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Revision as of 13:16, 8 January 2006
Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to the assessment of risk. Actuaries are professionals who are qualified in this field.
Actuarial science includes a number of interrelating disciplines, in particular the mathematics of probability and statistics. The science has gone through revolutionary changes during the last 25 years due to the proliferation of computers.
In the life insurance industry, traditional actuarial science focuses on the analysis of mortality and the production of life tables, and the application of compound interest.
In the pension industry, actuarial science deals with methods of prefunding for retirement and proper measurement of liabilities that won't come due for many years. This is especially true with respect to the Old Age Survivors and Disability Insurance program in the United States and C/QPP in Canada.
In the property insurance field which protects against losses like those caused by hurricanes as well as automobile accidents, actuarial science tries to forecast losses to homes and cars.
More recently, actuarial science has come to embrace more sophisticated mathematical modelling of finance. Ideas from financial economics are also becoming increasingly influential in actuarial thinking.
Many universities have undergraduate and graduate degree programs in actuarial science.
See also
External links
- Society of Actuaries (USA) website
- Institute of Actuaries (UK) website
- Casualty Actuarial Society (USA) website
- Institute of Actuaries of Australia
- Actuarial News Resource (USA) website
- Actuarial Science Community website for Indians
- Be An Actuary (USA) website
- Fundamental Concepts of Actuarial Science .pdf file
- Independent Actuarial News Resource (USA) website
- Actuarial Outpost: News, Forum and Resources
- Actuary Salary Survey