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

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

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Associate Of the Society Of Actuaries (ASA): The ASA certification is awarded by the Society of Actuaries (SOA) and requires the completion of a series of exams and coursework. It is a globally recognized certification for actuaries and demonstrates a high level of expertise in the field.
• Fellow Of the Society Of Actuaries (FSA): The FSA certification is also awarded by the SOA and is the highest level of certification available. It requires the completion of additional exams and coursework beyond the ASA certification.
• Chartered Enterprise Risk Analyst (CERA): The CERA certification is awarded by the SOA and focuses on enterprise risk management. It requires the completion of a series of exams and coursework.
• Enrolled Actuary (EA): The EA certification is awarded by the Internal Revenue Service (IRS) and is required for actuaries who work with pension plans. It requires the completion of a series of exams and the demonstration of specific experience and education requirements.
• Chartered Financial Analyst (CFA): The CFA certification is awarded by the CFA Institute and is a globally recognized certification for investment professionals. While not specific to actuaries, it is often pursued by actuaries who work in investment-related roles.

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.

The anticipated future trajectory of the NAICS 524298-20 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Actuaries industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for risk management and insurance services. Actuaries are becoming more important in the insurance industry as they help companies to manage risk and make informed decisions. The industry is also expected to benefit from the increasing use of big data and analytics, which will help actuaries to make more accurate predictions and assessments. Additionally, the aging population in the USA is expected to drive demand for retirement and pension plans, which will also benefit the Actuaries industry.

Recent groundbreaking advancements and milestones in the Actuaries industry, reflecting notable innovations that have reshaped its landscape.

• Predictive Modeling: Actuaries are increasingly using predictive modeling to analyze data and make more accurate predictions. This technology allows actuaries to identify trends and patterns in data that would be difficult to detect using traditional methods.
• Cyber Risk Management: With the increasing threat of cyber attacks, actuaries are playing an important role in helping companies to manage their cyber risk. Actuaries are using their expertise in risk management to develop new strategies and tools to protect companies from cyber threats.
• Climate Risk Modeling: Actuaries are also playing an important role in helping companies to manage their exposure to climate risk. Actuaries are using advanced modeling techniques to assess the potential impact of climate change on businesses and to develop strategies to mitigate these risks.
• Health Analytics: Actuaries are increasingly using health analytics to help companies to manage their healthcare costs. Actuaries are using data analytics to identify trends and patterns in healthcare data, which can help companies to develop more effective healthcare strategies.
• Insurtech: Actuaries are also playing an important role in the development of insurtech. Actuaries are using their expertise in risk management to develop new insurance products and services that are tailored to the needs of the digital age.