In the midst of an evolving job market, new professions emerge, and others evolve to gain ground. Having an actuarial background proved to be a great career choice with a fast-tracked growth. I became the youngest CEO in the insurance sector in Saudi Arabia within eight years of graduation, and the sky still has no limits.
are experts in demand, working for and with businesses that have a financial focus. A career in actuarial sciences is no longer limited to the insurance or banking sector where they calculate risk factors and give the right depiction of risks for pricing of premiums. Today, an actuary provides any institution with the right assessment and support in resolving problems at hand.
The profession’s roots date back to mid-17th century to the establishment of the theory of probability
. Over the last century, actuarial sciences developed significantly to provide models for government, public health, education, technology, finance, and judicial systems. Did you know that natural catastrophe models are the work of an actuary, and that predictive customer behavior is also part of the scope of an actuary?
Today, the evolution of science constitutes another leap for actuarial sciences, especially the increasing globalization and the development of Artificial Intelligence (AI), machine learning, advanced analytics, big data computational tools, and automation; all have created a new high-tech appeal to the profession.
Additionally, the latest regulatory directives like the Long Duration Targeted Improvements
and the International Financial Reporting Standard
are playing an important role in the expansion of the profession, in addition to:
- Regulating the financial sector in several emerging markets; especially the insurance sector.
- Evaluating and pricing the risks noting the global trend towards
“detariffication” or pricing deregulation mainly for compulsory