actuary
Sign in to saveAn actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science.
AI overview
An actuary is a mathematical expert who measures and manages financial risks and uncertainty for organizations, using specialized skills in asset management, liability management, and valuation. They assess whether financial security systems—like insurance, pensions, and investment programs—are mathematically sound and sustainable.
AI-generated from the Wikipedia summary — may contain errors.
Key facts
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- Damage from Hurricane Katrina in 2005. Actuaries need to estimate long-term levels of such damage in order to accurately price property insurance, set appropriate reserves, and design appropriate reinsurance and capital management strategies.
- Occupation.official_names
- Actuary
- Occupation.formation
- See Credentialing and exams
- Occupation.related_occupation
- Underwriter
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- Hurricane katrina damage gulfport mississippi.jpg
via Wikipedia infobox
Article
20 sectionsContents
- Responsibilities
- Disciplines
- Traditional employment
- Non-traditional employment
- History
- Need for insurance
- Early attempts
- Development of theory
- Early actuaries
- Development of the modern profession
- Remuneration and ranking
- Credentialing and exams
- Exam support
- Pass marks and pass rates
- Notable actuaries
- Fictional actuaries
- Notes
- Citations
- Works cited
- External links
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science.
While the concept of insurance dates to antiquity, the concepts needed to scientifically measure and mitigate risks have their origins in 17th-century studies of probability and annuities. Actuaries in the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems; actuaries use this knowledge to design programs that manage risk, by determining if the implementation of strategies proposed for mitigating potential risks does not exceed the expected cost of those risks actualized. The steps needed to become an actuary, including education and licensing, are specific to a given country, with various additional requirements applied by regional administrative units; however, almost all processes impart universal principles of risk assessment, statistical analysis, and risk mitigation, involving rigorously structured training and examination schedules, taking many years to complete.