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There are two ways to create a new Physics Asset: on import or by using the context menu in the Content Browser. Below are the steps and interfaces for both methods.
Steps
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.
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.
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 Browser, 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.
Result
Upon creating a Physics Asset you will find it in the same folder as the Skeletal Mesh it is based on.