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.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States:the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
The Casualty Actuarial Society (CAS) is a professional society of actuaries in North America specializing in property and casualty insurance.
Christopher David Daykin CB is a British actuary and civil servant. He was the head of the United Kingdom Government Actuary’s Department (GAD) from 1989 to 2007 where he worked on social security,pension fund consultancy,national pension policy,population projections,risk management and pension reform. He is the second-longest holder of the post.
In actuarial science and demography,a life table is a table which shows,for each age,what the probability is that a person of that age will die before their next birthday. In other words,it represents the survivorship of people from a certain population. They can also be explained as a long-term mathematical way to measure a population's longevity. Tables have been created by demographers including John Graunt,Reed and Merrell,Keyfitz,and Greville.
The following outline is provided as an overview of and topical guide to actuarial science:
Medical statistics deals with applications of statistics to medicine and the health sciences,including epidemiology,public health,forensic medicine,and clinical research. Medical statistics has been a recognized branch of statistics in the United Kingdom for more than 40 years,but the term has not come into general use in North America,where the wider term 'biostatistics' is more commonly used. However,"biostatistics" more commonly connotes all applications of statistics to biology. Medical statistics is a subdiscipline of statistics.
It is the science of summarizing,collecting,presenting and interpreting data in medical practice,and using them to estimate the magnitude of associations and test hypotheses. It has a central role in medical investigations. It not only provides a way of organizing information on a wider and more formal basis than relying on the exchange of anecdotes and personal experience,but also takes into account the intrinsic variation inherent in most biological processes.
James C. Hickman was an American actuary. He was internationally publicized for his work in actuarial education as well as being a major contribution in the development of the actuarial profession. He was a professor emeritus of business and statistics and former dean of the University of Wisconsin–Madison School of Business.
David X. Li is a Chinese-born Canadian quantitative analyst and actuary who pioneered the use of Gaussian copula models for the pricing of collateralized debt obligations (CDOs) in the early 2000s. The Financial Times has called him "the world’s most influential actuary",while in the aftermath of the global financial crisis of 2008–2009,to which Li's model has been partly credited to blame,his model has been called a "recipe for disaster" in the hands of those who did not fully understand his research and misapplied it. Widespread application of simplified Gaussian copula models to financial products such as securities may have contributed to the global financial crisis of 2008–2009. David Li is currently an adjunct professor at the University of Waterloo in the Statistics and Actuarial Sciences department.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
De Moivre's Law is a survival model applied in actuarial science,named for Abraham de Moivre. It is a simple law of mortality based on a linear survival function.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations,most often taking several years in total,before one can become recognized as a credentialed actuary. In some countries,such as Denmark,most study takes place in a university setting. In others,such as the U.S.,most study takes place during employment through a series of examinations. In the UK,and countries based on its process,there is a hybrid university-exam structure.
Rogemar Sombong Mamon,is a Canadian mathematician,quant,and academic. He is a co-editor of the IMA Journal of Management Mathematics published by Oxford University Press since 2009.
The Thomas Bond Sprague Prize is a prize awarded annually to the student or students showing the greatest distinction in actuarial science,finance,insurance,mathematics of operational research,probability,risk and statistics in the Master of Mathematics/Master of Advanced Studies examinations of the University of Cambridge,also known as Part III of the Mathematical Tripos. The prize is named after Thomas Bond Sprague,the only person to have been president of both the Institute of Actuaries in London and the Faculty of Actuaries in Edinburgh. It is awarded by the Rollo Davidson Trust of Churchill College,Cambridge,following a donation by D. O. Forfar,MA,FFA,FRSE,former Appointed Actuary of Scottish Widows.
Carlos Gustavo Rosado Muñoz (1941–2013) was a notable Mexican businessman,mathematician and scholar.
Dorothy Beatrice Spiers was a British actuary. She was one of two women to be the first to qualify as an actuary in the United Kingdom (UK). After studying mathematics at Newnham College,Cambridge,she worked for the Guardian Assurance Company. She passed the actuarial exams at the Institute of Actuaries in 1923 with Gladys Gregory.
Mary Rosalyn Hardy is a professor of actuarial science at the University of Waterloo (Canada). She pioneered,together with Julia Wirch,the development and application of the conditional tail expectation (CTE).
Yuliya Stepanivna Mishura is a Ukrainian mathematician specializing in probability theory and mathematical finance. She is a professor at the Taras Shevchenko National University of Kyiv.
