As of December 01, 2024, the average annual pay of Insurance Actuary V in Detroit, MI is $164,453. While Salary.com is seeing that Insurance Actuary V salary in Detroit, MI can go up to $194,352 or down to $131,765, but most earn between $147,343 and $180,103. Salary.com shows the average base salary (core compensation), as well as the average total cash compensation for the job of Insurance Actuary V in the United States.
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $180,103 | $15,009 | $3,464 | $87 |
| Average | $164,453 | $13,704 | $3,163 | $79 |
| 25th Percentile | $147,343 | $12,279 | $2,834 | $71 |
An entry-level Insurance Actuary V with under 1 year experience makes about $156,751. With less than 2 years of experience, a mid-level Insurance Actuary V makes around $158,021. After 2-4 years, the Insurance Actuary V pay rises to about $158,529. Those senior Insurance Actuary V with 5-8 years of experience earn roughly $161,070, and those Insurance Actuary V having 8 years or more experience are expected to earn about $168,722 on average.
| Levels | Salary |
|---|---|
| Entry Level Insurance Actuary V | $156,751 |
| Intermediate Level Insurance Actuary V | $158,021 |
| Senior Level Insurance Actuary V | $158,529 |
| Specialist Level Insurance Actuary V | $161,070 |
| Expert Level Insurance Actuary V | $168,722 |
| Entry Level | 5% |
| Mid Level | 4% |
| Senior Level | 4% |
| Top Level | 2% |
| Experienced | 3% |
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Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.
Analysis: Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.
Underwriting: Underwriting services are provided by some large financial institutions, such as banks, or insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issue of securities in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. The name derives from the Lloyd's of London insurance market. Financial bankers, who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
Programming: Executing logic to facilitate computing operations and functionality in one or more languages.
| Skill | Salary | Demand |
|---|---|---|
|
Time Management
|
$190,765 |
16%
|
|
Teamwork
|
$190,765 |
16%
|
|
Consulting
|
$190,765 |
16%
|
|
Planning
|
$182,543 |
11%
|
|
Problem Solving
|
$180,898 |
10%
|
|
Coaching
|
$179,254 |
9%
|
