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Insurance, Risk & Actuarial Sciences
The expert's corner
João Andrade e Silva
Professor of Statistics and Actuarial Science and Director of the Masters in Actuarial Science
Universidade de Lisboa - Lisbon School of Economics and Management (ISEG)
It is convenient to distinguish Masters in Actuarial Science from the other Master programmes in Insurance.
Students of the Actuarial Science Masters will acquire skills in the fields of statistics, the actuarial function and finance, to embark on a profession (the actuary), centred on the analysis of the risk inherent to the insurance and financial business. Namely, they should be able to assess the likelihood of certain events and quantify the consequences of their occurrence. If many of such events cannot be avoided (death, accidents, fires, crisis in financial markets, etc.), it is important to take measures to minimize the financial impact of their happening. Being risks that can affect both assets and liabilities of insurers, actuaries must demonstrate expertise not only in the areas of probability and statistics, but also in financial matters. Most of these Masters are designed in accordance with international requirements – namely the International Actuarial Association. Some of them are certified by the most influential Actuarial Associations like the Institute and Faculty of Actuaries in the UK or the Society of Actuaries in North America.
Master programs in Risk Management and Insurance are usually more focused on the management of the insurance business.