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The Insurance Times
b) The availability of data and the growth of processing
power continually outrun our analytical procedures.
13. Actuaries are the specialists of risk, and insurance is
the industry of risk.
14. The casualty actuary uses mathematical techniques to
produce reliable estimates from uncertain projections
of future occurrences; these estimates are used in turn
for pricing and reserving property-casualty insurance
products.
15. Most fundamental task of the casualty actuary: Setting
rates for insurance products.
a) Determining the expected cost of the insurance
product.
b) Determining the optimal price for the insurance
product.
16. As modeling tools have become more accurate,
actuaries have turned to computer simulations of
hurricanes and other windstorms to calculate the
expected costs of these catastrophes.
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