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“Actuary” is originally a 18th century English term: it refers to an expert who calculates risks and premiums. Today, according to Larousse Dictionary, actuaries are specialists applying statistical methods to insurance. That vision is incomplete, since actuaries must be regarded as specialists of risk management in insurance and finance. Their surveys aim at mathematical models of those risks (i.e. working out insurance contract tariffs, financial product estimation, investment choice, financial risk management etc.). Actuaries must also be experts in law, accountancy, tax and trade problems. Actuarial studies became necessary as soon as organisational and financing problems appeared in life insurance contracts. Today, actuaries deal with every insurance system. As they have gradually come to be involved in managing vast sums gathered by insurance companies, actuaries are nowadays quantitative finance specialists as well. Natural disaster and industrial risks have more and more influence on non-life insurance companies’ liabilities. Reinsurance guarantees companies’ solvency. Hence the importance of actuaries in insurance or reinsurance companies mainly to develop risk sharing mechanisms. Actuarial firms, audit departments in insurance companies and regulation boards provide cross-disciplinary jobs in regulation and auditing fields. The Actuarial Science major enables ENSAE students, during their 3rd year, to write a professional dissertation that they will defend along with their tutorial group. Thus they may enter the Institut des Actuaires as associates. |
