An actuary is a professional who uses advanced mathematical and statistical skills to measure and manage risk and uncertainty, primarily in financial contexts. Their work involves analyzing data to estimate the probability and likely cost of future events such as death, sickness, injury, disability, or property loss. Actuaries use this analysis to design and price insurance policies, pension plans, and other financial strategies to ensure these programs remain financially sound. Actuaries apply mathematical modeling techniques and statistical concepts to assess risks and develop policies that protect companies and clients from financial loss. They work in sectors like insurance, pensions, banking, finance, investment, and government agencies. Their roles include:

• Calculating premiums and reserves for insurance policies
• Estimating pension contributions and retirement income planning
• Analyzing risk for property and casualty insurance
• Evaluating financial impacts of uncertain future events
• Advising on investment strategies related to risk
• Developing new financial products
• Communicating complex technical information to non-specialists

Their expertise extends to enterprise risk management, including stress testing, risk policy formulation, and financial reporting of assets and liabilities. Actuaries often work in teams with other professionals such as data scientists, accountants, and IT specialists. In summary, actuaries help businesses and governments make informed decisions by predicting financial outcomes related to risk, thereby enabling the management and mitigation of potential financial losses.