Who is responsible for compiling statistical data about exposure units and relevant risks in insurance?

The responsibility for compiling statistical data about exposure units and relevant risks in the insurance industry falls primarily to actuaries. Actuaries utilize mathematical and statistical methods to evaluate the probability of events and their financial implications, which enables insurers to calculate premiums based on the risks associated with different policies. They analyze various data sets to determine trends and potential risks, which is crucial for developing pricing models and ensuring the financial stability of the insurer.

Other professionals in the insurance process have different roles: underwriters assess individual risks and decide which applications for coverage to accept, agents sell insurance and assist clients in selecting appropriate coverage, and adjusters evaluate claims after an event occurs to determine the payout. Each of these roles is important within the insurance framework, but the specific task of compiling and analyzing risk-related statistical data aligns directly with the work of actuaries.