How much does a Insurance actuary make

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Insurance actuary

72 000 kr

Mathematicians and actuaries

61 100 - 75 200 kr / month

Women earn 102% of what men do.

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Salary progression Insurance actuary

Average salary 72 000 kr
Males 71 600 kr
Females 72 900 kr
1 Likes 0 Comments 2 Vacant jobs ->

What does an insurance actuary do? – Tasks and work environment

An insurance actuary works with calculating risks and designing insurance products through advanced mathematical and statistical models. The work includes analyzing claim risks, premium calculations, capital assessments, and ensuring that insurance companies' products are financially sustainable. Collaboration with experts in finance, law, and IT is common, especially when developing new insurance solutions or regulatory changes. The work environment is typically office-based, characterized by a high pace and technically advanced tasks where accuracy and analytical skills are crucial.

Salary development over time

The salary for insurance actuaries has shown a clear upward trend over the past three years. In 2022, the average salary was 67,200 SEK per month, increasing to 69 900 in 2023, which is about a 4% increase. Between 2023 and 2024, the trend continued with a further increase to 72 000, a rise of just over 3%. The salary increase can be linked to high demand for qualified actuaries, increased regulatory requirements, and technological development within the insurance industry. The steady trend indicates that the profession continues to be highly valued in the job market, especially for those with specialized skills and experience.

Insurance actuary salary – comprehensive overview

  • Average salary: 72 000 SEK/month
  • Lowest salary: 61,100 SEK/month
  • Highest salary: 75,200 SEK/month
  • Hourly wage: 433 SEK
  • Women: 72,900 SEK/month
  • Men: 71 600 SEK/month
  • Women earn: 102% of what men do
  • Regional differences: Data unavailable

Education and qualifications

The path to becoming an insurance actuary primarily involves university studies in mathematics, mathematical statistics, or financial mathematics. A master's degree is often required, and sometimes specific certifications depending on the employer and area of work. Internships and trainee programs are common and provide valuable industry experience. Success also requires strong analytical skills and an understanding of finance and insurance law.

  • Formal degree: Master's or bachelor's in mathematics, statistics, or financial mathematics (5 years)
  • Certification: Actuary society certification may be required for certain roles
  • Internship/trainee: Many insurance companies offer trainee programs
  • Prerequisites: Strong grades in mathematics and statistics from high school
  • Advice for choosing: Focus on insurance mathematics or risk management

Many insurance actuaries work closely with IT specialists and developers to tailor digital calculation tools. This interdisciplinary work environment contributes to the continuous development of the profession and offers opportunities for innovation within the insurance industry.

– statsskuld.se

Common benefits and compensations

Insurance actuaries are often offered benefits such as occupational pension, wellness allowance, flexible working hours, and remote work options. Additional compensations may include bonus programs, professional development, and subsidized insurance. Employers within the finance and insurance sectors prioritize employee care and long-term skills development.

Competition and challenges

The competition for positions as an insurance actuary is relatively low, but requirements for specialized skills and formal education are high. The shortage of qualified candidates means employers often seek individuals with experience in advanced mathematical models and regulatory knowledge. A challenge in the profession is staying updated with new regulations, technological solutions, and changes in the insurance market. The role also requires the ability to communicate complex calculations to non-mathematicians. Therefore, insurance actuaries need to be precise and pedagogical in their work.

Tips for aspiring insurance actuaries

To succeed as an insurance actuary, it is beneficial to combine analytical sharpness with a strong attention to detail, as the work often involves precise calculations and risk assessments. An interest in mathematics and perseverance facilitate university studies, where advanced statistics and probability theory dominate. Being communicative is also advantageous, as the profession involves explaining complex relationships to colleagues and decision-makers. Flexibility and willingness to learn new things are important qualities, as regulations and technical solutions change rapidly. Initiative and curiosity help identify new solutions and improvements within the insurance field. Participating in industry seminars and networks can open doors to trainee programs and internships. Finally, demonstrating engagement with digital development is valuable, as collaboration with IT departments becomes increasingly common in the profession.

Key facts about Insurance Actuary

  • Education level: Master's degree in mathematics or statistics
  • Work environment: Office-based, often in teams with economists and IT specialists
  • Demand: High, 143 job openings in the profession
  • Salary range: 61,100–75,200 SEK/month
  • Gender salary distribution: Women earn 102% of men's salaries

Career paths and future prospects

After several years of experience, an insurance actuary can advance to specialist roles, leadership positions, or take responsibility for larger projects in risk management and product development. It is common for professionals to progress to roles such as chief actuary, risk manager, or analyst responsible for entire product portfolios. Forecasts from the Employment Service are uncertain due to limited data, but demand for mathematicians and actuaries remains high, with 143 job openings in the profession. Skills in digitalization, AI, and new regulations provide extra competitive advantages in the job market.

Common questions about Insurance Actuary

  • What is the average salary of an insurance actuary?
    - An insurance actuary has an average salary of 72 000 SEK per month.
  • Are there gender differences in the salaries for insurance actuaries?
    - Women earn an average of 72,900 SEK and men 71 600, which means women earn 102% of men's salaries.
  • What is the highest and lowest salary for an insurance actuary?
    - The highest salary is 75,200 SEK and the lowest 61,100 SEK per month.
  • What education is required to become an insurance actuary?
    - A master's degree in mathematics, statistics, or financial mathematics is usually required.
  • What is the job market like for insurance actuaries?
    - Demand is high, with 143 job openings within the profession of mathematics and actuaries.
  • What does an insurance actuary do?
    - The role involves calculating risks, designing insurance products, and analyzing claims data with advanced statistics.
  • Are there regional salary differences?
    - Data on regional differences is currently unavailable.

Richard Andersson

Richard Andersson - 2025-07-10 23:15:26

Occupation
Who has the highest salary?
The highest salary for a Insurance actuary is 75200 kr. This salary belongs to a woman working in the Privately employed officials with a post-secondary education, 3 years or more. The highest salary for a man in this profession is 71700 kr.
Who has the lowest salary?
The lowest salary for a Insurance actuary is 61100 kr. This salary belongs to a man working in the Public sector. The lowest salary for a woman in this profession is 72900 kr.
Salary distributed by age and sector
Age Women's salary as a percentage of men's Base salary Monthly salary
25-34 57400 kr 58300 kr
35-44 75500 kr 76500 kr
45-54 86000 kr 87800 kr
Snitt 102% 70900 kr 72000 kr
* Empty columns indicate that the statistical data was insufficient to allow for a statistically significant conclusion.
Salary per sector
Salary based on education
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About the data

All information displayed on this page is based on data from the Swedish Central Bureau of Statistics (SCB), the Swedish Tax Agency and the Swedish employment agency. Learn more about our data and data sources here.

All figures are gross salaries, meaning salaries before tax. The average salary, or mean salary, is calculated by adding up the total salary for all individuals within the profession and dividing it by the number of individuals. For specific job categories, we have also considered various criteria such as experience and education.

Profession Insurance actuary has the SSYK code 2121, which we use to match against the SCB database to obtain the latest salary statistics.

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