Can actuaries be replaced by AI?

In a world shaped by rapid advances in artificial intelligence, automation, and machine learning, many professionals are asking the same question: will my role still exist in the future?

Actuarial science is no exception.

As AI tools become more sophisticated in analysing data, predicting outcomes, and automating processes, it’s natural to wonder: can actuaries be replaced by AI in 2026?

At L&G, we see things differently. Rather than replacing actuaries, AI is reshaping the role, creating new opportunities to focus on insight, strategy, and real-world impact.

Let’s explore what that looks like.

Is there a strong future for actuaries?

To address this question, it is important to understand the role of actuaries. 

Actuaries are highly skilled professionals who use mathematical, statistical, and financial models to evaluate risks and uncertainty in various scenarios. Their insights guide strategic decision-making processes, such as setting insurance premiums, managing investment portfolios, and ensuring regulatory compliance.

Given the increasing complexity of global markets and the evolving nature of risk, the demand for actuaries is likely to stay. We firmly believe that actuaries will continue to play a pivotal role in shaping the future of the insurance and financial sectors. 

AI can process information at scale, but it cannot fully replicate the contextual thinking and accountability that actuaries bring.

That’s why the future of actuarial careers is not disappearing; it’s evolving.

Is there still a shortage of actuaries in 2026?

Yes, and in many areas, the gap is widening.

Demand for actuarial talent continues to grow, particularly for professionals who can combine traditional actuarial expertise with modern data and technology skills.

Key drivers include:

• More complex risk environments
  Businesses are navigating increasingly unpredictable risks, from global economic shifts to emerging technologies.
• Growth of AI and data science
  AI hasn’t reduced demand; it’s increased the need for actuaries who can interpret, validate, and challenge model outputs.
• Regulatory and ethical oversight
  As AI becomes more embedded in decision-making, organisations need actuaries to ensure fairness, transparency, and compliance.

At L&G, we’re actively investing in talent to meet this demand, supporting actuaries with the tools, training, and opportunities to grow in a digital-first world.

Key skills actuaries need in 2026

The core foundations of actuarial science remain essential, but the skillset is expanding.

Today’s actuaries are not just technical specialists; they are strategic thinkers, communicators, and technology collaborators. 

Here’s what matters most in 2026:

1. Advanced analytical thinking

Actuaries continue to apply mathematical and statistical expertise to model risk, but with a greater focus on interpreting and challenging outputs generated by AI.

2. Data and AI literacy

Understanding how AI models work, their limitations, and how to use them responsibly is now a key part of the role.

3. Business and commercial awareness

Actuaries play a central role in shaping decisions that impact customers, profitability, and long-term sustainability.

4. Communication and storytelling

Turning complex data into clear, actionable insights has never been more important – especially when working alongside non-technical stakeholders.

5. Ethical judgement

With AI influencing decisions, actuaries are increasingly responsible for ensuring fairness, transparency, and accountability. 

The future of actuarial careers at L&G

So, will actuaries be replaced by AI? No, but the role is changing.

We believe the future belongs to actuaries who can combine technical expertise with human insight.

By bringing together AI capabilities and actuarial judgement, we’re unlocking new ways to:

• Better understand risk
• Improve customer outcomes
• Drive innovation across financial services

And most importantly, we’re creating an environment where actuaries can grow, adapt, and make a real difference.

At L&G, we’re looking for actuaries to join us on this journey of innovation, growth, and impact. 

Explore exciting actuarial career opportunities at L&G today and be part of a dynamic team passionate about innovation and excellence.

FAQs on AI and actuarial jobs 

1. What tasks can AI automate in actuarial work?

AI is already transforming how actuaries work, but it’s not replacing them.

Instead, it’s handling high-volume, repetitive, and data-heavy tasks, such as:

• Data processing and cleansing
• Running large-scale models
• Identifying patterns and anomalies
• Automating parts of reporting

This shift allows actuaries to spend more time on:

• Interpreting results
• Advising stakeholders
• Stress-testing scenarios
• Making strategic decisions

2. Do actuaries need to learn AI?

Yes. While actuaries don’t need to become AI engineers, understanding how AI models work and how to interpret and challenge them is increasingly important.

3. Is actuarial science a good career in 2026?

Yes. Actuarial careers remain highly in demand, with strong earning potential, career progression, and increasing opportunities to work with advanced technologies like AI and data science.