Abstract
Actuary is a qualified profession related with analyzing financial influence of risk for businesses via application of mathematical and statistical skills. Actuaries foresee and minimize financial uncertainty. Actuary is the professional title given to a person who employs statistical techniques and mathematical skills to evaluate the probability and financial consequences of an event. The aim of this paper is to introduce the profession of actuary with particular reference to finance industry and –in particular- insurance industry. Literature on this profession is rather scarce, but this profession is becoming more attractive and necessary given the growing economic activity and business in Turkey as an emerging economy. Financial risks increase in line with the inclining business activity due to the fact that the spectrum of risks develops in today’s business. This study covers the application of actuary in Turkey where life-insurance and private pension line of business have improved significantly since 2000 with growing asset under management and number of the insured.
References
- Arthur, T., and Randall, P. (1990). Actuaries, Pension Funds and Investment. Journal of the Institute of Actuaries 117(1), 1-49.
- Clarkson, R. S. (1996). Financial Economics – An Investment Actuary’s Viewpoint. British Actuarial Journal, 2(4), 809–973. http://www.jstor.org/stable/41141281
- Clasher, I. (2019). Economic Thought and Actuarial Practice. Actuarial Research Centre Report, Leeds University Business School.
- Day, T. (2004) Financial Economics and Actuarial Practice, North American Actuarial Journal, 8:3, 90-102, DOI: 10.1080/10920277.2004.10596153.
- Daykin, C.D.(1992). The developing role of the Government Actuary's Department in the supervision of insurance. Journal of the Institute of Actuaries (1886-1994), 119(2), 313–343. http://www.jstor.org/stable/41141065.
- Ellis, S., Kivisaari, E., and Stanko D. (2015). International Organization of Pension Supervisors Working Papers on Effective Pensions Supervision, No 24.
- Hickman, J. (2006). History of Actuarial Profession. 10.1002/9780470012505.tah012. In book: Encyclopedia of Actuarial Science.
- Islamoglu, M., Aziz, H., Konal, A. (2020). Türkiye ve G7 Ülkelerinde Bireysel Emeklilik Sistemi Uygulamaları. Finans Ekonomi ve Sosyal Araştırmalar Dergisi. 10.29106/fesa.758168.
- O’Brien, C., Gallagher, G., Green, R., Hughes, D., Liang, F., Robinson, S., Simmons, P and Tay, A. (2016). The roles of actuaries in UK life offices: Changes and challenges. British Actuarial Journal, 21(1), 134-164. doi:10.1017/S1357321715000070.
- Pugh, C. (2006), "Funding Rules and Actuarial Methods", OECD Working Papers on Insurance and Private Pensions, No. 1, OECD Publishing.
- Smith, A. (1996). How Actuaries Can Use Financial Economics. British Actuarial Journal, 2(5), 1057-1193. doi: 10.1017/S1357321700004876.
- Wilson, C., and Walker, J. M. (2020). Introducing Actuarial Science to High School Students (pp. 1-6). Ohio Journal of School Mathematics, 85(1). Retrieved from https://library.osu.edu/ojs/index.php/OJSM/article/view/7378
- Central Bank of Republic of Turkey, Financial Stability Report, November 2021.
- Society of Actuaries and American Academy of Actuaries, Pension Actuary’s Guide to Financial Economics, 2006.
- International Actuarial Association, A Note on Financial Economics, 2008.
- https://www.actuaries.org/iaa/IAA/HOME/IAA/Home.aspx?hkey=29d7b758-cb4a-45c0-806f-a2d0c4cf00f7
- https://www.soa.org/future-actuaries/what-is-an-actuary/
- https://theactuarialclub.com/2019/02/23/actuaries-in-pensions/#:~:text=An%20actuary%20in%20pensions%20is,concerned%20with%20the%20pension%20fund.
- https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge
- https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge/actuarial-research-centre-arc/arc-webinar-series-2022
- https://corporatefinanceinstitute.com/resources/careers/jobs/actuarial-science/
Abstract
Aktüerlik, matematiksel ve istatistiksel becerilerin uygulanması yoluyla işletmeler için riskin finansal etkisini analiz etmekle ilgili nitelikli bir meslektir. Aktüerler finansal belirsizliği öngörür ve en aza indirir. Aktüerya, bir olayın olasılığını ve finansal sonuçlarını değerlendirmek için istatistiksel teknikler ve matematiksel beceriler kullanan bir kişiye verilen profesyonel unvandır. Bu makalenin amacı, finans sektörü ve özellikle sigorta sektörü özelinde aktüerlik mesleğini tanıtmaktır. Bu mesleğe ilişkin literatür oldukça azdır, ancak yükselen bir ekonomi olarak Türkiye'de artan ekonomik faaliyet ve ticaret göz önüne alındığında bu meslek daha önemli ve gerekli hale gelmektedir. Günümüz iş dünyasında risk yelpazesinin gelişmesi nedeniyle, artan ticari faaliyete paralel olarak finansal riskler de artmaktadır. Bu çalışma, hayat sigortası ve bireysel emeklilik işkolunun 2000 yılından bu yana artan aktif büyüklüğü ve sigortalı sayısı ile önemli ölçüde geliştiği Türkiye'deki aktüerya uygulamasını kapsamaktadır.
References
- Arthur, T., and Randall, P. (1990). Actuaries, Pension Funds and Investment. Journal of the Institute of Actuaries 117(1), 1-49.
- Clarkson, R. S. (1996). Financial Economics – An Investment Actuary’s Viewpoint. British Actuarial Journal, 2(4), 809–973. http://www.jstor.org/stable/41141281
- Clasher, I. (2019). Economic Thought and Actuarial Practice. Actuarial Research Centre Report, Leeds University Business School.
- Day, T. (2004) Financial Economics and Actuarial Practice, North American Actuarial Journal, 8:3, 90-102, DOI: 10.1080/10920277.2004.10596153.
- Daykin, C.D.(1992). The developing role of the Government Actuary's Department in the supervision of insurance. Journal of the Institute of Actuaries (1886-1994), 119(2), 313–343. http://www.jstor.org/stable/41141065.
- Ellis, S., Kivisaari, E., and Stanko D. (2015). International Organization of Pension Supervisors Working Papers on Effective Pensions Supervision, No 24.
- Hickman, J. (2006). History of Actuarial Profession. 10.1002/9780470012505.tah012. In book: Encyclopedia of Actuarial Science.
- Islamoglu, M., Aziz, H., Konal, A. (2020). Türkiye ve G7 Ülkelerinde Bireysel Emeklilik Sistemi Uygulamaları. Finans Ekonomi ve Sosyal Araştırmalar Dergisi. 10.29106/fesa.758168.
- O’Brien, C., Gallagher, G., Green, R., Hughes, D., Liang, F., Robinson, S., Simmons, P and Tay, A. (2016). The roles of actuaries in UK life offices: Changes and challenges. British Actuarial Journal, 21(1), 134-164. doi:10.1017/S1357321715000070.
- Pugh, C. (2006), "Funding Rules and Actuarial Methods", OECD Working Papers on Insurance and Private Pensions, No. 1, OECD Publishing.
- Smith, A. (1996). How Actuaries Can Use Financial Economics. British Actuarial Journal, 2(5), 1057-1193. doi: 10.1017/S1357321700004876.
- Wilson, C., and Walker, J. M. (2020). Introducing Actuarial Science to High School Students (pp. 1-6). Ohio Journal of School Mathematics, 85(1). Retrieved from https://library.osu.edu/ojs/index.php/OJSM/article/view/7378
- Central Bank of Republic of Turkey, Financial Stability Report, November 2021.
- Society of Actuaries and American Academy of Actuaries, Pension Actuary’s Guide to Financial Economics, 2006.
- International Actuarial Association, A Note on Financial Economics, 2008.
- https://www.actuaries.org/iaa/IAA/HOME/IAA/Home.aspx?hkey=29d7b758-cb4a-45c0-806f-a2d0c4cf00f7
- https://www.soa.org/future-actuaries/what-is-an-actuary/
- https://theactuarialclub.com/2019/02/23/actuaries-in-pensions/#:~:text=An%20actuary%20in%20pensions%20is,concerned%20with%20the%20pension%20fund.
- https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge
- https://www.actuaries.org.uk/learn-and-develop/research-and-knowledge/actuarial-research-centre-arc/arc-webinar-series-2022
- https://corporatefinanceinstitute.com/resources/careers/jobs/actuarial-science/
Details
| Primary Language | English |
|---|---|
| Subjects | Business Administration |
| Journal Section | Articles |
| Authors | |
| Early Pub Date | August 29, 2022 |
| Publication Date | August 31, 2022 |
| Submission Date | April 19, 2022 |
| Acceptance Date | July 19, 2022 |
| Published in Issue | Year 2022 Volume: 6 Issue: 10 |
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