Overview

Health economics has become one of the most dynamic and critical areas of actuarial practice. As societies age, healthcare costs rise, and new insurance products emerge, actuaries are increasingly called upon to analyze, model, and guide decision-making in this vital sector. Book 6 of the Actuary Mastery Series II - The Advanced Collection explores these intersections of health, economics, and actuarial science. In the preceding volumes, we built the mathematical and probabilistic foundations needed to understand uncertainty and financial risk. From advanced probability theory (Book 1) and credibility models (Book 2), through stochastic processes (Book 3) and financial mathematics (Book 4), to risk theory and ruin probabilities (Book 5), each text has deepened the reader's capacity to engage with increasingly complex actuarial challenges. This book extends those tools into one of the most socially impactful domains: health insurance and related coverages. Here, we focus on three key themes: Pricing health insurance-where statistical and actuarial modeling meets the realities of healthcare utilization, cost drivers, and risk pools. Disability and long-term care models-critical areas for actuaries working in aging societies and within health and social insurance systems. Health policy and its impact on actuarial practice-recognizing that regulations, public policy, and evolving healthcare structures shape how actuaries design, price, and evaluate products. The aim is not only to equip readers with technical skills, but also to highlight the policy and societal contexts in which actuaries operate. In doing so, this book bridges theory with practice, mathematics with human needs, and quantitative modeling with real-world decision-making. Looking ahead, this text serves as a natural transition to the subsequent volumes of the series. Book 7 will expand outward into enterprise risk management, linking health and financial risks into a firm-wide perspective. Book 8 will then delve into advanced reserving and capital models, while Book 9 addresses the transformative role of predictive analytics and artificial intelligence in modern actuarial work. Finally, Book 10 will conclude with a reflection on professionalism and ethics, drawing together the technical and human elements that define the actuarial profession. It is my hope that this book provides not only technical rigor, but also an appreciation of the vital role actuaries play in shaping sustainable, fair, and resilient healthcare systems worldwide. Oluchi Ike

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