Actuarial Consulting Service Market Report 2025

The actuarial consulting service market size has grown strongly in recent years. It will grow from $6.83 billion in 2024 to $7.32 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth observed during the historic period is linked to the growing demand for risk management solutions, an increasing need for pension and retirement planning, stricter regulatory compliance requirements, greater complexity in insurance product pricing, and an enhanced focus on financial risk assessment.

The actuarial consulting service market size is expected to see strong growth in the next few years. It will grow to $9.53 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The projected growth during the forecast period is driven by the increasing adoption of advanced analytics in actuarial services, growing demand for personalized financial advisory, heightened focus on enterprise risk management, greater incorporation of actuarial insights into business strategy, and rising demand for healthcare and insurance consulting. Key trends expected in this period include the development of AI-powered actuarial modeling tools, innovations in predictive analytics for risk management, expansion of cloud-based actuarial platforms, enhanced automation in data processing for actuarial analysis, and the creation of integrated financial and actuarial consulting solutions.

The growing need for risk management solutions is expected to boost the actuarial consulting service market in the coming years. Risk management solutions encompass processes and tools designed to identify, evaluate, and mitigate financial and operational risks within organizations. This demand is being fueled by stricter regulatory requirements that push businesses to enhance risk assessment and compliance practices to avoid substantial penalties. Actuarial consulting services support risk management by offering expert analysis and quantitative insights that enable organizations to identify, assess, and manage financial uncertainties effectively. This leads to better decision-making, stronger financial stability, and adherence to regulatory standards. For example, the 2022 IT Compliance Benchmark Report by Hyperproof, a US-based compliance software company, found that 45% of surveyed organizations, the largest segment, planned to increase spending on IT risk management and compliance in 2022 compared to 2021. Consequently, the rising demand for risk management solutions is driving growth in the actuarial consulting service market.

Key players in the actuarial consulting service market are prioritizing the development of innovative offerings, such as advanced risk modeling, to enhance the accuracy of risk assessments and support better decision-making. Advanced risk modeling employs sophisticated mathematical and statistical techniques to forecast and evaluate potential risks with greater precision. For example, in June 2024, Perr&Knight Inc., a US-based insurance consulting firm, introduced a new risk strategies and solutions practice. This initiative provides clients with comprehensive consulting services, including actuarial expertise, regulatory guidance, and product development support. Drawing on over 30 years of industry experience and a skilled team of actuaries, Perr&Knight assists clients in navigating complex insurance frameworks and designing compliant, effective insurance programs that meet evolving market demands.

In March 2024, FTI Consulting Inc., a US-based business advisory and risk management technology firm, acquired Madison Consulting Group Inc. for an undisclosed sum. Through this acquisition, FTI Consulting aims to expand its property and casualty actuarial and regulatory compliance capabilities by incorporating Madison’s expertise in data collection, loss reserve analysis, and expert witness services into its Insurance Services practice. This integration enhances FTI’s ability to assist insurers, regulators, and legal advisors in managing complex risk, regulatory, and litigation challenges. Madison Consulting Group Inc., based in the US, specializes in actuarial consulting technology, focusing on insurance compliance, actuarial analysis, and expert testimony services.

Major players in the actuarial consulting service market are Accenture Plc, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, KPMG International Cooperative, Tata Consultancy Services Limited, Aon Plc, BDO Global Limited, Willis Towers Watson Public Limited Company, Oliver Wyman Group, Milliman Inc., Segal Consulting, PBI Actuarial Services Inc., KirkpatrickPrice LLC, Wakely Consulting Group Inc., Lewis & Ellis Inc., Actuarial Resources Corporation, Cheiron Inc., Martin & Company Actuaries and Consultants Inc., Huggins Actuarial Services Inc., and Conrad Siegel Actuaries & Consultants Inc.

North America was the largest region in the actuarial consulting service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in actuarial consulting service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the actuarial consulting service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the professional services sector, particularly in legal, consulting, architectural, and engineering domains. Higher costs for imported technology, software licenses, office equipment, and digital infrastructure have raised operational expenses for firms reliant on global tools and platforms. International consulting projects are facing delays or cost overruns due to increased travel expenses and restricted access to foreign-sourced data and tools. Additionally, clients in manufacturing, construction, and logistics, heavily affected by tariffs are cutting back on outsourced services, squeezing demand for professional expertise. As a result, service providers are reevaluating pricing structures, expanding domestic supplier relationships, and investing in AI-driven solutions to sustain profitability and client engagement amid economic uncertainty.

Actuarial consulting services provide expert guidance on financial risks using mathematics, statistics, and financial theory. These services assist organizations in assessing uncertainty and developing strategies for insurance, pensions, investments, and risk management. Actuarial consultants use predictive modeling to aid decision-making and promote financial stability.

The primary types of actuarial consulting services include life insurance actuarial services, health insurance actuarial services, pension and retirement consulting, general insurance actuarial services, and enterprise risk management services. Life insurance actuarial services focus on analyzing mortality rates and financial risks to create sustainable life insurance products and determine suitable premiums. These services can be delivered through on-premise or cloud-based models and are applied in product development and pricing, risk assessment and management, financial reporting and compliance, data analytics and modeling, and regulatory advisory. They serve a wide range of end-users, including insurance companies, pension funds, government agencies, corporations, and healthcare providers.

The actuarial consulting service market research report is one of a series of new reports that provides actuarial consulting service market statistics, including actuarial consulting service industry global market size, regional shares, competitors with a actuarial consulting service market share, detailed actuarial consulting service market segments, market trends and opportunities, and any further data you may need to thrive in the actuarial consulting service industry. This actuarial consulting service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The actuarial consulting service market includes of revenues earned by entities by providing services such as designing pricing and reserving strategies, preparing reports for compliance, conducting data analysis and modelling, evaluating business performance and operational actuarial services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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