NAICS Code 524298-20 - Actuaries

Marketing Level - NAICS 8-Digit

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NAICS CODE 524298-20
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NAICS Code 524298-20 Description (8-Digit)

Actuaries are professionals who use mathematical and statistical methods to assess and manage financial risk. They work in the insurance industry, as well as in other industries where risk management is important, such as finance, healthcare, and government. Actuaries analyze data to determine the likelihood of future events, such as accidents, natural disasters, or death, and use this information to develop strategies to minimize financial loss. They also design and evaluate insurance policies, pension plans, and other financial products to ensure that they are financially sound and meet the needs of their clients.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 524298 page

Tools

Tools commonly used in the Actuaries industry for day-to-day tasks and operations.

  • Statistical software (e.g. SAS, R, Python)
  • Actuarial modeling software (e.g. Prophet, AXIS, MG-ALFA)
  • Spreadsheet software (e.g. Microsoft Excel, Google Sheets)
  • Database software (e.g. SQL)
  • Risk management software (e.g. Riskonnect, LogicManager)
  • Financial analysis software (e.g. Bloomberg Terminal, FactSet)
  • Programming languages (e.g. Java, C++)
  • Data visualization software (e.g. Tableau, Power BI)
  • Actuarial textbooks and reference materials
  • Online actuarial calculators and tools

Industry Examples of Actuaries

Common products and services typical of NAICS Code 524298-20, illustrating the main business activities and contributions to the market.

  • Life insurance
  • Health insurance
  • Property and casualty insurance
  • Reinsurance
  • Pension plans
  • Investment management
  • Risk management
  • Government agencies
  • Healthcare providers
  • Consulting firms

History

A concise historical narrative of NAICS Code 524298-20 covering global milestones and recent developments within the United States.

  • Actuaries have been around for centuries, with the earliest known actuarial work dating back to the 13th century in Italy. The industry has since evolved to become a crucial part of the insurance sector, with actuaries using mathematical and statistical methods to assess risk and uncertainty. In the United States, the industry has seen significant growth since the 1970s, with the establishment of the Society of Actuaries and the American Academy of Actuaries. Notable advancements in the industry include the development of predictive modeling techniques, the use of big data and machine learning, and the increasing focus on risk management and enterprise risk management. Recent history in the United States has seen the industry continue to grow, with the demand for actuaries increasing due to the growing complexity of insurance products and the need for risk management in various industries. The industry has also seen a shift towards more diverse and inclusive hiring practices, with a focus on attracting and retaining talent from underrepresented groups. In recent years, the COVID-19 pandemic has presented new challenges for the industry, with actuaries playing a crucial role in assessing the impact of the pandemic on insurance claims and risk management.