How Much Does an Actuary Earn In South Africa?
Who are Actuaries?
By acting as analysts who assist in deciding whether the company should issue an insurance policy and what the premium for that policy should be, actuaries play a crucial function in insurance companies. They analyze enormous amounts of data pertaining to costing and trends, which heavily relies on statistical analysis. The actuary’s job is to manage risk in the fine line between issuing policies (and the costs associated with them) and the company’s exposure to financial risk. Insurance companies must always maintain their financial stability.
Actuaries frequently assist insurance businesses with the addition of statistically significant data to data models, after which they examine the implications for insurance policies. Examining event data, such as data on auto accidents, is often part of this.
How much do they earn?
Based on 24 salaries, an entry-level actuary with less than one year of experience can expect to make an average total remuneration of R477,868 (tips, bonus, and overtime pay included). Based on 70 salaries, an early career actuary with 1-4 years of experience receives an average total income of R586, 622. 77 salaries for a mid-career actuary with 5 to 9 years of experience result in an average total remuneration of R900, 131. Based on 30 salaries, an experienced actuary with 10 to 19 years of experience receives an average annual salary of R1, 030,420. Employees who are in their late careers (20 years or more) make an average total annual salary of R1, 017,365.
What Requirements Exist for Actuaries?
College degrees in actuarial science or an area relevant to statistical analysis are required of applicants for this employment. Additionally, they must have extensive computer knowledge and be quick to manage enormous data streams in order to spot patterns and useful data. Although certain financial service organizations may include actuarial sections that manage investment risks, the majority of actuaries work for insurance companies. Actuaries typically operate during regular business hours in offices.
What are the best skills to possess as an Actuary?
Data analysis and financial modeling skills are associated with higher income. Microsoft Excel, statistical analysis, and insurance are among the professions that pay less than the market rate.
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What are some ways actuaries can raise their pay?
There are numerous ways to increase your compensation as an Actuary. Employer switch: Take into account a career change to a different company that will pay more for your skills. Education Level: This position may be able to earn more money and be promoted if they obtain advanced degrees. Experience in management: If you are an Actuary who supervises less experienced Actuaries, this experience may boost your chances of earning more.
Who are the top employers in the actuary field?
The top respondents for the job title Actuary are from the companies Alexander Forbes, Discovery Holdings and Liberty Group LLC. Reported salaries are highest at Liberty Group LLC where the average pay is R1, 147,826. Other companies that offer high salaries for this role include Liberty Life Group and Alexander Forbes, earning around R1,080,000 and R843,293, respectively. Old Mutual South Africa pays the lowest at around R245, 000. Discovery Holdings and Sanlam also pay on the lower end of the scale, paying R660, 000 and R700, 000, respectively.
In Summary
Actuaries are analysts who assist in deciding whether the company should issue an insurance policy. They analyze enormous amounts of data pertaining to costing and trends. An entry-level actuary can expect to make an average total remuneration of R477, 868 (including tips, bonus, and overtime). The average salary for an Actuary in South Africa is R1, 147,826. The top respondents for the job title Actuary are from the companies Alexander Forbes, Discovery Holdings and Liberty Group LLC. Old Mutual South Africa pays the lowest salary for this position at around R245, 000.Read less
