Actuarial sciences and their importance in different fields

Abstract

The problem of the research was insufficiency of awareness and knowledge of the scientific meaning of the word "actuarial" for most institutions in the country, and insufficiency of a culture of actuarial studies and awareness of its importance in the financial institutions in Libya. The actuarial system in the community and its importance in maintaining the financial position of the institutions, as the research indicated that the actuarial science evaluates the financial risks of all financial institutions such as banks, insurance companies, the stock market, social insurance systems, the Money Control Authority, the Ministry of Finance and the Ministry of Investment and the results of the research also indicated that the actuary expert must be well versed in theories and applications in mathematics, statistics, economics, probability calculation and financial sciences, Actuarial studies also aim to ensure the feasibility and continuity of financial systems, reduce future financial risks and ensure the highest return on investment ,The Libyan experience in actuarial studies To achieve the aims  including to implement actuarial study for  Libyan Social Security Fund, in addition  to building an actuarial system that makes actuarial studies primary source in making strategic decisions and localizing scientific research to solve all problems, research is recommended that workshops and seminars be prepared related to importance of actuarial studies in support state institutions in making strategic decisions and encourage educational institutions plan to teach actuarial science in Libyan universities, and the help of local and international experiences in the actuarial field.