Insurance and Actuarial Sciences encompasses all kinds of risk measurement and calculations using statistical and mathematical methods in order to determine insurance premiums and reserves under uncertainty. Calculations require knowledge at the level of expertise due to the impact of many internal and external factors increasing the uncertainty such as economic effects, mainly inflation, the nature and capacity of production at the insurance company, legislation, social and political factors, the company’s risk acceptance policies, policy and product characteristics.
The discipline mainly focuses on problems such as risk management, process and basic principles, damage prediction and compensation, protection of the individual and property against all social and natural influences that threaten economic activity and development. Besides, it covers the activities, working principles and practices of insurance and reinsurance organizations as well as their relations with international insurance and reinsurance associations in an effort to combat the adverse effects of global concern.
Actuarial science implements the principles of statistics, mathematics, economics, finance and business management to assess current risks in the insurance and finance sectors. Every student with strong problem-solving skills and interests should consider this area of expertise for an ambitious and respected business career.
The aim of insurance and actuarial education is to educate and equip students with the necessary analytical skills and components in the application of the mathematical theory of probability, the compound interest theory, and with statistical techniques used for investment, life insurance, general insurance problems and all kinds of application problems requiring competence and ability of comprehensive calculation.
The program offers two departments:
- Department of Insurance and Risk Management
- Department of Actuarial Science
Departmental graduates have the opportunity to work in financial institutions, consulting firms, public institutions and universities as well as in the insurance sector. With the actuarial exams being carried out in accordance with the “Actuarial Regulations”, graduates can also take the title of Actuary who has signing authority. Banking, social security, and emerging markets such as pension and mortgage systems offer great career opportunities for actuaries.