Questions in personal finance revolve around: He is considered by some to be one of the most successful investors in the world. Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurancee.
Responsibilities[ edit ] Actuaries use skills primarily in mathematics, particularly calculus -based probability and mathematical statisticsbut also economicscomputer sciencefinance, and business.
For this reason, actuaries are essential to the insurance and reinsurance industries, either as staff employees or as consultants; to other businesses, including sponsors of pension plans; and to government agencies such as the Government Actuary's Department in the United Kingdom or the Social Security Administration in the United States of America.
Actuaries assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income and the way in which a company should invest resources to maximize its return on investments in light of potential risk.
Using their broad knowledge, actuaries help design and price insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis Bureau of Labor StatisticsGovernment Actuary's Department Disciplines[ edit ] Most traditional actuarial disciplines fall into two main categories: Life actuaries, which include health and pension actuaries, primarily deal with mortality risk, morbidity risk, and investment risk.
Products prominent in their work include life insuranceannuitiespensions, short and long term disability insurancehealth insurance, health savings accountsand long-term care insurance Bureau of Labor Statistics In addition to these risks, social insurance programs are influenced by public opinion, politics, budget constraints, changing demographicsand other factors such as medical technologyinflationand cost of living considerations GAOGAO Non-life actuaries, also known as property and casualty or general insurance actuaries, deal with both physical and legal risks that affect people or their property.
Products prominent in their work include auto insurancehomeowners insurancecommercial property insurance, workers' compensationmalpractice insurance, product liability insurancemarine insuranceterrorism insuranceand other types of liability insurance AIA Traditional employment[ edit ] On both the life and casualty sides, the classical function of actuaries is to calculate premiums and reserves for insurance policies covering various risks Institute and Faculty of Actuaries On the casualty side, this analysis often involves quantifying the probability of a loss event, called the frequency, and the size of that loss event, called the severity.
The amount of time that occurs before the loss event is important, as the insurer will not have to pay anything until after the event has occurred.
On the life side, the analysis often involves quantifying how much a potential sum of money or a financial liability will be worth at different points in the future. Since neither of these kinds of analysis are purely deterministic processes, stochastic models are often used to determine frequency and severity distributions and the parameters of these distributions.
Actuaries do not always attempt to predict aggregate future events. Often, their work may relate to determining the cost of financial liabilities that have already occurred, called retrospective reinsuranceor the development or re-pricing of new products. Actuaries also design and maintain products and systems.
They are involved in financial reporting of companies' assets and liabilities. They must communicate complex concepts to clients who may not share their language or depth of knowledge.
Actuaries work under a code of ethics that covers their communications and work products ASB Non-traditional employment[ edit ] As an outgrowth of their more traditional roles, actuaries also work in the fields of risk management and enterprise risk management for both financial and non-financial corporations D'Arcy Actuaries in traditional roles study and use the tools and data previously in the domain of finance Feldblump.
The Basel II accord for financial institutionsand its analogue, the Solvency II accord for insurance companies to come into effect inrequire institutions to account for operational risk separately, and in addition to, creditreserveassetand insolvency risk. Actuarial skills are well suited to this environment because of their training in analyzing various forms of risk, and judging the potential for upside gain, as well as downside loss associated with these forms of risk D'Arcy They analyze business prospects with their financial skills in valuing or discounting risky future cash flows, and apply their pricing expertise from insurance to other lines of business.
For example, insurance securitization requires both actuarial and finance skills Krutov Actuaries also act as expert witnesses by applying their analysis in court trials to estimate the economic value of losses such as lost profits or lost wages Wagner Mathematician Nathaniel Bowditch was one of America's first insurance actuaries.Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years.
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Bermuda's International and Local Companies and Limited Partnerships, G to L Huge range, variety and purpose of locally incorporated offshore entities. In this year’s Pharm Exec Industry Forecast, our annual temperature check on the life sciences sector and its outlook for the months and seasons ahead, we decided to try a slightly different approach.
We again are highlighting what we feel are, globally, the most important industry-shaping trends, but have singled out eight specific pulse-setters, in particular, for examination—by our. This report is the result of Timetric’s extensive market research covering the non-life insurance industry in Indonesia.
It contains detailed historic and forecast data for policies and premiums. It contains detailed historic and forecast . The statistic presents the value of gross premiums written by non-life insurance companies in Indonesia from to and a forecast thereof until The value of non-life insurance sector in Indonesia amounted to approximately billion U.S.
dollars in and it was projected to grow to approximately billion U.S. dollars in Nov 16, · Get the latest headlines on Wall Street and international economies, money news, personal finance, the stock market indexes including Dow .