Actuaries use mathematics and financial theory to determine the potential risk of real-life situations and events. They require proficient skills in analytics to help businesses and clients minimise risk in their Insurance policies.
Actuaries regularly specialize in a specific line of insurance which may include:
- Health Insurance
- Life Insurance
- Property Insurance
- Motor Insurance
- Risk Management
What duties may an Actuary perform?
Assisting in the design and testing of insurance policies
Gathering and analysing data and statistics
Analysing market research to determine security offerings for products
Determining policy premiums
Predicting the expected number of claims for an event
What makes a good Actuary
The ability to present reports and data in a concise way to partners and clients who may not be familiar with technical terminology.
Using calculus, statistics and probability to quantify risk
Being able to provide solutions to complex issues.
Having the skill to lead and represent a team both internally and externally
How much do Actuaries make?
'In Australia, the number of qualified actuaries is 2,283*. A newly qualified Fellow can expect to earn around $100,000 per year and incomes rise quickly. Senior actuaries can easily earn $250,000 a year.' - Actuaries Institute