Firms operating in the Actuarial Consulting Services industry use statistical models to assess risk in order to put a price on it and mitigate the cost. The Pension Funding industry (IBISWorld report K65.300) is the largest downstream market for the industry, accounting for over 40% of industry revenue. Insurance, investment banking and other financial services firms are also important markets.
The industry has performed relatively well over the past five years despite the difficult conditions engulfing the UK economy. As a result, industry revenue is expected to grow at a compound annual rate of 3.9% over the five years and reach £2.6 billion in 2014-15.
Firms in this industry assess risk and uncertainty by using statistical models, then create policies to minimise the cost of that risk to their clients. The industry excludes actuaries that are employed in-house by non-consulting firms such as insurance companies.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.