Actuary, insurance company salary

Introduction to the Actuary Profession in Insurance Companies

As an actuary at an insurance company, you play a central role in analyzing and managing risks. Actuaries use mathematical and statistical methods to assess probabilities and predict future events, which is crucial for setting accurate premiums and ensuring financial stability within the insurance industry. The profession is part of the broader field of "Mathematicians and Actuaries" according to the SSYK classification.

Salary for Actuary, Insurance Companies

One of the most important questions for many considering a career as an actuary in insurance companies is, of course, what to expect in terms of salary. The average salary for an actuary in the insurance industry is 69 900 SEK per month. It is interesting to note that, on average, women earn slightly more than men, with a monthly salary of 70 000 SEK compared to men's 69 900 SEK. The salary has increased from 67 200 SEK last year, indicating a positive salary trend for the profession.

Salary Range within the Profession

The highest salary in the profession is 72700 SEK, and it belongs to a woman working as a private sector employee with a post-secondary education of 3 years or more. At the lower end of the scale, we find a man in the public sector with the same level of education, whose salary is 55500 SEK. For women, the lowest salary is 70 000 SEK. This shows that education and sector can significantly impact salary.

Hourly Wage for Actuaries

For those who are paid hourly, the average hourly wage is 421 SEK, based on 166 working hours per month. This also provides insight into the well-paid scientific field that actuaries belong to.

Working Conditions and Job Duties

The work of an actuary is analytically demanding and often involves working with advanced statistical models and software. Actuaries in insurance companies are responsible for analyzing financial risks and assisting in designing insurance policies that protect both the company and its customers. The work environment is usually office-based, and many companies offer flexibility in the form of remote work and flexible hours.

Benefits and Career Development

Many insurance companies offer benefits such as paid further education, which can help actuaries stay updated with the latest methods and technologies in their field. Other common benefits include occupational pensions, wellness subsidies, and sometimes even paid mobile phones and computers.

Education and Qualifications

To start working as an actuary, a post-secondary education in mathematics, statistics, or economics is usually required. Many actuaries also have a specific actuarial education, either at the master's level or through certification programs. These programs provide the theoretical and practical skills needed to succeed in the role.

Competition and Future Outlook

The actuary profession is relatively specialized, which may entail some competition for available positions. Forecasts from the Swedish Public Employment Service do not provide a specific assessment due to limited data, but given the increasing complexity of insurance products and financial regulations, demand for skilled actuaries can be expected to rise.

Final Thoughts

Working as an actuary in an insurance company can be both challenging and rewarding. With competitive salaries, good career opportunities, and a work environment that often offers flexibility and development opportunities, it is a profession that may suit individuals inclined towards analytics and mathematics. However, it is important to be prepared for a strong educational background and the willingness to constantly develop knowledge and skills.