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Financial data analysis representing professional indemnity insurance for actuaries

Actuary Professional Indemnity Insurance

Professional Indemnity cover for actuaries, actuarial consultants, and actuarial firms across Australia. Protection when your risk assessments, pricing models, or financial projections lead to claims.

$20M+

Cover Available

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Policy Wording

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Your calculations underpin major financial decisions. When pricing proves inadequate or reserves fall short, Professional Indemnity insurance stands between an actuarial error and the survival of your practice.

Actuaries provide quantitative analysis that underpins insurance pricing, superannuation fund solvency, general insurance reserving, and enterprise risk management. When these calculations prove inaccurate, the financial consequences can be substantial.

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Why Actuaries Need PI

APRA-regulated actuaries (appointed actuaries for insurers and super funds) face requirements under APRA's prudential standards. Beyond regulation, most clients and employers require PI cover as a contractual condition of engagement. Given that actuarial calculations underpin major financial decisions, adequate cover is a practical necessity.

Common Industry Claims

  • Reserve shortfalls where claims development significantly exceeds estimates
  • Superannuation deficits from optimistic actuarial assumptions
  • Pricing errors causing substantial product losses for insurers
  • Regulatory breaches from APRA capital calculation errors

Actuarial errors can result in losses running into millions. Adequate limits and the right policy wording are critical.

WHY TANK INSURANCE

PI Insurance for Actuarial Professionals

We can arrange PI cover for actuarial professionals and practices across Australia. Each policy is structured around the specific financial services exposures your practice carries, from reserving and pricing to valuations and risk management.

Financial data analysis representing actuarial risk modelling

01

Financial Services Focus

We place cover through insurers experienced in financial services professional liability who understand the exposures of actuarial work, from general insurance reserving to superannuation valuations and enterprise risk management.

02

Multi-Discipline Coverage

Your policy should cover every actuarial discipline you practise across. Pricing, reserving, valuations, risk management, and modelling. We ensure nothing falls between the gaps.

03

Appropriate Limits

Actuarial errors can have multi-million dollar consequences. We assess your client base, the institutions you advise, and the scale of your work to recommend limits that genuinely protect your practice.

04

Regulatory Defence

APRA and ASIC investigations, disciplinary proceedings. Your policy needs to cover regulatory defence costs. We ensure this is addressed in your policy structure.

RISK ASSESSMENT

Key Professional Risks for Actuaries

These actuarial services carry significant professional liability exposure when calculations prove inaccurate or assumptions fail.

Insurance pricing errors leading to inadequate premiums for risk
Outstanding claims reserve estimates proving insufficient
Defined benefit superannuation valuations understating contributions
Life insurance product pricing assumptions proving negligently optimistic
Financial models that don't perform as expected under stress
APRA capital calculations or regulatory reporting errors
Merger and acquisition due diligence valuations proving inaccurate
Enterprise risk management advice failing to identify material exposures

The financial consequences of actuarial errors are often substantial and quantifiable. Understanding your risk profile is the first step to appropriate cover.

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POLICY SCOPE

What Actuary PI Insurance Covers

A comprehensive Professional Indemnity policy for Actuaries covers claims arising from your risk assessments, pricing models, valuations, and financial projections.

Financial data dashboard representing actuary professional indemnity coverage
Financial data dashboard representing actuary professional indemnity coverage

Usually Covered

✓ Legal defence costs for claims and legal proceedings
✓ Compensation payments, including settlements or judgments if liability established
✓ Insurance pricing and reserving errors
✓ Superannuation valuation claims affecting employer contributions
✓ Regulatory investigation defence including APRA or ASIC inquiries
✓ Actuaries Institute disciplinary proceedings defence
✓ Expert witness costs to support your defence
✓ Continuous cover for prior acts back to your retroactive date

Not Typically Covered

✕ Fraud, dishonesty, or intentional wrongdoing
✕ Known prior circumstances not disclosed at inception
✕ Trading losses or investment performance guarantees
✕ Fines and penalties imposed on you personally
✕ Business operations unrelated to actuarial practice
✕ Bodily injury or property damage (Public Liability required)

Every actuarial practice is different. Our <a href='/our-process/' class='text-emerald-600 underline font-medium'>broking process</a> reviews your specific services, client base, and the institutions you advise to ensure appropriate coverage.

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QUESTIONS

Frequently Asked Questions

There is no single blanket mandate, but PI cover is effectively essential for practising actuaries. APRA-regulated actuaries face requirements under prudential standards, and most clients and employers require PI as a contractual condition of engagement. Given that actuarial calculations underpin major pricing, reserving, and solvency decisions, operating without adequate cover exposes your practice to significant financial risk.
Typical claims in the actuarial profession include general insurance reserve shortfalls where claims development exceeds estimates, superannuation fund deficits from optimistic actuarial assumptions, and life insurance product losses from inadequate pricing. The financial consequences of actuarial errors can be substantial, often running into millions of dollars.
The right level depends on your client base, the scale of the institutions you advise, and the nature of your actuarial services. Actuaries advising on large insurance portfolios, superannuation funds, or enterprise risk typically require $5 million to $20 million or more in aggregate cover. We assess your specific risk profile to recommend appropriate limits.
Yes, a comprehensive PI policy for actuaries typically covers defence costs for APRA or ASIC inquiries into your actuarial work, as well as professional body disciplinary proceedings. Regulatory investigation defence is an important component given the scrutiny actuarial work receives from financial regulators.
Actuarial work has a long tail. Calculations and valuations performed years ago can give rise to claims today. Run-off cover protects against claims from work done while you were practising. We can arrange run-off cover that maintains continuity of protection, typically at a lower premium than an active practice policy.
Your policy should cover the full scope of actuarial services you provide, from general insurance reserving to superannuation valuations, life insurance pricing, and enterprise risk management. We ensure your policy wording explicitly covers all disciplines you practise across, not just your primary area.

Professional Indemnity for Actuarial Professionals

From insurance reserving to superannuation valuations, our experienced brokers can arrange PI cover for actuarial professionals when calculations and projections lead to claims. Get a tailored quote today.

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