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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1] These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. [2]
Another example is the use of actuarial models to assess the risk of sex offense recidivism. Actuarial models and associated tables, such as the MnSOST-R, Static-99, and SORAG, have been used since the late 1990s to determine the likelihood that a sex offender will re-offend and thus whether he or she should be institutionalized or set free. [9]
An actuary is a business professional who deals with a financial situation of risk and uncertainty. This is a list of notable actuaries and others who have influenced the profession. This is a list of notable actuaries and others who have influenced the profession.
The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.
It is primarily used in the property and casualty [5] [9] and health insurance [2] fields. Generally considered a blend of the chain-ladder and expected claims loss reserving methods, [ 2 ] [ 8 ] [ 10 ] the Bornhuetter–Ferguson method uses both reported or paid losses as well as an a priori expected loss ratio to arrive at an ultimate loss ...
Actuarial credibility describes an approach used by actuaries to improve statistical estimates. Although the approach can be formulated in either a frequentist or Bayesian statistical setting, the latter is often preferred because of the ease of recognizing more than one source of randomness through both "sampling" and "prior" information.
In the retirement plan industry, Milliman provided services in actuarial consulting, consulting on compensation and care, retirement outsourcing, and others. [1] [2] During the 1950s, Milliman & Robertson established the first health insurance benchmarking tool for the US healthcare market.
Actuaries work in a number of different practice areas: enterprise risk management, finance and investment, general insurance, health and care, life insurance and pensions. Each of these areas is supported by an executive committee which oversees the development of knowledge and research within its own area, provides members with CPD ...