An actuary is a business professional specializing in the statistical assessment of financial risk. An actuary uses a variety of risk tables and statistical techniques and tools to perform and calculate risk assessments. Determining the potential for future claims is the main responsibility of an actuary. Typically, an actuary has a background in mathematics and accounting. An actuary is most often employed in the insurance industry to evaluate risks associated with the underwriting and/or administration of insurance policies. An insurance actuary performs calculations associated with premiums, pensions, reserves, dividends and annuity rates, among others. The term actuary is used primarily in the United States. In most other countries, an actuary would be referred to as a mathematician. To become a fully credentialed actuary, one must pass a plethora of examination sessions which can take several years to complete. |
