Aon plc is a global professional services firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
Catastrophe modeling is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake. Cat modeling is especially applicable to analyzing risks in the insurance industry and is at the confluence of actuarial science, engineering, meteorology, and seismology.
An insurance score – also called an insurance credit score – is a numerical point system based on select credit report characteristics. There is no direct relationship to financial credit scores used in lending decisions, as insurance scores are not intended to measure creditworthiness, but rather to predict risk. Insurance companies use insurance scores for underwriting decisions, and to partially determine charges for premiums. Insurance scores are applied in personal product lines, namely homeowners and private passenger automobile insurance, and typically not elsewhere.
The following outline is provided as an overview of and topical guide to actuarial science:
The Czech Society of Actuaries is the association of actuaries in Czechia. It aims to promote education and research in actuarial science and to mediate social and professional contacts among actuaries.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
Watson Wyatt Worldwide, Inc. was a global consulting firm that merged in January 2010 with Towers Perrin to form Towers Watson. The firm's services included managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial service companies; and delivering related technology, outsourcing and data services. Its principal operating subsidiary, Watson Wyatt & Company, was a human capital consulting firm with operations in the Americas, Europe and Asia Pacific. Its corporate offices were in Arlington, Virginia.
Solvency II Directive 2009 is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.
Wendell Milliman (1905–1976) was a founder of Milliman, Inc., formerly Milliman & Robertson, one of the largest actuarial and business consulting firms in the world. Starting as the Pacific Northwest's only independent consulting actuary in a small two-room Seattle office in 1947, Milliman co-founded, with Stuart Robertson, a company that grew to encompass offices across the nation, first on the West Coast, then in Milwaukee, and then in more than 30 locations throughout the country. It also has offices in 16 countries across the globe. Based on a profit-sharing model that brings together independent consultants under a common corporate banner, Milliman, Inc. looked for and found new opportunities to provide actuarial services to insurers and pension planners as the United States dramatically changed and its economy grew during the post-World War II years.
Milliman, formerly Milliman & Robertson, is an international actuarial and consulting firm based in Seattle, Washington.
Towers Watson & Co. was a global professional services firm. Its principal lines of business were risk management and human resource consulting. It also had actuarial and investment consulting practices.
Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
The Queen's Award for Enterprise: International Trade (Export) (2007) was awarded on 21 April 2007, by Queen Elizabeth II.
In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. Risk assessment in an FCR involves dynamic solvency testing, a type of dynamic financial analysis that simulates management response to risk scenarios, to test whether a company could remain solvent in the face of deteriorating economic conditions or major disasters. Dynamic solvency testing may involve both deterministic projections, based on known risks, and stochastic projections that include random risk events.
Anna Manning is the former Chief Executive Officer of Reinsurance Group of America, Incorporated, and a former member of the company's Board of Directors. She assumed the role of CEO on January 1, 2017, and of President in December 2015. Anna Manning left her post effective December 31, 2023.
Louise Pryor is a British actuary with a focus on sustainability, and is chair of the Ecology Building Society.
