Insurance statisticians can now call themselves actuaries. The Institute of Actuaries of Australia (IAA) has decided it will allow associate members to take the title of “actuary”, defined as a statistician who deals with the financial impact of risk and uncertainty.

The term was previously reserved for IAA fellows, but has been expanded in line with international practice.

President Greg Martin says the IAA’s decision is in keeping with the globalisation of financial services.

“This change in our associate qualification and broader use of the title ‘actuary’ will allow all our members to more clearly articulate who and what they are to compete domestically and globally,” he said.