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Actuarial Science

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Yes, knowledge is all that, and power. But we believe it is also about:
- Provide meaning in what you do and define purpose.
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A selection of topics –
Actuarial Science:

SCR Ratio

Solvency II Overview

Solvency and solvency ratios (SCR Ratio) is the concept of having assets available to cover your liabilities.

IFRS Technical Provisions

Insurance is about sharing risk. At the balance sheet of any insurance company the technical provisions is likely to be an important item. Both in terms of size and in terms of uncertainty.

Reinsurance

Pricing

Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of this is to ensure companies are setting fair and adequate premiums given the competitive nature.

IFRS 17

IFRS Accounting

IFRS is a standard for accounting. From an actuarial perspective it differs from Solvency II in a number of ways.

AuditRisk

Auditing

An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organisation to ascertain how far the financial statements present a true and fair view.

IFRS 4 vs IFRS 17

IFRS 17

IFRS 17 is fast approaching. IFRS 17 is replacing IFRS 4 on insurance contracts. Find out what's it all about and how it will impact the insurance business.

RiskMargin

SCR Calculations

The SCR is the capital requirement of an insurance company. In most cases it is calculated by a standard formula.

MCR

MCR Calculations

The concept of the MCR (Minium Capital Requirement) is rather straightforward. Under the Solvency II regime it is the minimum capital requirement for an insurance company to write business.

With-Profits

General description on With-Profits insurance policies. For instance how is smoothing applied? What bonuses could be expected?

Top 5 skills...
of an Actuary

Actuarial Knowledge or Actuarial Science is a wide field of expertise. It covers the number crunching calculations. the skills of communication, understanding the economics, the technical side of data and systems, leadership and much more. 

  1. Actuarial Problem Solving Skills.
  2. Solid math and statistics foundation.
  3. Computer, programming, software skills.
  4. Business and economics. Possibly law.
  5. Communication and personal skills.

Being able to work in a team and handle different environments or personalities is also key. 

Test yourself with our list of acronyms. If you now them all you’re definitely a super-star.

What does an Actuary do?

An actuary calculates financial implications of risk and uncertainty. This includes predictions of future events (reserving, pricing). Since insurance is a highly regulated business field a lot of the work evolve around this. The last 2-3 years a lot of focus has been on Solvency II. In a way this is now shifting to IFRS 17.

What are the most common day-to-day activities?

The days vary a lot but usually you are expected to handle the calculation part of any work you are taking on. Meetings with clients or colleagues is common. Running Excel and writing reports are also common tasks.

Will I be able to work internationally?

Yes, there is a demand for Actuaries in most countries. Especially in the large insurance hubs like for instance London or Dubai. The skills required are similar which is an advantage.

How do you become an Actuary?

To become an actuary, you will need, at minimum, a bachelor’s degree. A Master in Actuarial Science in recommended. You will need to continue your development while working to keep up with new regulation.

How much does an Actuary make?

There are large differences between countries and companies. In general it is a profession which is well paid. Annual salaries above €100,000 is not uncommon. Bonuses are also common.

Will Actuaries be needed in the future?

Yes, this is fairly certain. Regulatory requirements keeps increasing and the insurance business in general is also growing.

Thoughts on Technology

"Change has never been this fast before, yet it will never be this slow again."
“If you run from technology, it will
chase you later."

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