Hourly Wage for Insurance Actuary I Salary in the United States

The Insurance Actuary I compiles, prepares, and analyzes data to develop statistical models, probability tables, and actuarial studies and evaluate the likelihood and financial impact of various risks. Utilizes statistical analysis and modeling to assess and manage risk and estimate financial outcomes. Being an Insurance Actuary I records and tracks accruals, claims, and settlements and prepares documents for input into regulatory filings, financial budgets, forecasts, and other financial projections. Assists with product design and development by analyzing risk groups and calculating appropriate insurance rates, premium levels, and rating systems and structures. In addition, Insurance Actuary I applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. Must be currently pursuing the designation of ASA (Associate) in the Society of Actuaries. Typically reports to a manager. Being an Insurance Actuary I work is closely managed. Works on projects/matters of limited complexity in a support role. Working as an Insurance Actuary I typically requires 0-2 years of related experience. (Copyright 2024 Salary.com)

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