For a start there isn't "an" actuary exam. From memory, I think it's 13 separate exams taken typically over 4 or 5 years, at an average of 3 or 4 per year, so basically similar or maybe even harder than A levels as most people would only have a few months to prepare and revise for each sitting, certainly not 2 years!
And no, I don't think they'd make the actuarial exams easier if everyone got 95% - why would they? The Institute of Actuaries (or whatever it's called) aren't interested in limiting numbers of qualified actuaries (unlike the BMA who wanted to limit the number of doctors!) - they just want people of a good enough level to pass their exams. That's their only criteria - good enough or not good enough.
Same with my accountancy exams a few decades ago. The pass mark was a fixed 50%. Some years more passed than average, some years fewer passed than average - they didn't mess around with pass marks - you just passed or failed based on 50%. Again, it was in no one's interests to increase the pass mark to fail some people some years who'd have passed in other years. (Though I believe it was said that if you were "close" to the pass mark, i.e. 45% or above, they'd review the paper automatically to see if they could justify finding a few extra marks to bring you up to a 50% pass).
Same with Uni exams - I believe it's mostly a 40% pass mark - it doesn't wildly change from year to year according to the distribution curve of marks. Although, again, there may be some "tweaking" of standardisation etc where marks generally are uplifted or downgraded according to the whole cohort results (i.e. also known as fiddling!).