Actuaries use math and statistics to calculate the odds that an event will happen. They design insurance programs and pension plans.

Actuaries have different duties depending on their specialties:

• Insurance
• Finance
• Employee benefits

Insurance

Actuaries who work for insurance companies predict insurance risk by using statistics. They figure the odds of fires or other natural disasters occurring. They calculate death, accident, and unemployment rates. They also estimate the rates at which disabilities and retirements occur. Actuaries determine how much insurance should cost. They do this by comparing the cost of providing coverage with the money needed to cover expected losses. They set insurance rates accordingly.

Finance

Actuaries who work for banks or other financial companies also calculate odds. They may help decide company policy or develop new financial or insurance products. They are sometimes called on to testify at public hearings or in court on issues that affect their companies. Some price corporate stock offerings. Consulting actuaries provide advice and services to clients on a contract basis.

Employee benefits

Some actuaries design pension plans by calculating the amount of money that can be made on investments. They calculate how much people need to pay into their pension or retirement plans to offset pension payments.