As society becomes more complex, so do the costs of the risks if faces, whether they be due to more frequent catastrophic events, the consolidation of populations, or the constant growth of organizational and financial systems. Some may believe it is the responsibility of insurers to foot the bill, but there are sound practical and actuarial reasons why governments worldwide should take on a larger portion of the financial burden. Actuaries have a role to play in helping influence public policy decisions. Actuarial techniques for handling uncertainty—and pricing it—can advance the debate by lending both predictability and understanding.
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The price of civilization
As the risks we face continue to mount in frequency and complexity, our insurance systems must keep pace.
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