Industries for actuaries

Actuaries play a crucial role in every sector, industry and core business domain, casting influence that is both profound and expansive. Where will you leave your mark?

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Explore unlimited impact

Actuaries possess a unique blend of mathematical acumen, business insight, and understanding of human behaviours and risks, making them highly valuable across various industries. By embedding themselves in these diverse sectors, actuaries not only apply their skills in myriad ways but also become instrumental in shaping decisions that influence the lives of countless individuals, the success of industries, and the future trajectory of our global society.

Explore some of the most popular industries employing actuaries, and see how they make their impact.

General insurance

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The role of the actuarial profession is increasingly significant within the realm of general insurance. Actuaries' training in analytical and statistical methods equips them to evaluate how changing circumstances impact the financial sustainability of general insurance products. General insurance covers a range of personal and commercial products, such as car insurance, home insurance, pet insurance, workers compensation, or product liability. They also determine the necessary reserves to cover future claims, whether arising from events like fire, flood, accidents, motor vehicle incidents, or workers' compensation cases.

General insurance actuaries leverage data analysis and precise models, they measure risks, sculpting just solutions that harmonise equitable premiums with potential coverage.

Approximately 40% of members of the actuarial profession in Australia work in general insurance.

Life insurance

The roots of the actuarial profession trace back to life insurance, and despite branching out into various fields, more than a quarter of Australian actuaries are presently engaged in this industry. Beyond their conventional responsibilities of establishing premium structures, product design, evaluating risks, conducting profitability assessments, and distributing surplus, actuaries are involved in numerous other facets of life insurance. These include roles in overall management, strategic market planning, corporate operations, computer system development, personnel training and oversight, as well as various financial control functions.

The landscape of the life insurance sector undergoes continual transformation due to shifts in laws, regulations, financial reporting, and the dynamics of mergers and acquisitions. Within this dynamic environment, life actuaries hold a pivotal position, contributing significantly to the creation of enduring products aligned with customer requirements and to the effective management of business operations.

It's a statutory obligation for an Appointed Actuary to provide reports on the financial robustness of a Life Insurance Company.

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A reinsurance actuary is a specialised professional within the insurance industry who focuses on the intricate world of reinsurance. Reinsurance involves insurance companies transferring a portion of their risks to other insurance companies, known as reinsurers. Reinsurance actuaries are responsible for assessing, quantifying, and managing the risks associated with these reinsurance arrangements. With this information, they also develop pricing models and evaluate reinsurance contracts.

Reinsurance actuaries are crucial in managing the complex interplay of risks and financial arrangements between insurance companies and reinsurers. Their expertise ensures that insurance companies can effectively manage their risk exposure and maintain financial stability in the face of unpredictable events.


Health actuaries are vital in ensuring the financial stability of health insurance products and the effective management of healthcare-related risks. By employing their analytical skills and understanding of the healthcare landscape, they contribute to the development of sustainable insurance offerings and the improvement of healthcare outcomes for individuals and communities.

Actuaries complete a range of analysis, risk assessment and modelling which informs decisions relating to reserving, financial planning, pricing, and premium setting.



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Nearly 20% of actuaries in Australia work on matters related to superannuation. Now a compulsory component of every Australian employment package, superannuation has become a major avenue for national savings and retirement income.

By constructing and utilising intricate mathematical models, actuaries can project financial outcomes based on a multitude of input variables. Their involvement extends to designing and administering superannuation funds and employee benefit schemes tailored to address the requirements of industry sectors, employers, employees, and individuals alike. This is achieved through the meticulous analysis of factors like life expectancy, investment yields, and inflation rates, all aimed at guaranteeing the enduring viability of these plans.

Positions range from executive management through to administration, technical actuarial tasks, and consulting. Many actuaries work closely with superannuation fund trustees, providing regular advice and guidance and are frequently required to comment on the impact of proposed changes in government legislation and taxation on superannuation.

Banking, investments and financial services

Actuaries in the banking, investment or financial services sector are involved in risk management, portfolio optimisation, capital allocation, and modelling for complex financial products such as derivatives and structured securities. They help investment firms make informed decisions by modelling various financial scenarios and assessing potential risks.

By virtue of their experience in analysing financial transactions and assessing risks, actuaries are increasingly sought after for a wide range of technical and management roles in the investment and financial services sectors.

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Risk management

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Enterprise Risk Management (ERM) is the process by which organisations in all industries assess, control, exploit, finance, and monitor risks from all sources, for the purpose of increasing the organisation's short- and long-term value to its stakeholders.

Against the backdrop of international risk management developments, the evolution of regulatory frameworks (e.g. APRA LAGIC, Solvency II and Basle II), the global financial crisis, and an increasing complexity and interdependency of risks in the financial world, the need for strong ERM has gathered considerable momentum in Australia. ERM has become an established and critical part of the management framework of companies across all industries and Chartered Enterprise Risk Actuaries (CERAs) are the risk professionals best qualified to lead an organisation’s enterprise risk management (ERM) program.


Consulting actuaries are professionals who provide specialised services to various industries, such as insurance, superannuation, investment and financial services, health, or government and regulatory agencies. They help clients make informed decisions by applying their expertise in mathematics, statistics, risk assessment, financial analysis, and strategic decision-making. They work for consulting firms or operate as independent consultants.

Government and regulatory agencies


Actuaries in government roles work on public policy issues related to social insurance programs, such as social welfare, Medicare, and other government-sponsored benefits.

They apply core actuarial techniques to manage long-term uncertainties in the provision of services.

Sustainability and the environment

Climate change is having major environmental, economic, and social impacts and these impacts are increasing over time. Climate change poses serious risks to communities and to the sectors that actuaries advise, including government, insurance, banking, wealth management, superannuation and investments. Actuaries have considerable expertise in managing risk and uncertainty. Working with other stakeholders and often in multidisciplinary teams, actuaries are well placed to assist in:

  • Identifying and understanding the risks and the range of consequences of climate change in the short term, medium term and long term;
  • developing policy options and strategies to respond to these risks; and
  • developing and implementing frameworks to manage the risks over time.

Actuaries, whether working in the sustainability sector or not, consider the impacts of climate change when modelling. They analyse risks associated with energy markets, commodity pricing, and environmental factors to assist companies in making informed decisions about resource exploration and utilisation.

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Data and technology

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Actuaries play a pivotal role modelling data, using techniques to extract maximum value while managing risk, to identify solutions to business problems. As technology continues to shape various industries, actuaries are increasingly being employed by technology companies and startups to assess risks related to data privacy, cybersecurity, and innovative financial products.

Examples include improving products and services through personalisation; deploying AI to improve automation in supply chains; pioneering customer- and asset-specific pricing strategies based on an individual’s values and risk appetite; and supporting sustainability in business through enhanced environmental, social, and corporate governance (ESG) transparency.

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