The professionals who calculate insurance risks and payments by studying how frequently accidents, fires, deaths occur are called ACTUARIES.Actuaries make financial sense of the future by analyzing the past, structuring the future, assessing the risks involved and informing what the results mean in financial terms.
Actuaries bring up to date analysis as required Mathematical probability theory, structural and analytical methods are used in calculation and assessing insurance risks by actuaries.Actuaries are helpful to make informed decisions.
The scientific valuation of actuaries are useful in areas like retirement and benefits, investment and related fields.Actuaries professional services are useful very much for insurance business.The job profile of an actuary includes product design, policy pricing, asset-liability management. In addition he does scientific valuation in areas such as retirement and benefits, investment and related fields, health insurance, general insurance, lifer insurance.
Minimum 18 years of age and a high degree of aptitude for maths and statistics. (preferable- I class UG/PG in maths, statistics or economics)
DURATION : No fixed duration.
UG/PG Mathematical subjects.
MBA/Phd.BA/equivalent with mathematics/statistics
At least one from the body
The institute of actuaries of India is the sole professional body of Actuaries in India. In 1989, the Institute of India started conducting examinations for its Indian qualification upto Associate ship level and in 1992, it started conducting fellowship level exams.IAI follows UK pattern of examination . Since Nov:2000 following International Actuarial Association(IAA) IAI was formed in September 1994.
Institute of Actuaries of India(IAI)
302, Indian Globe Chambers
142, Fort Street, Mumbai (400001)(maha.)