Insurance and Actuarial Sciences

Actuarial Science

What is Actuarial Science ?

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuarial science includes a number of interrelating subjects, including Maths (probability etc) and statistics, finance, and economics. Actuarial science is built on the statistical evaluation of the financial and economic implications of possible contingencies.

Actuaries add value by enabling businesses and individuals to make better-informed decisions, with a clearer view of the likely range of financial outcomes from different future events.

An actuary’s skills in analysis and modelling of problems in finance, risk management and product design are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care. Within these industries, actuaries perform a wide variety of roles such as design and pricing of product, financial management and corporate planning. Actuaries are also involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes. They have statutory roles in insurance and employee benefit valuations to some...

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