Actuaries calculate the odds of other events as well. These include death, sickness, injury, and property loss. The reason for calculating these odds is that the insurance company must take in enough money to cover the claims they pay out. This price must be profitable and yet be low enough to compete with other insurance companies. Thus actuaries calculate how much insurance should cost.
Most actuaries specialize in life and health insurance or property and casualty.
In financial services companies, actuaries also calculate odds. These odds are used to calculate the return on investments. They also predict what a customers retirement income will be. With this information, actuaries form investment strategies. Some actuaries design financial and pension plans.