Why do Actuaries Need Maths? By Sami Rahman Introduction: What is an Actuary? Google definition: A person who compiles and analyses statistics and uses.

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Presentation transcript:

Why do Actuaries Need Maths? By Sami Rahman

Introduction: What is an Actuary? Google definition: A person who compiles and analyses statistics and uses them to calculate insurance risks and premiums. An actuary might decide how much pension you will receive from the government.

Why Do Actuaries Need Maths?  An actuary will need to use maths to calculate various deals or special offers at a store.  An actuary needs maths to calculate probabilities. As an actuary you will face lots of probability questions.  They will also need to have good problem solving skills, as they will also face a lot of problem solving.

How to Become an Actuary  To become an actuary you need a good understanding of probability and problem solving.  A person will need an A- or higher (in maths) (they will also need to do well in their other subjects) to become a potential candidate, at becoming an actuary.  You have to have an open mind about problems and can’t give up on them.

Problems an Actuary Might Face Here are a few examples of what an Actuary might do: They work out how much an insurance company should charge for vehicle insurance, looking at many factors such as the car that is being insured and details about the driver. They work out how much an insurance company should charge for homeowners insurance, considering a number of factors such as where the home is located.

Problems an Actuary Might Face: Example Question A tour operator has a bus that can hold 20 tourists. The operator knows that tourists may not show up, so he sells 21 tickets. The probability that a single tourist will not show up is Each ticket costs £50. Tickets are non-refundable if a tourist fails to show up. If a tourist shows up and a seat is not available, the tour operator has to pay £100 (ticket cost + £50 penalty) to the tourist. What is the expected income of the tour operator? Answer= £985

Famous Actuaries  Anette Norberg [no picture found]  Ben Stiller (not the actor)[no picture found]  Edward Norton (not the actor)[no picture found]

The End Any Questions?