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Actuarial Science originated in England in 1792 in the early days of life insurance. Because of the technical nature of the business, the first actuaries were mathematicians. Eventually, their numerical growth resulted in the formation of the Institute of Actuaries in England in 1848. Eight years later, in Scotland, the Faculty of Actuaries was formed. In the United States, the Actuarial Society of America was formed in 1889 and the American Institute of Actuaries in 1909. These two American organizations merged in 1949 to become the Society of Actuaries.
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Analysis of Membership by Type of Employment (US-SOA) |
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Insurance Company |
5.358 |
| Consulting Actuary |
4.580 |
| Insurance Broker |
51 |
| Insurance Department (state or provincial) |
97 |
| Other Government Employment |
151 |
| University or College |
108 |
| Investment Banker or Advisor |
239 |
| Software Developer/Vendor |
162 |
| Organizations Serving Insurance Business |
123 |
| Non-Traditional |
213 |
| Retired |
1281 |
| Unaffiliated |
703 |
| TOTAL |
13.066 |
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SOURCE: www.soa.org |
Also, The German Association of Actuaries (DAV) has 2.424 members. In UK this number has reached to 16.337. (Association in Greece has 90, Association in Sweden has 350 members)
In the early years of the 20th century in the United States, problems requiring actuarial treatment were emerging in sickness, disability, and casualty insurance particularly in workers compensation, which was introduced in 1911. The differences between the new problems and those of traditional life insurance led to the organization of the Casualty Actuarial and Statistical Society of America in 1914.
Actuarial Society of Turkey was formed in 1951.
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