Property and Casualty Actuary: Job Description and Requirements

Sep 25, 2019

Learn about the education and preparation needed to become a property casualty actuary. Get a quick view of the requirements as well as details about training, job duties and certification information to find out if this is the career for you.

Property and casualty actuaries analyze risk information about an organization in order to reduce future risk. These positions require mathematical aptitude and a degree. Jobs in this field are growing much faster than all jobs.

Essential Information

Property and casualty actuaries seek to minimize the impact of undesirable future events on corporations - particularly the loss of funds, damage of property or death. Actuaries do so by analyzing the current and past habits of an organization. They then compare their findings to related data sets, and finally they make predictions on what events may occur based on all available factors.

A strong foundation in mathematics and business is needed for this profession, and a bachelor's degree in a related field is typically required. Certification is voluntary, but many employers will provide actuaries with financial compensation for completing the 4-6 year certification process.

Required Education Bachelor's degree
Required Skills Knowledgeable in advanced mathematics; highly skilled with databases and spreadsheets; excellent problem solver; and, strong communication skills
Projected Job Growth (2018-2028) 20% (all actuaries)*
Median Salary (2018) $102,880 (all actuaries)*

Source: *U.S. Bureau of Labor Statistics.

Job Description

Property and casualty actuaries research and explore the financial ramifications of undesirable future events for insurance providers and similar businesses. They seek to manage potential risks related to these unavoidable circumstances in order to ensure that all parties are as prepared for them as possible. They use their analytical skill, business insight and knowledge of human behavior to create plans and methods that lessen the impact of difficult financial circumstances surrounding these types of tragic events.

Property and casualty actuaries conduct research, create plans and constantly evaluate the effectiveness of financial management programs that seek to control and minimize risk. Creativity and intellectual skill are vital tools for developing solutions that counter the ever-changing risks facing those insured. Property and casualty actuaries must both report their findings and predict the likelihood of subsequent ramifications and their effect on a company or individual. The bulk of this work is performed at a desk in an office environment for about 40 hours per week.

Employment Outlook and Salary Information

The U.S. Bureau of Labor Statistics (BLS) reports that the number of working actuaries was expected to grow 20% during the 2018-2028 decade, which is much faster than average. Opportunities in the property and casualty area should be particularly strong, given that powerful, damaging storms are predicted to become more frequent due to global warming. As of 2018, actuaries earned a median salary of $102,880, reported the BLS.

Education Requirements

According to the BLS, property and casualty actuaries typically hold a bachelor's degree in mathematics, statistics or a business-related field such as economics or finance. Many prospects obtain an internship with an insurance company or related employer while in school or shortly after.

Certification is also highly beneficial and may be strongly preferred, if not required, by some employers. The Casualty Actuarial Society (CAS) provides the appropriate certification examinations, which include those covering automobile incidents, medical malpractice and homeowner incidents. Most candidates are able to find work shortly after graduation and can prepare for certification while gaining on-the-job experience; others complete initial exams while still in college.

Property and casualty actuaries require a bachelor's degree in a related field. Certification is available, though not always required. The median annual salary for this profession was about $102,000 in 2018.

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