Actuarial Consulting Service Market Report 2026

The actuarial consulting service market size has grown strongly in recent years. It will grow from $7.32 billion in 2025 to $7.83 billion in 2026 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to increasing complexity of insurance products, rising regulatory reporting requirements, growth of pension and retirement planning needs, early adoption of quantitative risk modeling, expanding role of actuarial consulting in financial services.

The actuarial consulting service market size is expected to see strong growth in the next few years. It will grow to $10.16 billion in 2030 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing adoption of AI-driven actuarial tools, rising focus on enterprise risk management, expansion of data-driven insurance pricing models, growing demand for climate and longevity risk analysis, increasing use of cloud-based actuarial solutions. Major trends in the forecast period include increasing use of advanced predictive risk models, rising integration of actuarial analytics with enterprise systems, growing demand for regulatory and compliance advisory, expansion of cloud-based actuarial platforms, enhanced focus on scenario-based financial modeling.

The rising demand for risk management solutions is expected to drive the growth of the actuarial consulting service market in the coming years. Risk management solutions encompass the processes and tools used to identify, evaluate, and mitigate financial and operational risks within organizations. This demand is growing due to increasing regulatory requirements that compel 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 effectively identify, evaluate, and mitigate financial uncertainties, facilitating better decision-making, strengthening financial stability, and ensuring adherence to regulatory standards. For example, in October 2025, according to the Australian Signals Directorate, an Australia-based government agency, during FY2024-25, the Australian Cyber Security Centre (ACSC) under ASD received over 42,500 calls to the Australian Cyber Security Hotline, representing a 16% increase from the previous year. Consequently, the growing demand for risk management solutions is contributing to the expansion of 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 companies operating 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 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the actuarial consulting service market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the actuarial consulting service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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