The Role of Contemporary Actuarial Communication in Determining The Insurance Risks of the State of Australia (Melbourne)

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