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So, you want to be an actuary...
...but why work in General Insurance rather than Pensions, Life Insurance or Investment?
 Name: Nam Nguyen
Degree: Master of Mathematics, Operational Research, Statistics and Economics (MORSE) from Warwick University
Work History: Joined EMB in September 2007
Choosing the right area to work in is very important. It isn’t always as easy to make the transition from one to another as you might think.
So, what exactly is 'general' insurance? Well, it’s basically everything except life insurance. That probably means everything you have in the past thought of as just 'insurance'. It covers a huge range of things, from pet insurance to nuclear power plants and cover is even available should you drop the cake on your wedding day.
One of the main features of general insurance is its unpredictability. The work we do is very much involved in understanding this sort of uncertainty, using various mathematical and statistical techniques to help us. But it’s more than that – we have to view all this in the commercial and economic market our clients are operating in.
General insurance is perhaps the least mature of the main actuarial areas, meaning ways of working are less set in stone and there is much more room for innovation. And compared to other actuarial areas, regulation is relatively light. No need to trawl through pages of legislation – rather use your skills and judgement to decide on the best approach.
GI is also the smallest of the main actuarial areas, although there is no reason to assume it will stay this way. The industry is growing at a rapid rate as companies seek to understand their risks in more and more detail. This has led to very high demand for GI actuaries.
General insurance is varied, growing and exciting!
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