Actuarial mathematician

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

An insurance mathematician, often called an actuary, works with analyzing and calculating risks and probabilities within the insurance industry. The main tasks include developing and maintaining mathematical models to calculate premiums, reserves, and risks in insurance products. It also involves interpreting statistics, assessing future payouts, and supporting management and product development in decisions related to pricing and risk management. The profession is practiced in an office environment with a high degree of independent analytical work, but collaboration with other specialists in economics, IT, and law is common.

Salary development over time

The salary for insurance mathematicians has steadily increased over the past three years. In 2022, the average salary was 67,200 SEK per month, which increased to 69 900 SEK in 2023 and reached 72 000 SEK in 2024. This corresponds to a total increase of approximately 7.1% during the period. The trend can be explained by the increased demand for advanced risk analysis and the high level of specialization required in the profession, especially within insurance and finance sectors. The limited availability of qualified actuaries in Sweden also helps keep salaries high. The industry is characterized by competition for experienced insurance mathematicians, further driving salary development.

Insurance mathematician salary – comprehensive overview

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

Education and qualifications

To work as an insurance mathematician, a solid university education in mathematics, statistics, or actuarial science is generally required. In addition to formal degrees, employers often seek additional certifications or specialized courses in actuarial science, especially for roles with greater responsibility. Practical experience through internships or traineeships during studies is also valuable and can be crucial for entering the profession.

• Formal degree: Bachelor's (3 years) or master's degree (5 years) in mathematics, statistics, or actuarial programs
• Certifications: Opportunity to become a certified actuary via the Swedish Actuarial Association
• Internships/traineeships: Common during education and provide valuable work experience
• Prerequisites: Strong mathematics skills from high school and university eligibility
• Tip for choosing: Select programs with insurance mathematics and statistics for the best chances

Common benefits and compensations

Insurance mathematicians are often offered generous benefits such as occupational pension, wellness allowances, flexible working hours, and remote work options. Bonuses or profit-sharing programs, as well as further education and conferences, are also common parts of employment conditions.

Competition and challenges

The job market for insurance mathematicians is characterized by high specialization and a limited number of trained professionals, leading to competition for the most attractive positions. Challenges often include keeping up with new regulations, technological solutions, and changing customer behaviors. The role requires continuous learning and the ability to adapt quickly to changes within the finance and insurance sectors. At the same time, it is crucial to communicate complex mathematical reasoning to non-specialists, which demands pedagogical and collaborative skills.

Tips for those who want to become an insurance mathematician

To succeed as an insurance mathematician, it is good to combine analytical sharpness with curiosity and meticulousness in your work. Developing strong skills in mathematics and statistics during high school provides a solid foundation for further studies. Engagement and perseverance are important qualities, as education and tasks are often demanding and detail-oriented. Taking the initiative to internships or summer jobs in insurance provides valuable work experience and insight into the industry's specific challenges. The ability to communicate complex relationships clearly facilitates collaboration with colleagues from other disciplines. Being open to continuous professional development is also crucial, as the profession is constantly influenced by technological and regulatory changes.

Key facts about insurance mathematicians

• Education level: Bachelor's or master's in mathematics/statistics
• Work environment: Office-based, often in larger insurance companies or consulting firms
• Typical work schedule: Full-time, daytime, sometimes remote options
• Demand: Limited number of trained professionals, high competition for specialists
• Special skills: Advanced risk analysis and modeling

Career paths and future prospects

After 3–5 years in the profession, there are good opportunities to advance to roles such as chief actuary, risk manager, or specialist in capital management and product development. It is also common for insurance mathematicians to become advisors during major procurement processes or transitions to new regulations. Forecasts from the Swedish Employment Service indicate that, due to limited data, no precise assessment is made for the profession, but the high degree of specialization and the fact that there are 143 job openings within the group suggest continued good prospects for qualified candidates. Digitalization and increased regulation in the insurance industry are also expected to strengthen the need for actuaries in the future.

Common questions about insurance mathematicians

• What does an insurance mathematician earn?
  - The average salary for an insurance mathematician is 72 000 SEK per month, but the salary varies depending on experience, gender, and sector.
• How does the salary development look for insurance mathematicians?
  - The salary has increased from 67,200 SEK in 2022 to 72 000 SEK in 2024, a rise of over 7% in three years.
• What education is required to become an insurance mathematician?
  - A bachelor's or master's degree in mathematics, statistics, or actuarial science is usually required.
• Are there gender differences in salary within the profession?
  - Yes, women have a slightly higher average salary than men, 72,900 SEK compared to 71 600 SEK.
• What tasks does an insurance mathematician perform?
  - Tasks include risk calculation, modeling, statistics, pricing, and advising on insurance products.
• What are the future prospects for the profession?
  - Forecasts are uncertain due to limited data, but demand for specialists is generally high.
• What is the highest and lowest salary for insurance mathematicians?
  - The highest salary is 75,200 SEK and the lowest 61,100 SEK per month.