The History of Actuarial Science Actuarial science has roots dating back thousands of years, with early risk management practices seen in Babylonian laws, Roman societies, and medieval European trade. Probability theory, a key foundation of actuarial work, emerged in the 17th century thanks to mathematicians like Blaise Pascal and Pierre de Fermat. The formalization of actuarial science began in the 18th century with mortality tables and the development of life insurance, eventually leading to the creation of the actuary profession. Over time, actuaries expanded into areas beyond insurance, including risk management, AI, and climate analysis. The profession's history highlights the importance of continuous innovation, adaptability, and interdisciplinary collaboration to solve real-world problems.
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