Actuaries are in demand and well-rewarded for their analytical and problem solving skills in a diverse number of industries. Whether you work in a new field like data science and AI, or a more traditional field like insurance, your actuarial skills put you in high-demand.
Where do actuaries work?
General Insurance
In New Zealand, the General Insurance industry is a large employer of actuaries. General insurance includes car insurance, home insurance, pet insurance and liability products.
Using various numerical techniques and data analysis, actuaries determine the reserves needed for future claims from events like fires, floods, accidents, and motor vehicle incidents. Actuaries also provide advice for capital, pricing, and solvency decisions.
General insurance actuaries use data analysis and precise models to measure risks, creating solutions that balance fair premiums with coverage needs.
Life Insurance
The actuarial profession’s roots are in life insurance and is still the largest employer* in New Zealand. Life actuaries play a crucial role in creating sustainable products and managing business operations.
Actuaries are typically involved in pricing, policy design, capital management, risk assessment, and reserving, but can assist in all aspects of the business. The Appointed Actuary is a core of any life company, where their role is required by legislation to support and report on the financial stability of the company.
* as per the 2025 member survey.
Health Insurance
Health actuaries ensure the financial stability of health insurance products and manage healthcare-related risks.
Using their analytical skills and knowledge of the healthcare landscape, they develop sustainable insurance offerings and improve healthcare outcomes for individuals and communities. They perform analysis, risk assessment, and modelling to inform decisions on reserving, financial planning, pricing, and premium setting.
Reinsurance
A reinsurance actuary is a specialised professional who focuses on reinsurance, where insurance companies transfer some of their risks to reinsurers. These actuaries assess, quantify, and manage risks in reinsurance arrangements, develop pricing models, and evaluate reinsurance contracts.
Government and regulatory agencies
Actuaries are well suited to support the requirements of the New Zealand public sector. This includes providing services to the Ministry of Social Development (MSD), Accident Compensation Corporation (ACC), and Natural Hazards Commission (NHC).
Working in these areas allow you to influence Government Policy and apply actuarial techniques to manage long-term uncertainties in service delivery. There is a reward of knowing that you are making a tangible difference to the life of New Zealanders.
Superannuation and KiwiSaver
Actuaries provide advice on superannuation and KiwiSaver, a typical component of employment packages and a major source of retirement income.
Actuaries analyse fund data, construct mathematical models that project financial outcomes, and assess government policy changes. They manage the uncertainty arising from variables like life expectancy, investment yields, and inflation rates.
Banking, investments and financial services
Actuaries in the banking, investment or financial services sector are involved in risk management, portfolio optimisation, capital allocation, and modelling for complex financial products such as derivatives and structured securities.
The economic interdependence of nations today and the need to make sound investment decisions have focused attention on the value of actuarial advice. By virtue of their experience in analysing financial transactions and assessing risks, actuaries are increasingly sought after for a wide range of technical and management roles in the investment and financial services sectors.
Risk management
Enterprise Risk Management (ERM) is the process where organisations assess, control, exploit, finance, and monitor risks from all sources, for the purpose of increasing the organisation’s short and long-term value to its stakeholders.
It is now a critical part of management frameworks across all industries. Chartered Enterprise Risk Actuaries (CERAs) are the top professionals qualified to lead an organisation’s ERM program.
Data science, AI and technology
Actuaries play a pivotal role in modelling data, using techniques to extract maximum value while managing risk to solve business problems. As technology shapes various industries, actuaries are increasingly employed by tech companies and startups to assess risks related to data privacy, cybersecurity, and innovative financial products.
Sustainability and the environment
Climate change poses significant environmental, economic and social risks to sectors where actuaries work, including government, insurance, banking, and investments. As risk management experts, actuaries collaborate with stakeholders to identify short and long-term climate impacts, develop response strategies, and implement risk management frameworks. Environment, Sustainability, and Governance (ESG) is a growing sector of actuarial participation, driven the impacts of climate science, observed climate impacts, and disclosure requirements.