In general insurance, you'll find policies related to commercial risk, property (insurance for homeowners and cars), terrorism and natural disasters. Your task here will be to analyze large amounts of data in relation to the areas mentioned above. Working in companies that offer life insurance, pensions and other financial services is a traditional area for actuaries. They are involved in all stages of product development, pricing, risk assessment and product marketing.
Actuaries can also work in other financial services industries, managing credit and setting a price for corporate security offerings, for example. They can also help companies compete by helping to design new investment tools. Social Security and Medicare are managed in part by government actuaries. And pension actuaries follow the Employee Retirement Income Security Act (ERISA) of 1974, which sets minimums for health and pension plans in the private industry.
Actuary employment will also increase due to increased regulation of managed healthcare companies and the new health legislation. According to the United States Bureau of Labor Statistics, it is estimated that by 2028, the absorption of actuaries into the profession will have increased by 20%. Actuaries must have solid computer skills, who must use standard statistical analysis software and develop and manipulate spreadsheets and databases. Most colleges and universities offer programs in economics, finance, mathematics and statistics, but only 100 have programs in actuarial science.
Actuaries calculate figures to predict the likelihood and potential cost to a company in the event of injury, disability, illness, loss of property, or death. In fact, actuarial consultants carry two different roles at the same time, offering their skills in the insurance and finance industries. For the actuarial profession, there is no denying that things are getting better, that is, in terms of employment opportunities. Life insurance actuaries also evaluate individuals to develop life insurance and annuity policies based on their individual life expectancy.
The insurance sector is experiencing overall growth slower than average, but the employment of actuaries is expected to continue to increase because their experience is needed to evaluate, develop and price insurance products and calculate new risks. Actuaries address the risks and uncertainties faced by financial firms, working for the benefit of both clients and owners. Banking As an increasing number of insurance companies have their own banking operations, the demand for actuaries in the banking field is increasing and many actuaries are now occupying some of the highest positions in finance and risk. The insurance industry employs more than half of all actuaries, and those professionals specialize in property and casualty insurance or life and health insurance.
For example, by looking at the age, gender, car, driving history, etc., of insured drivers, property and accident actuaries can estimate potential car accident claims to ensure that the premiums collected cover company claims and expenses, while being competitive with other companies and profitable. Banks, on the other hand, are hiring more and more actuaries because of the long-term forecast that the entire profession focuses on. Of course you won't find so many, some insurance companies have their own banking wings where they have placed actuaries to direct the program in terms of risks and finance in general. .