Insurance actuary salary

Insurance Actuary: Salary, Work, and Requirements

Working as an insurance actuary is an exciting and responsible profession that requires both mathematical skills and analytical ability. Below is a closer look at what it means to be an insurance actuary, salary statistics, and the requirements needed to secure a job in this field.

Job Responsibilities

As an insurance actuary, one of your main tasks is to analyze risks and probabilities within the insurance industry. You use mathematical models to assess and price various insurance products, as well as to predict future claim costs. You work closely with insurance companies and other financial institutions to ensure that their insurance products are sustainable and profitable.

Salary

According to the latest statistics, the average salary for insurance actuaries is 67,200 SEK per month. Men earn an average of 67,900 SEK while women earn 65,900 SEK. This means that women earn 97% of what men do in the profession. There has been an increase in the average salary from 66,100 SEK to 67,200 SEK since the previous year.

Education and Requirements

To become a successful insurance actuary, a college education in mathematics, statistics, or economics is usually required. Many insurance actuaries have also completed specific training in actuarial science. It is important to have good knowledge of mathematical models, risk assessment, and statistical analysis. An ability to work accurately and systematically is also crucial in this profession.

To secure a job as an insurance actuary, it may be advantageous to gain experience in the insurance industry through internships or trainee programs. Being a certified actuary can also increase one's chances of employment in the field.

Conclusion

Working as an insurance actuary is an exciting career opportunity for those passionate about mathematics, statistics, and insurance matters. With a competitive salary level and the opportunity to work in a growing industry, it can be an attractive choice for those with the right skills and interests.