Finance and Accounting · Financial risk, regulation and compliance

Insurance and actuarial science

Insurance sells certainty: a household or firm pays a known premium so that someone else carries a loss it could not absorb alone. Actuaries are the profession that makes the arithmetic hold, pricing policies, setting reserves for claims not yet made and testing whether the insurer can meet them, while underwriters decide which risks to accept. The Institute and Faculty of Actuaries examines statistics, mathematics and economics first, then practice, then specialist fields such as life insurance.

Why this topic exists: Risk transfer and its mathematics: life, general and health insurance, underwriting, pricing and reserving; the IFoA's Core Principles (CS, CM, CB), Core Practices and Specialist stages, and CFP's Risk Management and Insurance Planning domain.