About the Department
"To those who do not know mathematics it is difficult to get across a real feeling as to the beauty, the deepest beauty, of nature ... If you want to learn about nature, to appreciate nature, it is necessary to understand the language that she speaks in." — Richard Feynman
One of the beauties of mathematics is that it promises us eternal truths that do not depend on opinion or fashion. But mathematics is not just about assertions of fact; the deeper truth usually lies in the explanation of the fact. A good definition of beauty in mathematics would be:simplicity that leads to insight.
Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to risk assessment to help reach more informed decisions in those areas. Actuaries are professionals who apply mathematical models to improve financial decision-making by evaluating the financial implications of uncertain future events.
Actuarial science includes a number of interrelating fields, such as probability and statistics, finance, and economics. Historically, actuarial science used deterministic models in the construction of tables and premiums. However, the science has gone through revolutionary transformation during the last 30 years due to the boom of high speed computers and the synergy of stochastic actuarial models with modern financial theory.