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Actuary Average Salary in Kenya 2023

How much money does a person working as Actuary make in Kenya?

Average Monthly Salary
195,000 KES
( 2,350,000 KES yearly)


A person working as Actuary in Kenya typically earns around 195,000 KES per month. Salaries range from 95,800 KES (lowest) to 305,000 KES (highest).

This is the average monthly salary including housing, transport, and other benefits. Actuary salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Actuary Pay Scale and Salaries in Kenya

Median and salary distribution Kenya Actuary monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
181,000 KES or more
10% of people earn
160,000 to 181,000 KES
20% of people earn
114,000 KES or less
65% of people earn
114,000 to 160,000 KES
Minimum Salary
95,800 KES
182,000 KES
305,000 KES

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

  • Salary Range, Minimum Wage, and Starting Salary

    Actuary salaries in Kenya range from 95,800 KES per month (starting salary) to 305,000 KES per month (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.

  • Median Salary

    The median salary is 182,000 KES per month, which means that half (50%) of people working as Actuary(s) are earning less than 182,000 KES while the other half are earning more than 182,000 KES. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles and Salary Scale

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Actuary(s) are earning less than 149,000 KES while 75% of them are earning more than 149,000 KES. Also from the diagram, 75% of Actuary(s) are earning less than 208,000 KES while 25% are earning more than 208,000 KES.

  • Pay Scale Structure

    We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 114,000 KES to 160,000 KES. Approximatly 20% fall under the 114,000 KES cap. Ten percent of wages are from 160,000 KES to 181,000 KES. Only 5% of people grossed 181,000 KES or more.

Actuary Salary Comparison by Years of Experience

How does experience and age affect your pay?

Actuary average salary change by experience in Kenya

0 - 2 Years
114,000 KES
2 - 5 Years+29%
146,000 KES
5 - 10 Years+38%
201,000 KES
10 - 15 Years+24%
249,000 KES
15 - 20 Years+7%
267,000 KES
20+ Years+7%
285,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Kenya Actuary
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Actuary salaries by experience level and this is what we found.

Employees with less than two years of experience makes approximately 114,000 KES per month.

While someone with an experience level between two and five years is expected to earn 146,000 KES per month, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 201,000 KES per month, 38% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Actuary whose expertise span anywhere between ten and fifteen years get a salary equivalent to 249,000 KES per month, 24% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 267,000 KES per month, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 285,000 KES per month, 7% more than people with fifteen to twenty years of experience.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Actuary Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Actuary(s) who have the same experience but different education levels.

Actuary average salary difference by education level in Kenya

Bachelor's Degree
142,000 KES
Master's Degree+60%
228,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Kenya Actuary
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Actuary salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary is 142,000 KES per month.

While someone with a Master's Degree gets a salary of 228,000 KES per month, 60% more than someone having a Bachelor's Degree degree.

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Kenya costs anywhere from 734,000 Kenyan Shilling(s) to 2,200,000 Kenyan Shilling(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Salary and Compensation Comparison By Gender - Actuary

Salary comparison by gender Kenya Actuary monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Actuary employees in Kenya earn 10% more than their female counterparts on average.

203,000 KES
185,000 KES
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kenya for all Careers

Salary comparison by gender monthly Kenya
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Actuary Average Annual Salary Increment Percentage in Kenya

How much are annual salary increments in Kenya for Actuary(s)? How often do employees get salary raises?


Actuary(s) in Kenya are likely to observe a salary increase of approximately 7% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Kenya Actuary
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Kenya / All Professions

Annual Salary Increment Rate Kenya
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The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Kenya is 2%.

Annual Increment Rate By Industry 2022

Information Technology

Listed above are the average annual increase rates for each industry in Kenya for the year 2022. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Actuary Bonus and Incentive Rates in Kenya

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kenya Actuary
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"Actuary" is considered to be a moderate bonus-based job. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

61% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
No Bonus

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.

What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

A graphics designer working for a graphics designing company.

A graphic designer in the marketing department of a hospital.

Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Actuary Salary Trend and Forecast in Kenya

How are Actuary salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Average Salary 2019
173,000 KES
Average Salary 2020+4%
180,000 KES
Average Salary 2021+3%
185,000 KES
Average Salary 2022+2%
188,000 KES
Percentage increase and decrease are relative to the previous value

Actuary salaries in Kenya are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 2% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.

Salary trends and forecast monthly Kenya Actuary
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Actuary Average Hourly Wage in Kenya

1,130 KES per hour

The average hourly wage (pay per hour) in Kenya is 1,130 KES. This means that the average Actuary in Kenya earns approximately 1,130 KES for every worked hour.

Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for 'Actuary' in Kenya is 550 KES. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Actuary VS Other Jobs

195,000 KES
147,000 KES
147,000 KES
Average Salary
Average Salary
Average Salary
All Jobs

The average salary for Actuary is 33% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary Comparison Between Actuary and Insurance monthly Kenya
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Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst209,000 KES+7%
Actuarial Assistant149,000 KES-24%
Actuary195,000 KES-0%
Adjustment Insurance Clerk57,400 KES-71%
Assistant Broker96,200 KES-51%
Assistant Claims Manager169,000 KES-14%
Associate Insurance Representative79,100 KES-60%
Auditing Insurance Manager232,000 KES+19%
Broker147,000 KES-25%
Claim Advocacy Professional146,000 KES-25%
Claims Adjuster58,700 KES-70%
Claims Analyst83,000 KES-58%
Claims Examiner75,900 KES-61%
Claims Manager208,000 KES+6%
Claims Processor55,500 KES-72%
Claims Representative66,200 KES-66%
Claims Resolution Specialist159,000 KES-19%
Claims Supervisor150,000 KES-23%
Complaints Specialist144,000 KES-26%
Compliance Officer122,000 KES-38%
Consultant159,000 KES-19%
Eligibility Specialist153,000 KES-22%
Insurance Account Manager184,000 KES-6%
Insurance Accounts Executive162,000 KES-17%
Insurance Agent91,400 KES-53%
Insurance Analyst151,000 KES-23%
Insurance Appraiser152,000 KES-22%
Insurance Claims Clerk56,800 KES-71%
Insurance Examiner142,000 KES-27%
Insurance Investigator147,000 KES-25%
Insurance Manager259,000 KES+33%
Insurance Operations Manager258,000 KES+32%
Insurance Policy Processing Clerk58,700 KES-70%
Insurance Pricing Assistant115,000 KES-41%
Insurance Program Manager195,000 KES-0%
Insurance Project Manager202,000 KES+3%
Insurance Quality Assurance Agent127,000 KES-35%
Insurance Sales Agent95,000 KES-51%
Insurance Sales Director258,000 KES+32%
Insurance Team Leader156,000 KES-20%
Insurance Underwriter108,000 KES-45%
Loss Control Specialist152,000 KES-22%
Loss Prevention Investigator165,000 KES-16%
Loss Prevention Manager212,000 KES+8%
Loss Prevention Specialist157,000 KES-20%
Marine Underwriter112,000 KES-43%
Medical Auditor153,000 KES-22%
Monitoring and Performance Officer111,000 KES-43%
Payment Services Specialist159,000 KES-19%
Policy Change Director244,000 KES+25%
Policy Change Supervisor170,000 KES-13%
Policy Change Technician77,000 KES-61%
Risk Analyst164,000 KES-16%
Risk Management Director288,000 KES+47%
Risk Management Supervisor188,000 KES-4%
Risk Manager283,000 KES+45%
Risk Modeling Manager287,000 KES+47%
Title Insurance Typist130,000 KES-33%
Training Manager168,000 KES-14%

Salary Comparison By City

CityAverage Salary
Kisumu190,000 KES
Mombasa214,000 KES
Nairobi215,000 KES

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Kenya earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
140,000 KES
Public Sector+14%
159,000 KES
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for Actuary in Kenya?

A good and competitive compensation would range anywhere between 182,000 KES and 208,000 KES. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.

Base / Basic Salary

The base salary for Actuary in Kenya is ranges from 149,000 KES to 208,000 KES. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.

What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

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