Actuarial Services: A Bibliometric and Network Analysis from 1990 to 2023
Abstract
The term actuary is derived from the Latin word ‘actuarius’, which denotes the post of the business manager appointed in the Senate of Ancient Rome. Earlier, the term was used for the mathematical expert of an insurance firm at the Equitable Life Insurance Society (UK) in 1775. By the middle of the 19th century, actuaries got involved in the field of life insurance, and pension plans. After a few years, actuaries gained importance in other sectors such as general insurance, investing, health care, security, and similar financial applications such as corporate finance, banking, and financial engineering. According to Kramer & Oleson (2022), actuaries can generically be classified into three types: Life insurance (including Pension fund), General insurance, and Financial risk. Actuaries are required to perform specific responsibilities by the law. The periodic evaluation of reserves in life insurance, general insurance, and pension funds is regarded as an actuarial function that constitutes a legal necessity in most countries. The appointment of an actuary has a long history in life insurance and pension funds, although most of countries have imposed similar regulations for non-life insurance companies as well. Actuaries mitigate the possibility of what appears to be a gloomy ex-ante turning out to be a realistic ex-post by acting in two different universes at the same time, one realistic and one pessimistic (Bühlmann, 1997).
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