| |
Actuary
Damage from Hurricane Katrina. Actuaries need to estimate long-term averages of such damage in order to accurately price property insurance. |
Occupation
Names
| Actuary |
Type
| Profession |
Activity sectors
| Insurance, Reinsurance, Pension plans, Social welfare programs |
Description
Competencies
| Mathematics, analytical skills, business knowledge |
Education required
| See Credentialing and exams |
Fields of employment
| Insurance companies, consulting firms, government |
Related jobs
| Underwriter |
Average salary
| See Remuneration |
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries have a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work (Trowbridge 1989, p. 7).Actuaries evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be totally avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk (Be An Actuary 2005). |
|
|
