actuary
/ˈæktʃuəri/
Definition
A professional who uses advanced mathematical, statistical, and financial models to assess, analyze, and manage long-term risks.
Etymology
The word originates from the Latin 'actuarius', meaning a clerk or bookkeeper who kept public accounts. It evolved into its modern professional sense in the 18th century as insurance companies began using formal probability theory to calculate risk and premiums.
In the news
In the article, the Actuaries Institute is mentioned because its members are evaluating how quantum computing can improve complex tasks like climate risk modeling and insurance premium pricing. Actuaries are essential here for interpreting how new, emerging technologies will change the way insurers measure future liabilities.
IAG venture bets target insurance’s next wave of emerging risks
Read the full article ↗Insurance Business