Actuaries are business professionals who deal with the financial impact of risk, usually involving an individual or
business. They use their understanding of mathematics, statistics, historical data and financial systems to evaluate the
likelihood of events and their inherent risk.
Actuaries use their wide range of knowledge in the fields of math and statistics as well as business and finance
probability to determine the premiums of insurance plans. They calculate the risk factors for occurrences such as
floods, fires, unemployment, accidents, mortality, and other risks to give an accurate depiction of the risk that
insurance companies will take by insuring an individual or business. Actuaries work with insurance companies that
specialize in many things including life insurance, health insurance, automobile insurance, and homeowners insurance.
Actuaries in the insurance industry typically specialize in a specific field of insurance, such as Health insurance
actuaries, Property and casualty insurance actuaries, Pension and retirement benefits actuaries, Life insurance
actuaries and Enterprise risk actuaries. Most actuarial work is done with computers. Actuaries use database software
to compile information. They use advanced statistics and modeling software to forecast the probability of an event
occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to
pay future claims.
The duties of Actuary includes to compile statistical data and other information for further analysis, estimate the
probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster. They also
design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize
risk and maximize profitability. They also produce charts, tables, and reports that explain calculations and proposals
and explain their findings and proposals to company executives, government officials, shareholders, and clients.
Most Actuaries are employed by insurance companies and may specialize in an area such as health, life, property and
casualty insurance. Some also work with pensions and retirement benefits, serve as risk managers for businesses or
consult on a variety of actuarial needs. They often work on teams with other financial and insurance professionals.
Although most actuaries work full time in offices, consulting actuaries may travel and work longer hours to meet
Entry Level Education
Bachelor’s Degree in Commerce, Mathematics, Actuarial Science, Finance, or Economics, Computer Science.