We are actuaries – General Insurance

WHO is an actuary? What do they do? The Institute and Faculty of Actuaries explains who an actuary is in the following manner:

- BY SAROJA GUNATILLEKE

“Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients.”

“Businesses and governments increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape.”

An actuary is a professional that estimates the financial impact of future events for a company. To arrive at the above, actuaries analyse the past historical data and estimates the likelihood of such a future event and the damage/impact of such an event if it does occur.

The above estimations are not limited to the insurance sector. Although actuaries traditionally worked predominately in the insurance sector, given that our qualifications cover risk management, investment, analytical content we are able to work in any industry including banking, finance companies and even manufacturing and aviation. One such area that actuaries can work in is general insurance. General insurance includes all insurance covers other than life insurance. Hence, it will include certain health insurance covers as well.