Abstract
The researcher investigated the insurance sector in Australia after identifying the most important foundations on which actuarial studies in Australia are based in order to arrive at the role of actuarial communication, which aims at coordination and joint cooperation in order to examine the financial situation of the insurance sector in comparison to other countries, and the role of actuarial communication .The researcher's dilemma stemmed from financial indications of organizations that engage in insurance or reinsurance activities, which can be used to detect the type of risk, but not the quantity of risk or the time of occurrence. As a result, the researcher devised assumptions for this study, the most crucial of which is that "there are no statistically significant disparities between contemporary actuarial communication and insurance risks. “The researcher came to several conclusions in this study, the most notable of which was that premiums issued in Australia are increasing over time, indicating a high level of risk. The researcher concluded the study with several recommendations, the most prominent of which was that local Australian companies should establish an actuarial studies department in order to broaden the scope of insurance activities without resorting to high-cost external studies or hiring insurance experts to assess the adequacy of financial coverage when starting a new insurance activity. Keywords : Contemporary Actuarial, the insurance Risks. DOI: 10.7176/JEP/12-31-02 Publication date: November 30 th 2021
Highlights
Actuaries in the insurance sector play an important role in calculating and determining the expected risks to which the insurance company is exposed, and based on previous data and experiences they have, they set adequate and fair technical prices and the appropriate premium to meet the expected compensation at the end of the year, with appropriate technical provisions to meet these obligations as well as financial reserves to maintain On the financial solvency of the institution and its ability to meet it
The researcher investigated the insurance sector in Australia after identifying the most important foundations on which actuarial studies in Australia are based in order to arrive at the role of actuarial communication, which aims at coordination and joint cooperation in order to examine the financial situation of the insurance sector in comparison to other countries, and the role of actuarial communication .The researcher's dilemma stemmed from financial indications of organizations that engage in insurance or reinsurance activities, which can be used to detect the type of risk, but not the quantity of risk or the time of occurrence
The researcher concluded the study with several recommendations, the most prominent of which was that local Australian companies should establish an actuarial studies department in order to broaden the scope of insurance activities without resorting to high-cost external studies or hiring insurance experts to assess the adequacy of financial coverage when starting a new insurance activity
Summary
Actuaries in the insurance sector play an important role in calculating and determining the expected risks to which the insurance company is exposed, and based on previous data and experiences they have, they set adequate and fair technical prices and the appropriate premium to meet the expected compensation at the end of the year, with appropriate technical provisions to meet these obligations as well as financial reserves to maintain On the financial solvency of the institution and its ability to meet it. Actuaries complement the role of risk managers in their expected calculation, while risk management is concerned with calculating and identifying unexpected risks such as global financial crises, political and security turmoil, and ensuring that investment risks are managed appropriately and others facing the company.One of the most important problems faced by Australia in general and especially Melbourne is the risks that threaten private insurance companies. The importance of this study stems from the importance of the Omani insurance sector and its supportive role in increasing the national economy and attracting the workforce. This sector is characterized by remarkable activity and its impact on external variables, especially the financial activities related to reinsurance companies
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