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.