The academic discipline of mathematics and statistics related to insurance is called actuarial science. The mathematicians and statisticians working in this field are called actuaries and their job is to calculate probability and measure risk. Most actuaries have at least a bachelor's degree in math, finance or accounting, and many who make a career in the field have advanced degrees in math, computer science, or other related technical fields. The three main branches of actuarial science are life insurance, general insurance and investment, and actuaries are employed in many areas in the financial industry.
Life Insurance
Life insurance actuaries determine premiums for life insurance rates. They use demographic statistics including life expectancy and mortality related to age, lifestyle, location of domicile, and many other factors in their work. Life insurance actuaries are also often involved in calculations regarding future funding for pensions and the like.
General Insurance
General insurance actuaries must have a strong background in probability and statistics, as most of the work involves mathematical modeling of various uncertainties. General insurance actuaries typically work in areas like health insurance, homeowners insurance, and auto insurance, as well as commercial business insurance and employer liability.
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