What this life looks like
You use mathematics to manage financial risk. Actuaries are the mathematicians of the insurance and pension world, using probability, statistics, and financial theory to calculate the likelihood of future events — deaths, accidents, natural disasters — and price insurance products accordingly. It is one of the highest-paid and most respected professions in financial services, and there is a severe shortage of qualified actuaries in Africa.
What she actually does
You build and maintain actuarial models to price insurance products, calculate policy reserves, assess the solvency of insurance companies, design pension schemes, advise boards on risk appetite, and work with regulators to ensure compliance with capital requirements. You work with vast datasets and sophisticated statistical methods.
Where you can work
| Sector | Places in Africa |
|---|---|
| Large Insurers | Sanlam (South Africa), Old Mutual, AXA Africa, Jubilee Insurance (East Africa), Hollard |
| Reinsurance | Munich Re Africa, Swiss Re Africa, African Re — reinsurance companies have large actuarial teams |
| Pension Funds | GEPF (SA), PenCom-regulated PFAs (Nigeria), NSSF Kenya, Sanlam Employee Benefits |
| Consulting | Deloitte Actuarial Africa, Milliman Africa, Mercer Africa, OAC Actuaries (SA) |
Why it matters in Africa
Africa has fewer than 500 qualified actuaries for a population of over 1.4 billion people — compared to tens of thousands in Europe and North America. Insurance penetration on the continent is growing, climate risk is increasing the demand for sophisticated risk modelling, and pension funds are expanding. The shortage of African actuaries is a real crisis — and a real opportunity.
Your pathway in
- Excel in Mathematics at the highest possible level — a strong mathematics background is non-negotiable
- Study Actuarial Science, Mathematics, Statistics, or Physics at university
- Begin sitting professional actuarial exams through the Institute and Faculty of Actuaries (IFoA) or Society of Actuaries (SOA)
- Complete your actuarial training at an insurance company, consulting firm, or pension fund
- Qualify as a Fellow Actuary — the full qualification takes around 5--8 years of study and work
Skills you will need
- Advanced mathematics and statistics
- Actuarial modelling software (Prophet, ResQ)
- Excel and VBA
- Risk assessment
- Communication of complex information
- Regulatory knowledge
A woman in this field
Chizoba Morah
Nigeria
Chizoba is a Fellow Actuary and one of a very small cohort of African women to have achieved this qualification. She has worked across life insurance, health insurance, and pension actuarial functions in Nigeria and is a passionate advocate for encouraging more young Africans — especially women — to enter the actuarial profession. She speaks at schools and universities about the career and runs study support groups for aspiring actuaries.
Take your first step
- Visit the Institute and Faculty of Actuaries website at actuaries.org.uk and read about what actuaries do and how to qualify
- Focus intensely on your mathematics — especially statistics and probability — as these are the foundations of actuarial work
- Research which African universities offer Actuarial Science degrees: University of Pretoria, University of Lagos, and University of Nairobi all have programmes
- Connect with the Actuarial Society of South Africa or the Nigerian Actuarial Society to find mentors and resources