While insurance actuaries are the most common type of actuaries, their salaries tend to be lower than those of asset and accident actuaries. A life insurance actuary is one of the most common types of actuaries. Or Canada that is pursuing a career as a life insurance actuary will submit exams administered by the Society of Actuaries. A health insurance actuary often works with the employer's disability, health, drug and dental plans.
This is called “group insurance” because everyone who works for the company is included in the same insurance plan, and there are usually no other requirements. The data in that table were compiled in 1980, but actuaries can still use them by applying “mortality improvement factors” to better reflect mortality rates in today's world. These types of actuaries will also have to try to estimate how long policyholders will be out of work, since the longer the policyholder is out of work, the more time the insurance company will have to pay them. Vehicle insurance actuaries predict the likelihood that the policyholder will have an accident and also the cost of the accident.
Health insurance actuaries will use past data to predict how much money they will spend on prescription drugs, health-related sessions, and dental benefits. Technically, an actuary of P&C fits within a broader framework, called the “general actuary”, but the P&C is the most common of all actuaries under that umbrella. The reason you'll have a hard time getting a clear answer is that actuaries are EXTREMELY harmful when it comes to variety. Get all my best tips on how to become one of the best actuarial candidates so you can land the actuarial job of your dreams.
The actuaries of the S&R, on the other hand, create products that pay the beneficiary of the annuity until their death, so from that point of view, it is financially better for an insured person to die sooner. For more information on the practice areas related to the examples of actuarial work listed below, visit the SOA community of sections. Actuaries usually work for a specific area within the company, such as personal lines (car and home owners), specialized lines (boats, motorcycles, etc.). That's why health actuaries need to estimate how many claims have already been filed but haven't yet been filed with the insurance company.
For S&R actuaries, current interest rates are very important because they will be used in pricing annuities. As far as I understand it, health actuaries tend to get bored most of the year, and then have a two-month period of sleeping under their desks. After an hour's lunch break, an actuarial consultant can review the annual government submissions that an internal analyst has prepared for a pension client, finalize them and send them to the client for signature and submission. Basically, these actuaries try to consolidate all the risks to which a company is exposed and summarize that risk into a financial amount in dollars.
Property insurance actuaries predict the likelihood of property damage from fires, extreme weather conditions, broken pipes that cause floods, mold growth, and anything else that could cause damage to a home or other property.
