Occupation information for Actuaries District Of Columbia

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description

Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

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details

Currently Employed: 210

Projected Annual Job Openings: 10

Typical Hourly Wage: $59.91 - $78.89

Typical Annual Salary: $124,610 - $164,090

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typical training

Typical education needed for entry: Bachelor's degree

Typical work experience needed for a job in this occupation: No work experience

Typical on-the-job training once you have a job in this occupation: More than 1 year on-the-job training

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typical job duties
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Negotiate terms and conditions of reinsurance with other companies.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Determine policy contract provisions for each type of insurance.
tools & technology
Tools:
  • Desktop calculator
  • Desktop computers
  • Notebook computers
  • Personal computers

Technology:
  • Analytical or scientific software
  • Business intelligence and data analysis software
  • Data base user interface and query software
  • Financial analysis software
  • Object or component oriented development software
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