What is Actuarial Science ?
Good Risk Management fosters vigilance in times of calm and instils discipline in times of crisis. Dr. Michael Ong
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. It includes a number of interrelating subjects, including Maths (probability etc) and statistics, finance, and economics.
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 extent in social insurance schemes sponsored by government.
Actuarial skills are valuable for any...