Actuary

An actuary for a property & casualty (P&C) insurance company is a professional who uses mathematics, statistics, and financial theory to assess and manage the risks associated with insuring property (like homes, cars, buildings) and casualty (liabilities, accidents, lawsuits) exposures. Their work ensures the company charges appropriate premiums, maintains sufficient reserves, and stays financially stable.

• Analyze historical data on claims (frequency and severity) to set premiums that are fair, competitive, and sufficient to cover future losses.

• Estimate how much money the company should set aside to pay claims that have occurred but haven’t been reported or settled yet.

• Create statistical models to predict future losses and the impact of catastrophic events.

• Help ensure the company meets legal and regulatory requirements regarding reserves and solvency.
• Assist in financial forecasting and reporting to stakeholders.

• Advise on new products, reinsurance decisions, and risk management strategies.

• Strong mathematics and statistics
• Data analysis and predictive modeling
• Understanding of insurance law and regulations