Insurance encompasses all types of risk measurement and calculations using statistical and mathematical methods to determine insurance premiums and reserves under uncertain conditions. Calculations require specialized knowledge due to the influence of numerous internal and external factors that increase uncertainty, including economic influences, particularly inflation, the quality and capacity of the insurance company’s production, legislation, social and political factors, the company’s risk acceptance policies, and policy and product features.
The discipline primarily focuses on problems such as risk management, its processes, and fundamental principles; damage estimation and compensation; and the protection of individuals and property against all social and natural influences that endanger economic activity and development. The scope of its work also encompasses the activities, working principles, and practices of insurance and reinsurance organizations, as well as their relationships with international insurance and reinsurance associations in their efforts to combat the negative effects of global risk.
Actuarial science applies the principles of statistics, mathematics, economics, finance, and business management to assess risks in the insurance and finance sectors. Any student with strong problem-solving skills and a strong interest should consider this specialization for a challenging and respected career in business.
The aim of Insurance and Actuarial education is to educate and equip students with the analytical skills and components required for the application of the mathematical theory of probability and compound interest theory; and with the statistical techniques used in solving investment, life insurance, general insurance problems and all kinds of application problems requiring comprehensive computational competence and ability.
Department graduates,
► insurance sector
► financial institutions,
► consulting firms,
► has employment opportunities in public institutions and universities.
Graduates can also earn the title of Actuary with signature authority through actuarial examinations administered in accordance with the “Actuarial Regulation.” Emerging markets such as banking, social security, retirement, and mortgage systems offer significant career opportunities for actuaries.