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- The profile which is demanded by not only insurers but also by all banking and financial management institutions.
- The demand which is above supply.
- The knowledge which is essential to finance and insurance companies.
- In the insurance sector, the new prudential standards imposed notably by Solvency II made these experts the preferred players in the area of corporate governance (underwriting, reserve management, control, etc).
In France, the average annual salary of a junior actuary is 63 000 USD. In Germany, this salary can amount to 76 000 USD. With 10 to 15 years of experience, these amounts can exceed 90 000 USD in France and 110 000 USD in Germany and double or even triple that amount in team leader positions.
In the United States, the average remuneration is approximately 121 000 USD. With an experience of more than 15 years, the annual salary can well exceed 150 000 USD.
According to Salary Expert website, actuaries in Switzerland receive the highest remunerations. Recently-hired staff kick start their career with an income of 95 000 USD. After a few years of experience, their salary exceeds 137 000 USD, reaching 170 000 USD after more than 20 years of professional experience.
Discover our article on insurance professions.
Annual actuary salary per country
In USD
| Country | Salary of abeginner actuary | Average salary | Salary of aconfirmed actuary | Average compensation per hour |
|---|---|---|---|---|
Switzerland | 95 370 | 137 439 | 170 385 | 66 |
United States | 84 575 | 121 542 | 151 097 | 58 |
Japan | 78 618 | 113 150 | 140 455 | 54 |
Australia | 78 730 | 112 960 | 140 656 | 54 |
Germany | 76 721 | 110 256 | 137 066 | 53 |
Belgium | 76 174 | 109 632 | 136 089 | 53 |
Holland | 73 788 | 106 103 | 131 828 | 52 |
Hong Kong | 73 600 | 105 367 | 131 490 | 51 |
Canada | 66 692 | 95 842 | 119 148 | 46 |
Singapore | 66 000 | 94 486 | 117 911 | 45 |
Ireland | 64 803 | 93 102 | 115 775 | 45 |
Italy | 63 210 | 90 930 | 112 940 | 44 |
France | 63 140 | 90 800 | 112 800 | 44 |
United Kingdom | 62 190 | 89 380 | 111 110 | 43 |
Sweden | 55 040 | 79 140 | 98 330 | 38 |
Greece | 44 730 | 64 480 | 79 900 | 31 |
Spain | 41 380 | 59 570 | 73 900 | 29 |
South Korea | 39 220 | 56 080 | 70 080 | 27 |
Portugal | 33 170 | 47 790 | 59 270 | 23 |
China | 31 770 | 45 180 | 56 770 | 22 |
Malaysia | 29 290 | 41 800 | 52 330 | 20 |
Brazil | 25 700 | 36 650 | 45 910 | 18 |
Indonesia | 20 900 | 29 680 | 37 360 | 14 |
Thailand | 20 740 | 29 590 | 37 050 | 14 |
Vietnam | 17 590 | 24 910 | 31 430 | 12 |
Turkey | 15 960 | 22 690 | 28 510 | 11 |
Russia | 13 480 | 19 170 | 24 100 | 9 |
Pakistan | 11 700 | 16 560 | 21 000 | 8 |
India | 11 120 | 15 750 | 19 870 | 8 |
Philippines | 9 660 | 13 760 | 17 260 | 7 |
(1) Annual compensation excluding bonuses
Sources: www.salaryexplorer.com et www.salaryexpert.com
Actuary salary in the Middle East
In USD| Country | Salary of abeginner actuary | Average salary | Salary of aconfirmed actuary | Average compensation per hour |
|---|---|---|---|---|
United ArabEmirates | 71 000 | 101 500 | 127 000 | 49 |
Qatar | 30 000 | 61 100 | 89 200 | 29 |
Saudi Arabia | 42 500 | 60 800 | 76 000 | 29 |
Kuwait | 26 500 | 59 200 | 88 900 | 30 |
Bahrain | 24 200 | 56 250 | 85 500 | 26 |
Oman | 31 100 | 55 200 | 95 330 | 31 |
Jordan | 19 640 | 40 900 | 60 170 | 20 |
Lebanon | 15 850 | 34 450 | 51 300 | 17 |
In the Middle East, actuaries are the highest paid in the United Arab Emirates. They are paid an average of almost 102 000 USD per year, 2 to 3 times more than the average wage in other countries of the region.
Actuary salary in Africa
in USD| Country | Salary of abeginner actuary | Average salary | Salary of aconfirmed actuary | Average compensation per hour |
|---|---|---|---|---|
South Africa | 24 590 | 35 030 | 43 930 | 17 |
Gabon | 16 440 | 31 000 | 53 000 | - |
Côte d’Ivoire | 14 800 | 27 900 | 47 700 | - |
Cameroon | 13 900 | 26 000 | 45 500 | - |
Senegal | 13 300 | 25 110 | 42 630 | |
Tunisia | 10 230 | 24 350 | 37 260 | 12 |
Kenya | - | 20 130 | - | - |
Morocco | 13 510 | 19 340 | 24 130 | 9 |
Nigeria | 9 120 | 18 600 | 27 160 | 9 |
Namibia | 8 750 | 17 860 | 26 080 | 9 |
Mauritius | 7 930 | 17 230 | 25 680 | 8 |
Ghana | - | 13 730 | - | - |
Burkina Faso | - | 12 320 | - | - |
Egypt | 4 010 | 8 400 | 12 270 | 4 |
Tanzania | - | 8 120 | - | - |
Ethiopia | - | 4 480 | - | - |
In South Africa, actuaries have the highest salaries on the continent. Gabon comes second with an average annual salary of 31 000 USD.
Sources: www.salaryexplorer.com et www.salaryexpert.com
