dropdown menu.
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However, you can follow these steps if you need to create a Physics Asset for a Skeletal Mesh at a later time:
in the Content Drawer, find the Skeletal Mesh asset to which you wish to add a Physics Asset.
Right-click on the Skeletal Mesh to open the Context Menu, the select Create -> Physics Asset -> Create.
Adjust the properties to your liking.
Click Create Asset.
Upon creating a Physics Asset you will find it in the same folder as the Skeletal Mesh it is based on.