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An actuary is a statistician trained in mathematics and accountancy who collects and interprets numerical data to facilitate estimates of future financial risk and uncertainty. They usually have a profound understanding of financial systems and are able to make numerical predictions. Most actuaries are employed in the insurance and pensions sector. There have been very few reported cases of actuaries professional negligence however this may simply be as a result of claims settling before they come to trial. Actuaries are attractive targets for compensation claims due to the fact that they are insured and companies that may be jointly and severally liable are often in liquidation.
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In common with all other similar legal action it is necessary to show in an actuaries professional negligence claim that there exists a duty of care. As an example in the case of pensions actuaries there may be a duty of care not only to the trustees of the fund but also to the company and to the members. In addition to establishing a duty of care it must be shown that negligence has caused direct financial losses. Negligence is determined as failing to act with a reasonable degree of skill and care. It is not always necessary to prove negligence as the contract may specify what standard or duties are expected. Damages that can be claimed are those losses that arise as a direct result of the negligent act or breach of contract. Losses that are unforeseeable are usually deemed as too remote and cannot be claimed.
HELPLINE 0845 177 0509
Our solicitors deal with actuaries professional negligence compensation claims on a no win no fee basis. You will not have to pay for any expenses and you will not have to fund or finance your claim. We insure against costs orders and claims for our clients are completely without risk. If you would like to speak to a solicitor about taking legal action just complete the contact form or use the helpline. We offer free advice without any further obligation.