| Company types | Business areas |
|---|---|
| Financial consultancies |
Pensions |
| Life insurance | Product development Pricing Risk assessment Medical insurance Critical illness Disability insurance |
| General insurance | Personal insurance, incl. home and motor Insurance cover for large commercial risks Terrorism insurance Catastrophe insurance against natural disasters such as flooding and Caribbean windstorms Cover for industrial diseases like asbestosis |
| Health insurance | Medical insurance Critical illness Disability insurance Public health systems |
|
Insurance and consultancy - what is the difference? Working in an insurance company environment means that there is usually only one client; your employer. A variety of work is available but you may find that you have to work in one area for a period of about one year before moving on to the next challenge, taking the experience you have gained with you. The day-to-day work within consultancy firms tends to be more varied, as you are likely to work simultaneously for a number of different clients solving different types of problems. |
|
| Investment management | Actuaries are involved in buying and selling assets, investment analysis and portfolio management |
| Corporate finance | An actuary’s basic skills in forecasting and assessing risks are ideal for estimating whether a capital project (e.g. for a new hospital or a transport infrastructure project) is financially viable. |
| Banking | Some leading insurance companies now have their own established banking operations, with actuaries filling many of the senior executive positions relating to finance and risk. The leading retail banks are also increasingly employing actuaries, as they recognise that the longer term approaches advocated by actuaries can add value to their businesses. As the insurance and banking markets continue to converge, we can expect to see the demand for actuaries within banking fields continue to grow. |
| Government Actuary's Department (GAD) | GAD provides advice to the government via Royal Commissions, as well as giving advice to other government departments and a wide range of public sector bodies, including local authorities and the National Health Service (NHS). |
Opportunities abroad
The UK actuarial qualification is highly valued throughout the world. Of the qualified members of the UK profession, 60% are UK based, with the remainder overseas. The IFoA works with other international actuarial bodies to arrange reciprocal recognition of the professional qualifications between the different bodies.