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Definition of Actuary Insurance

Actuaries possess one of the most important jobs in the insurance industry. However, many consumers may be unfamiliar with the definition of an insurance actuary and the purpose of the profession.

  1. Definition

    • An actuary in the insurance industry is someone who specializes in insurance and financial risk based on mathematical calculations. Insurance companies employ actuaries.

    Purpose

    • Insurance companies hire actuaries to use the gathered statistics to evaluate risk applications and determine the insurance rates, annuity rates, dividends, pensions and reserves. Insurance actuaries assess the possible future occurrences, formulate ideas to reduce unfortunate occurrences and reduce the overall effect of unfortunate circumstances.

    Becoming an Actuary

    • Actuaries must have a background in advanced mathematics. College courses such as actuarial science, economics, financial mathematics and accounting are helpful as well.

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