Duggan Consulting Limited

NAME OF FEATURE | THE GLEANER | MONDAY, NOVEMBER 30, 2020 8 DUGGAN CONSULTING LTD 50TH ANNIVERSARY A CTUARIES PLACE a price tag on future risks. They are busi- ness professionals who use their unique combination of math- ematical, analytical and business skills to developmodels which solve a variety of financial, economic and social problems. These problems are primarily in the areas of pensions, insurance (life and general) and investment. The actuarial profession is rela- tively small. Globally, there are fewer than 100,000 actuaries but millions of qualified accountants and law- yers. In Jamaica there are only 17 fully qualified actuaries. Actuaries make a difference. Their calculations and projections are the backbone of the insurance and fi- nancial security industries. While actuarial work is largely mathematical in nature, actuaries must have a well-rounded busi- ness approach to problem-solving. Up-to-date knowledge of business issues, social sciences, as well as good communication skills are, therefore, important. Actuarial science had its genesis in the life insurance industry in the UK but actuaries are now involved in non-life insurance, pensions and other areas. Other areas of employ- ment include social security, finance and investment, enterprise risk management, statistics and com- merce, data science, climate risk analysis and research/lecturing at universities. Most actuarial students in Jamaica pursue the examinations of either the Institute and Faculty of Actuaries in the UK or the Society of Actuaries in the US. Prior to pursuing the pro- fessional examinations, a university degree, usually in mathematics or actuarial science, is obtained. However, while a mathemati- cal background is important, this should not preclude persons from studying other courses or majoring in other areas. The University of the West Indies has been offering a de- gree course in actuarial science for a number of years. THE ACTUARIAL PROFESSION Desmond Johnson with three members of staff. Members of staff of Duggan Consulting Limited at a Christmas lunch.