Actuarial Science

Actuarial science is the field that uses mathematics and statistics to understand and manage financial risks, especially in insurance and pensions. The core of the field is about predicting the cost of uncertain future events, such as accidents, illnesses, or how long people will live.

Actuaries build models to estimate how likely certain events are and how expensive they might be, so that companies can prepare financially. For example, in the Netherlands, actuaries help pension funds estimate how much money they need today to pay out pensions far into the future, even as people live longer.