Why are actuaries paid well

Why become an actuary?

The job of the actuary

You can only insure yourself against coincidental events - but they are not quite as unpredictable as you think. Insurance companies calculate how likely it is that a specific event or damage will occur. That is why mathematics and statistics are among the most important foundations of insurance. The theory of probability and the statistical processing of a large number of insurance cases make it possible to recognize laws and to calculate randomness.These calculations are the job of the actuaries.

In the event of major disasters such as a flood, a plane crash, an earthquake or a violent storm, the damage can become too great for a single insurance company. That is why there is reinsurance. Insurance companies can use them to limit their own risk.

Reinsurance companies also provide advice to insurance companies because, thanks to their global activities and experience with major loss events, they have information on major risks, the frequency of disasters, etc.Here, too, it is the reinsurance actuaries who advise and support insurance companies.

Promotion opportunities

Since insurance and financial risk management as well as enterprise risk management are occupations of the future, the demand for well-trained actuaries will increase. You therefore have all the options and can work in a team of actuaries or become the head of a national or continental market or department. Many actuaries work in the management and management of the large insurance companies, as they depend on the judgment of the actuaries and have great confidence in their decisions.