Actuaries

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Actuary A business professional who analyzes probabilities of risk and risk management, calculates premiums, dividends. Actuaries are highly sought-after professionals who develop and communicate solutions for complex financial issues. They analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries' work is essential to the insurance industry. Actuaries use database software to compile information. They use statistical and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims. Most actuaries work for insurance companies, Some actuaries work as consultants, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable yet competitive with other insurance companies. Some actuaries professional organizations—the Casualty Actuarial Society (CAS), the Society of Actuaries (SOA), Institute and Faculty of Actuaries (IFoA)- offer two levels of certification: associate and fellow. Actuarial exams are difficult and require intense preparation. This is why most people need between 7-10 years to pass all of them. To enter the occupation, actuaries typically need a bachelor’s degree in mathematics, actuarial science, statistics, or some other analytical field. Students must complete coursework in subjects such as economics, applied statistics, and corporate finance and must pass a series of exams to become certified. If you really love maths and want a rewarding career where you can really make a difference, the actuarial profession is for you! #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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