What Does a Chief Actuary Do?

An actuary is a Chinese word that refers to a mathematical professional employed by an insurance company, which is mainly engaged in the calculation of insurance premiums, payment reserves, dividends, insurance amounts, pensions, annuities, etc. The calculation basis comes from the claim reference table and accounting standards, and the operating status of the insurance company. This form is based on the company's and peer claims experience and related statistical data.

Actuary

(Chinese words)

in fact

Actuaries use mathematical, economic, financial, probabilistic, and statistical knowledge to help companies assess the risks of certain events and formulate policies to minimize the cost of risk. Therefore, an actuary as an employee or consultant is essential for the insurance and reinsurance industry; it also involves retirement pension plans in other industries, and even holds an important position in government departments, such as the actuarial department in the United Kingdom, the social Security department. The actuary collects and analyzes data to estimate the likely cost of accidents, including death, illness, injury, disability, and property damage. Actuaries also deal with financial issues, such as determining the amount of retirement based on the level of pensions, and companies choosing ways to invest based on potential risks to maximize investment recovery. Actuaries have a wide range of knowledge. They help design and formulate insurance policies, pension plans, and other economic strategies that will ensure that plans are developed on a sound economic basis. (Bureau of Labor Statistics 2008)

(Overview of the UK)

Actuaries generally belong to one or more professional organizations:

Chinese Society of Actuaries ^[1]

Insurance actuaries are broadly divided into the following areas: life, health, pension annuities, and asset management; social welfare plans, property, accidents, general insurance and reinsurance.

The work of life, health and pension actuaries primarily involves the risk of death, morbidity, and customer choices based on current drug use, medical service risks, and investment risks. Their main insurance products include life insurance, annuities, pensions, mortgages, credit insurance, temporary and permanent disability, drugs, dentistry and health savings accounts, and long-term care insurance. In addition to the risks mentioned above, social security schemes are strongly influenced by factors including public opinion, politics, budget constraints and changing demographics. In addition, medical technology, inflation, and cost of living considerations have an impact on social security programs.

Property insurance, accident insurance actuaries, also known as non-life insurance or general insurance actuaries are mainly responsible for assessing catastrophic unnatural risks that may cause loss to people or property. Their main insurance products include auto insurance, homeowner insurance, commercial property insurance, workers' compensation, title guarantee insurance, misoperation insurance, product liability insurance, supervisor and staff liability insurance, environmental and marine insurance, terrorist attack insurance and other types of insurance. Liability. Reinsurance products must be applicable to all of the insurance products mentioned above and properly reflect rising long-term risks, such as climate change, a culture prone to litigation, war, terrorism, and political behavior.

Actuaries don't just predict unknown events, they often also calculate insurance benefits that have already occurred to develop new insurance products. So very important!

Actuaries are considered outstanding experts in analyzing financial risks, and recently they have started to act as investment advisers and asset managers.

An actuary is a profession recognized as a "diamond collar", with an annual salary of more than one million abroad and a monthly salary of 10,000 yuan at home. In China, there are currently only more than 400 actuarial practitioners, and the number of people applying for the actuarial exam has increased year by year, but less than 50 positive actuaries are recognized by the world's insurance industry. According to statistics, after China's accession to the WTO, a large number of foreign insurance companies entered China, and the market demand for actuaries reached 5,000. Not only is China's demand for actuarial talent increasing, by 2013, the global actuarial talent market is in a state of insufficient supply.

Actuaries are professionals who use probabilistic mathematical theory and various financial instruments to analyze and predict economic activities, and use actuarial methods and techniques to solve economic problems.

The field of actuaries is the commercial insurance industry. Their work includes: calculating insurance rates and the development and design of new insurance products; responsible for the management of insurance products and financial management, and accounting for liability reserves.

Actuarial Science

Actuarial symbols