Annual Review 2011

Actuaries are trained to deal with risk and uncertainty – understanding and measuring it and helping to mitigate or manage those risks for the benefit of their clients, their employers and the community. Today many actuaries are helping insurance and investment houses deal with an uncertain economic environment and volatile financial markets. As the global economy struggles to reshape and rebuild itself, actuarial skills are being deployed in new ways, with new aims.

Actuaries provide crucial insight and direction into the design of retirement income systems, into health policy and into banking and financial services reform. They are at the forefront of debate on global issues such as climate change and, in areas such as flood insurance, are using evidence-based analysis to help crystallise the issues around the balance of private and public risk.

These debates are where a focus on the data, on deep analysis and an understanding of risk and opportunity are critical. They fit neatly into actuaries’ areas of core competence and they reflect the profession’s abiding commitment to the development of sound public policy.

To meet the challenges of the 21st century, the profession of actuaries is changing and the Actuaries Institute is changing too. It is refocusing its education efforts, increasing emphasis on service and marketing and contributing ever more analysis to the public policy process. Its strategic plan recognises that long-standing professions need to do more than set out new goals – they must constantly redefine themselves so they can better serve those who need their expertise.

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