The tasks an Actuary is expected to perform include:
- Calculating and fixing premium rates for insurance against different types of risks on the basis of statistical, mathematical and financial calculations involving probability of future payment or contingencies
- Collecting and analysing data from different sources concerning losses to a person from death, disability, sickness, injury, etc. and losses to property from fire, burglary, explosion, hazards, etc.
- Considering probable frequency of such risks, calculating their costs and fixing premium rates for different types of risks taking in to account money market and economic conditions and probable future trends thereon