At the core of every actuary’s job is risk analysis. Actuaries combine their knowledge of mathematics, statistics, and financial theory to not only predict uncertain events, but also create plans that will manage or limit these events.
Here are just a few examples of issues Actuaries commonly come into contact with;
·Determine how much an insurance company should charge for auto insurance, taking into account many factors such as the car that’s being insured and details about the driver. ·Develop life insurance products. ·Determine how much insurance company should charge for homeowners insurance, considering a number of factors such as where the home is located. ·Determine how much an insurance company should charge a business for insurances such as liability insurance and business interruption insurance. ·Help companies establish their retirement plans. ·Assist banks in managing their assets and liabilities and develop ways to manage financial risk.