Job prospects Insurance Actuary in Ontario

Explore current and future job prospects for people working as an "insurance actuary" in Ontario or across Canada.

Job opportunities in Ontario

These outlooks were updated on November 29, 2023.

Prospects over the next 3 years

The employment outlook will be good for Mathematicians, statisticians and actuaries (NOC 21210) in Ontario for the 2023-2025 period.

The following factors contributed to this outlook:

• Employment growth will lead to several new positions.
• Not many positions will become available due to retirements.
• There are a small number of unemployed workers with recent experience in this occupation.

What Types of Employers Are Out There?

• A variety of industries, but leading share with insurance carriers
• Management consulting and scientific research firms
• Federal government departments

What are the Main Trends Affecting Employment?

• Significant changes in business operations, including the finance and insurance services, should improve job prospects to forecast and prevent operational risks
• Demand for actuaries usually depends on activities in employee benefit consulting firms, risk management departments in various companies, and life and property/casualty insurance companies, which overall have been performing favourably
• Investments in the province’s pharmaceutical cluster may be favourable for these professionals including biostatisticians to support research, such as in areas related to clinical trials

What Skills Do I Need to Succeed?

• In addition to other formal education, proficiency in statistical/modelling software and computer programming knowledge are often required for mathematicians, statisticians and actuaries
• The Canadian Institute of Actuaries is the self-regulating/governing body for the actuarial profession
  • The designation, Fellow of the Canadian Institute of Actuaries (FCIA) is needed to practise as an actuary in Canada

What Other Information Will I Find Helpful?

• The Society of Actuaries (SOA) or the Casualty Actuarial Society provides testing and additional courses
• The length of testing and training to achieve a Fellow designation from the Canadian Institute of Actuaries can take on average between seven to nine years, including a university education.

Here are some key facts about Mathematicians, statisticians and actuaries in Ontario:

• Approximately 6,050 people work in this occupation.
• Mathematicians, statisticians and actuaries mainly work in the following sectors:
  • Insurance Carriers and related activities (NAICS 524, 526): 36%
  • Federal government public administration (NAICS 911): 17%
  • Other professional, scientific and technical services (NAICS 5414, 5416-5419): 17%
  • Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 5%
• The distribution of full-time and part-time workers in this occupation is:
  • Full-time workers: 93% compared to 81% for all occupations
  • Part-time workers: 7% compared to 19% for all occupations
• 81% of mathematicians, statisticians and actuaries work all year, while 19% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 47 weeks compared to 43 weeks for all occupations.
• Less than 5% of mathematicians, statisticians and actuaries are self-employed compared to an average of 15% for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 52% compared to 52% for all occupations
  • Women: 48% compared to 48% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: n/a
  • high school diploma or equivalent: less than 5% compared to 25% for all occupations
  • apprenticeship or trades certificate or diploma: n/a
  • college certificate or diploma or university certificate below bachelor's: less than 5% compared to 22% for all occupations
  • bachelor's degree: 52% compared to 24% for all occupations
  • university certificate, degree or diploma above bachelor level: 45% compared to 13% for all occupations

Breakdown by region

Explore job prospects in Ontario by economic region.

Source Labour Market Information | Prospects Methodology

Labour market conditions over the next 10 years

Explore current and future job prospects for people working as an "insurance actuary" in Ontario or across Canada.

Learn more