Which field uses mathematical and statistical methods to assess risk in insurance?

Actuarial science is the field that specifically applies mathematical and statistical methods to evaluate risk in the context of insurance. Professionals in this field, known as actuaries, analyze data to predict future events and assess the likelihood of different outcomes. This involves calculating premiums, reserves, and potential liabilities for insurance companies, thereby ensuring that they remain financially stable and capable of meeting their future policyholder obligations.

The other fields, while they may incorporate elements of data analysis or risk assessment in their own ways, do not focus predominantly on the methodologies directly associated with insurance. Healthcare management primarily deals with the organization and delivery of healthcare services. Legal studies focus on the laws and regulations that govern various sectors, including insurance, but do not center around the quantitative analysis of risk. Financial planning, although it can include elements of risk assessment, is more concerned with individual financial goals and investment strategies rather than the complex statistical modeling that actuaries perform.