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What is an Actuary

Actuaries use mathematics and financial theory to determine the potential risk of real-life situations and events. They require proficient skills in analytics to help businesses and clients minimise risk in their Insurance policies.

Actuaries regularly specialize in a specific line of insurance which may include:

  • Health Insurance

  • Life Insurance 

  • Property Insurance

  • Motor Insurance 

  • Risk Management

  • Superannuation 

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What duties may an Actuary perform?

  • Assisting in the design and testing of insurance policies 
  • Gathering and analysing data and statistics
  • Analysing market research to determine security offerings for products
  • Determining policy premiums 
  • Predicting the expected number of claims for an event
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What makes a good Actuary

Communications skills: 

The ability to present reports and data in a concise way to partners and clients who may not be familiar with technical terminology. 

Mathematical:

Using calculus, statistics and probability to quantify risk

Systematic: 

Being able to provide solutions to complex issues. 

Leadership: 

Having the skill to lead and represent a team both internally and externally

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How much do Actuaries make?

'In Australia, the number of qualified actuaries is 2,283*. A newly qualified Fellow can expect to earn around $100,000 per year and incomes rise quickly. Senior actuaries can easily earn $250,000 a year.' - Actuaries Institute 

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