Life insurance actuary salary

Working as a Life Insurance Actuary

As a life insurance actuary, you work on analyzing and assessing risks within the life insurance sector. The profession requires a deep understanding of mathematics, statistics, and economics. Actuaries play a central role in creating and pricing insurance products, as well as ensuring that insurance companies have adequate reserves to meet future obligations.

Salary for Life Insurance Actuaries

According to the latest statistics, the average salary for a life insurance actuary is 69 900 SEK per month. There is a slight wage gap between genders, with men earning an average of 69 900 SEK and women 70 000 SEK. Therefore, women earn approximately 100% of what men do in this profession. Compared to last year, the average salary has increased from 67 200 SEK to 69 900 SEK.

Education and Requirements

To become a life insurance actuary, a higher education in mathematics, statistics, or economics is usually required. Many actuaries have also undergone additional specialized training and certifications in actuarial science. It is important to have a strong analytical ability and be comfortable working with complex mathematical models and data analysis.

What Does a Life Insurance Actuary Do?

A life insurance actuary works on evaluating life insurance risks and developing insurance products. The tasks include:

• Analyzing mortality and morbidity data to assess risks.
• Calculating premium prices for different insurance products.
• Developing and implementing models to predict future payouts.
• Advising companies on risk management and financial security.

Considerations for Pursuing a Career as a Life Insurance Actuary

If you are considering a career as a life insurance actuary, it is important to have a strong foundation in mathematics and statistics. You should also be detail-oriented and have the ability to analyze large amounts of data. Communication is also a crucial part of the job, as you often need to present complex data and analyses in an understandable way to others in the organization.

Job Outlook

According to the Swedish Public Employment Service's assessment, there is limited information to make a complete forecast on the job outlook for life insurance actuaries. Generally, the need for actuaries is stable, especially within the insurance industry where their expertise is crucial in managing financial risks.

Benefits

Benefits for life insurance actuaries may vary depending on the employer. Common benefits include paid training and certifications, which are essential for staying updated in the field. Other benefits may include flexible working hours, a company-paid mobile phone, and the opportunity for remote work.