In the United States, where health care is still primarily private, numerous actuaries practice in that area. In Canada, health care has been mainly publicly funded for several years, and as such, the involvement of actuaries in this field has diminished. However, it is apparent that provincial governments are contemplating issues around the funding of their programs, given the aging population and possible changes in the Canada Health Transfer. The CIA has been actively pursuing opportunities for actuaries to contribute in this area, and assist governments in the fiscal management of their programs.
A number of CIA members have found employment in the banking sector, mostly working for the insurance operations of major banks. However, the risk management principles embodied in actuarial work have applicability in the management of traditional banking products as well. A particular challenge is that the risk management horizon in the banking world tends to be shorter than that seen by actuaries in the traditional insurance and pension fields.
The actuarial academic community includes professors, lecturers, and graduate students who are devoted to teaching and research in actuarial and financial mathematics, finance, probability, and statistics. The quality of teaching and research in actuarial science in Canada is recognized around the world and has clearly positioned Canada as a leader in actuarial university education.
In many actuarial programs throughout Canada, CIA members have faculty positions, or conduct lectures on a sessional basis. Through its University Accreditation Program and Academic Relations Committee, the CIA has emphasized the desire to strengthen the connections between the industry and universities.