By Bri Brands 

Mario Ghossoub never expected actuarial science to become his life's work. As a student of mathematics and engineering, he was drawn to the theoretical foundations of complex problems but wanted to find a career where he could apply that knowledge. 

What began as a practical decision eventually developed into a lasting interest in understanding financial risk and how people can manage it. 

“I just took a leap of faith into this field, and the longer I stayed in this field, and the more I studied, the more I really started to appreciate it,” Ghossoub said. “What initially started as purely coincidence and curiosity has now turned out to be a lifelong career.”   

Now a professor in the Department of Statistics and Actuarial Science, Ghossoub brings that curiosity to his research and his new role leading the actuarial science program. 

Finding better ways to share risk 

Ghossoub's research focuses on a fundamental question: How can financial risk be distributed among individuals so that everyone benefits?  

In actuarial science, risk refers to the possibility of financial loss from an uncertain event, such as a natural disaster or accident. Insurance helps people manage that uncertainty by spreading the potential financial burden across a larger group. 

Ghossoub examines how financial risks can be distributed fairly, particularly when people face different levels of risk or when the likelihood of a financial loss is difficult to predict. 

“In a nutshell, what I work on is how to optimally allocate risks in a society to make everybody better off,” Ghossoub said.  

One application of this work is flood risk management. Ghossoub has explored theoretical improvements to existing approaches to flood insurance in the United States, including the federal system administered through the National Flood Insurance Program. 

His research has also expanded into agricultural insurance, where he is examining how farmers might share financial risks through insurance arrangements or cooperative systems. 

For Ghossoub, finding better ways to manage financial risk is especially important as emerging challenges, including climate change, make future losses increasingly difficult to predict. 

Building on Iowa’s actuarial science legacy  

Ghossoub was drawn to the University of Iowa by its longstanding reputation in actuarial science and the opportunity to help shape the program's future. As the second-oldest actuarial science program in the nation, Iowa has developed close relationships with alumni and the insurance industry. 

“What differentiates us from other programs is how close the ties are with our alumni,” Ghossoub said. “Iowa is a big insurance state, so that proximity with the industry and proximity with our alumni is very important.” 

Ghossoub hopes to build on those relationships while preparing students for changes in the profession. His priorities include continued engagement with the insurance industry and the Society of Actuaries, as well as adapting actuarial science education to emerging challenges, particularly artificial intelligence. 

“The insurance industry is going to be radically transformed by AI in the next couple of years, and we should not be just reactive,” Ghossoub said. “I think this program should be proactive.” 

For Ghossoub, that means building on Iowa’s longstanding strengths while ensuring the next generation of actuaries is prepared to navigate an increasingly complex and evolving profession.