actuarial mathematics

Actuarial mathematics involves using math, statistics, and financial theory to assess and manage risks, particularly in insurance and pension planning. Actuaries analyze data to estimate the likelihood and potential impact of future events, such as accidents, illnesses, or death. This helps in designing policies, setting premiums, and ensuring financial stability. Essentially, it’s about predicting uncertain future costs and creating strategies to handle them responsibly, ensuring that organizations can meet their long-term financial obligations while maintaining fairness and sustainability.