Definition, Meaning & Synonyms

actuarial

Adjective

/ækˈtʃʊəriəl/

Definition

Relating to the calculation of risk and uncertainty, especially in insurance and finance.

Examples

The actuarial analysis showed that the company needed to adjust its premium rates.
She decided to pursue a career in actuarial science after excelling in mathematics at college.
Actuarial reports are essential for insurance companies to understand potential liabilities.

Meaning

The term ‘actuarial’ pertains to the use of mathematical and statistical methods to assess risks in various sectors, primarily in the insurance industry. Actuaries analyze data to determine the likelihood of events, helping organizations manage their financial risks effectively.