What is Actuarial Science?

Actuarial Science is a discipline which assesses financial risks in both finance and insurance streams with the help of many mathematical principles of probability and statistical methods.

The professionals who take up such tasks are known as actuaries. Actuaries are instrumental in helping gauge future uncertainties and financial risks along with providing solutions for the same by defining, ascertaining and analyzing the same.

Actuarial Science finds its major application in the fields of life insurance and pension plans. It is also useful in other fields like insurance, which includes property, liability, general insurance etc. It was traditionally used for analysing mortality and used to make life tables. The discipline has found immense use in improving financial decision-making by helping people to analyze their liabilities.

 

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