The growing need to evaluate catastrophic risks such as earthquakes and calculate prices for insuring facilities against such risks is another source of increasing demand for property and casualty actuaries. Planning for the systematic financing of environmental risks, such as toxic waste clean-up, will further lift demand for actuaries in this specialty. As many life insurance carriers seek to boost profitability by streamlining operations, actuarial employment may be cut back. Investment firms and large corporations may increasingly turn to consultants to provide actuarial services formerly performed in-house. Insurance companies and consulting firms give merit increases to actuaries as they gain experience and pass examinations.
Some companies also offer cash bonuses for each professional designation achieved.
Top Actuaries determine the probability of income or loss from various risk factors. Other workers whose jobs involve related skills include accountants , economists , financial analysts, mathematicians , and statisticians . Links to non-BLS Internet sites are provided for your convenience and do not constitute an endorsement.