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МАМАНДЫҚ · ПРОФЕССИЯ · PROFESSION

What is an actuary

An actuary measures risk in monetary terms and helps organisations and society make sound financial decisions for years and decades ahead.

DEFINITION

An actuary is a specialist who uses mathematics, statistics, probability theory and financial analysis to assess future risks and their monetary consequences. Actuaries answer the question of "how much will this cost and how reliable is it" wherever the future is uncertain: in insurance, pensions, investments, risk management and financial reporting.

WHAT THEY DO
  • calculate insurance rates and reserves — how much to set aside today to meet obligations tomorrow;
  • assess the capital adequacy and solvency of insurance and pension organisations;
  • model life expectancy, morbidity, accident rates and other future events;
  • manage risk — identify, measure and help limit financial risks;
  • prepare actuarial opinions for financial reporting, including under IFRS 17;
  • apply data analysis, statistical models and AI to financial and insurance problems.
WHERE ACTUARIES WORK — AREAS OF PRACTICE
LIFE
Life insurance
Life insurance products, savings and investment programmes.
P&C
General insurance
Property, liability, motor and corporate risks (non-life).
HEALTH
Health and social
Health, medical expenses and social programmes.
PENS
Pensions and social security
Pension plans and long-term obligations.
ERM
Risk management
Comprehensive quantitative assessment of an organisation's risks (ERM).
FIN
Finance and investment
Asset-liability management and financial modelling.
RPT
Financial reporting
Valuation of liabilities for accounting and regulatory reporting.
DATA
Data science and AI
Advanced data-driven analytics.
HOW TO BECOME AN ACTUARY
  1. 1Mastering foundational disciplines — mathematics, probability theory, statistics, finance, economics;
  2. 2Passing professional examinations under the qualification system;
  3. 3Accumulating practical experience under professional standards;
  4. 4Continuing professional development (CPD) throughout one's career.
WHY THE PROFESSION IS TRUSTED
Qualification
An actuary performs work only when they possess the necessary training and experience.
Standards of practice
Opinions are prepared in accordance with uniform professional standards.
Ethics
Conduct is governed by the Code: integrity, competence, objectivity, confidentiality.
WHY BUSINESS NEEDS AN ACTUARY

For insurance and reinsurance companies, pension funds, banks and large businesses, working with a qualified actuary is a tool for stability, compliance with regulatory requirements and protection against underestimated risks.

WHAT WORKING WITH A QUALIFIED ACTUARY DELIVERS
Trust of the regulator and the market
Opinions prepared in accordance with standards of practice.
Reduced risk of errors
An independent, methodologically sound assessment.
Compliance with requirements
Correct reporting and fulfilment of solvency requirements.
Professional responsibility
The actuary's conduct is governed by the Code of Professional Conduct.
BOUNDARIES OF THE CHAMBER'S ROLE

The KCA is not an employer and does not participate in the labour market. The Chamber does not allocate professionals or tie them to organisations — it provides qualification, standards and ethics. The hiring decision rests with the employer and the specialist.

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The qualification system and standards in Kazakhstan are developed by the KCA.

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