Life actuaries, which include health and pension actuaries, primarily deal with mortality risk, morbidity risk, and investment risk. Products prominent in their work include life insurance, annuities, pensions, short and long-term disability insurance, health insurance, health savings accounts and long-term care insurance.

Actuaries can fill a number of diverse roles within the operations of a life insurance company. Such roles include, but are not limited to, the following:

  • Designing and pricing products – a key actuarial role is to determine the profitability of all products issued by the insurance company. This includes determination of premium rates, development of actuarial models to measure profitability, conducting experience reviews, setting key pricing assumptions such as mortality, and working closely with the product development department. Pricing actuaries will also interact with other areas of the company, which include underwriting, contract development, policy administration, and distribution
  • Valuation and financial reporting – actuaries are responsible for determining the liabilities associated with any policies issued by the insurer (reserves). This function requires the actuary to set appropriate assumptions for valuation, develop and maintain valuation models, and ensure appropriate controls are in place. Because insurance contract liabilities are a prominent item in the company’s financial statements, actuaries are heavily involved in the financial reporting function. They can also play roles in surplus management, required capital reporting, risk management, and asset-liability management
  • Recommending bonuses to be added to with-profit policies
  • Providing expert advice on investment
  • Getting involved in the planning and marketing of products
  • Advising on strategic risk measurement

Jobs for life actuaries in Bermuda

Bermuda is a leader in offshore risk financing and well known as a global centre of insurance. Perhaps unsurprisingly, the population of Hamilton has the highest proportion of actuaries in the world. We can help you join them.

 

– View our Actuarial Jobs –

If you want a job abroad, visit our jobs portal to see the latest vacancies. Our site includes a downloadable All You Need to Know guide which will tell you all you need to know about living and working offshore.