These include:
- 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 67 598 USD. In Germany, this salary can amount to 117 116 USD. With 10 to 15 years of experience, these amounts can exceed 77 000 USD in France and 145 595 USD in Germany and double or even triple that amount in team leader positions.
In the United States, the average remuneration is approximately 116 000 USD. With an experience of more than 15 years, the annual salary can well exceed 198 000 USD.
According to Salary Expert website, actuaries in Switzerland receive the highest remunerations. Recently-hired staff kick start their career with an income of 116 618 USD. After a few years of experience, their salary exceeds 168 060 USD, reaching 208 345 USD after more than 20 years of professional experience.
Discover our article on insurance professions [4].
Annual actuary salary per country
In USD
| Country | Salary of abeginner actuary | Average salary | Salary of aconfirmed actuary | Average compensation per hour |
|---|---|---|---|---|
| Switzerland | 116 618 | 168 060 | 208 345 | 84.37 |
| Netherlands | 90 077 | 129 524 | 160 927 | 65.02 |
| Australia | 88 249 | 126 617 | 157 662 | 63.56 |
| Germany | 81 495 | 117 116 | 145 595 | 58.79 |
| United States | 87 762 | 116 050 | 198 907 | 58.26 |
| Ireland | 78 692 | 114 057 | 142 296 | 57.26 |
| United Kingdom | 73 836 | 108 208 | 146 398 | 54.32 |
| Hong Kong | 74 121 | 106 114 | 132 422 | 53.27 |
| Spain | 61 794 | 88 963 | 110 397 | 44.66 |
| Sweden | 61 772 | 88 824 | 110 359 | 44.59 |
| Japan | 55 128 | 79 342 | 98 489 | 39.83 |
| Canada | 45 260 | 75 434 | 113 151 | 37.87 |
| South Korea | 51 505 | 73 637 | 92 017 | 36.97 |
| Belgium | 55 182 | 71 737 | 88 291 | 36.01 |
| China | 49 295 | 70 086 | 88 068 | 35.18 |
| Portugal | 47 800 | 68 861 | 85 396 | 34.57 |
| France | 59 321 | 67 598 | 77 255 | 33.93 |
| Singapore | 36 361 | 62 874 | 121 961 | 31.56 |
| Greece | 35 674 | 50 397 | 62 148 | 25.3 |
| Brazil | 29 860 | 42 578 | 53 347 | 21.37 |
| Malaysia | 29 171 | 42 014 | 52 749 | 21.09 |
| Italy | 34 213 | 38 627 | 61 804 | 19.39 |
| Thailand | 25 522 | 36 420 | 45 596 | 18.28 |
| Vietnam | 21 649 | 30 656 | 38 676 | 15.39 |
| India | 20 418 | 28 896 | 36 477 | 14.51 |
| Russia | 17 074 | 24 276 | 30 504 | 12.19 |
| Philippines | 15 349 | 22 064 | 27 756 | 11.08 |
| Indonesia | 6 307 | 12 384 | 19 080 | 6.22 |
| Pakistan | 8 240 | 11 652 | 14 721 | 5.85 |
| Turkey | 6 016 | 7 860 | 9 584 | 3.95 |
Sources: salaryexpert.com, glassdoor.com et worldsalaries.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 Arab Emirates | 78 453 | 112 188 | 140 160 | 56.32 |
| Qatar | 37 447 | 68 762 | 104 465 | 34.52 |
| Kuwait | 39 021 | 68 239 | 104 533 | 34.26 |
| Saudi Arabia | 34 032 | 65 612 | 100 950 | 32.94 |
| Bahrain | 26 206 | 61 007 | 104 508 | 30.63 |
| Oman | 20 981 | 54 655 | 88 276 | 27.44 |
| Jordan | 13 315 | 28 011 | 41 128 | 14.06 |
| Lebanon | 1 344 | 2 629 | 4 057 | 1.32 |
Sources: worldsalaries.com et salaryexpert.com
In the Middle East, actuaries are the highest paid in the United Arab Emirates. They are paid an average of almost 112 000 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 | 30 287 | 43 154 | 54 110 | 21.66 |
| Morocco | 19 948 | 28 558 | 35 639 | 14.34 |
| Algeria | 12 383 | 24 850 | 38 463 | 12.48 |
| Seychelles | 10 886 | 21 076 | 32 047 | 10.58 |
| Djibouti | 9 320 | 20 276 | 32 230 | 10.18 |
| Tunisia | 8 801 | 20 215 | 31 440 | 10.15 |
| Mauritius | 8 413 | 16 538 | 25 486 | 8.3 |
| Namibia | 8 687 | 16 091 | 24 150 | 8.08 |
| Kenya | 7 307 | 15 878 | 25 219 | 7.97 |
| Togo | 6 976 | 15 182 | 24 193 | 7.62 |
| Gabon | 6 731 | 14 639 | 23 182 | 7.35 |
| Botswana | 7 551 | 14 160 | 21 292 | 7.11 |
| Guinea | 6 566 | 12 384 | 18 864 | 6.22 |
| Uganda | 5 304 | 11 513 | 18 314 | 5.78 |
| Comoros | 4 894 | 10 645 | 16 938 | 5.34 |
| Mozambique | 5 076 | 10 432 | 16 210 | 5.24 |
| Cameroon | 4 716 | 10 243 | 16 288 | 5.14 |
| Lesotho | 4 989 | 10 106 | 15 637 | 5.07 |
| Benign | 5 184 | 9 573 | 14 456 | 4.81 |
| Burkina Faso | 4 636 | 9 271 | 14 371 | 4.65 |
| Rwanda | 4 711 | 9 243 | 14 221 | 4.64 |
| Senegal | 4 496 | 9 176 | 14 295 | 4.61 |
| Guinea-Bissau | 4 556 | 8 931 | 13 747 | 4.48 |
| Niger | 4 193 | 8 931 | 14 115 | 4.48 |
| Ivory Coast | 4 193 | 8 751 | 13 747 | 4.39 |
| Central African Republic | 2 194 | 8 732 | 38 907 | 4.38 |
| Tanzania | 4 296 | 8 591 | 13 296 | 4.31 |
| Mauritania | 4 436 | 8 332 | 12 728 | 4.18 |
| Libya | 4 142 | 7 871 | 11 666 | 3.95 |
| Zimbabwe | 3 450 | 7 467 | 11 906 | 3.75 |
| Eritrea | 3 591 | 7 356 | 11 787 | 3.69 |
| Mali | 3 327 | 7 240 | 11 509 | 3.63 |
| Burundi | 3 163 | 6 594 | 10 332 | 3.31 |
| Liberia | 2 968 | 6 313 | 9 941 | 3.17 |
| Nigeria | 3 369 | 6 232 | 9 417 | 3.13 |
| Somalia | 2 645 | 5 738 | 9 125 | 2.88 |
| Angola | 2 742 | 5 490 | 8 507 | 2.76 |
| Egypt | 2 550 | 5 126 | 7 923 | 2.57 |
| Ghana | 2 236 | 4 728 | 7 468 | 2.37 |
| Madagascar | 2 400 | 4 700 | 7 233 | 2.36 |
| Sierra Leone | 2 226 | 4 278 | 6 540 | 2.15 |
| Zambia | 1 664 | 3 551 | 5 745 | 1.78 |
| Gambia | 1 759 | 3 520 | 5 543 | 1.77 |
| Ethiopia | 1 372 | 2 620 | 3 988 | 1.32 |
| Malawi | 814 | 1 664 | 2 598 | 0.84 |
| Sudan | 524 | 1 042 | 1 620 | 0.52 |
In South Africa, actuaries have the highest salaries on the continent. Gabon comes second with an average annual salary of 28 558 USD.
Sources: worldsalaries.com