Actuary Average Salary in Kenya 2023
How much money does a person working as Actuary make in Kenya?
LOW
95,800
KES AVERAGE
195,000
KES HIGH
305,000
KES
A person working as Actuary in Kenya typically earns around 195,000 KES. Salaries range from 95,800 KES (lowest) to 305,000 KES (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Actuary salaries in Kenya 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
Salary Structure and Pay Scale Comparison
181,000 KES or more
160,000 to 181,000 KES
114,000 KES or less
114,000 to 160,000 KES
 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
Salaries for the position Actuary in Kenya range from 95,800 KES (starting salary) to 305,000 KES (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 182,000 KES, half of the professionals who work as Actuary in Kenya earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Actuary in Kenya earn less than 149,000 KES, while 75% earn more. Similarly, the chart shows that 75% earn less than 208,000 KES while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Actuary in Kenya compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 114,000 KES to 160,000 KES. About 20% of salaries are below the 114,000 KES mark, while 10% fall within the range of 160,000 KES to 181,000 KES. Only 5% of individuals have salaries exceeding 181,000 KES.
Salary Comparison by Years of Experience / Actuary / Kenya
How do experience and age affect pay?
| 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 |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Actuary and this is what we found.
Employees with less than two years of experience earn approximately 114,000 KES.
While someone with an experience level between two and five years is expected to earn 146,000 KES, 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, 38% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 249,000 KES, 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, 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, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Actuary / Kenya
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Actuary.
| Bachelor's Degree | 142,000 KES | |
| Master's Degree | +60% | 228,000 KES |
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 salaries by education level for the position Actuary in order to make a comparison.
Level 1: Bachelor's Degree
Employees at this education level have an average salary of 142,000 KES.
Level 2: Master's Degree
At this level, the average salary becomes 228,000 KES, 60% more than the previous level.
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 KES to 2,200,000 KES 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 to a higher-paying job. The numbers seem to support the theory. 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 and Compensation Comparison By Gender / Actuary / Kenya
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Actuary in Kenya, the average difference between the salary of male and female employees is 10%.
| Male | 203,000 KES | |
| Female | -9% | 185,000 KES |
Salary Comparison By Gender in Kenya for all Careers
Average Annual Salary Increment Percentage / Actuary / Kenya
How much are annual salary increments in Kenya for individuals working as Actuary? How often do employees get salary raises?
Individuals working as Actuary 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.
Kenya / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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
Annual Increment Rate By Industry 2022
| Banking | 3% | |
| Energy | 6% | |
| Information Technology | 9% | |
| Healthcare | 3% | |
| Travel | 6% | |
| Construction | 9% | |
| Education | 3% |
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
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.
Bonus and Incentive Rates / Actuary / Kenya
How much and how often are bonuses being awarded?
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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 | 39% | |
| No Bonus | 61% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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. |
Example: | Example: |
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.
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.
Salary Trend and Forecast / Actuary / Kenya
How are 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 |
Salaries for individuals working as Actuary in Kenya are on the rise in the year 2023 based on recently submitted salaries and reports. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from one industry to another.
Average Hourly Wage / Actuary / Kenya
1,130 KES per hourThe average hourly wage (pay per hour) for individuals working as Actuary in Kenya is 1,130 KES.This is the rate they get paid for every worked hour.
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 fixed 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 people working as 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
Salary comparison with similar jobs
| Job Title | Average Salary |
| Actuarial Analyst | 209,000 KES |  +7% |
| Actuarial Assistant | 149,000 KES |  -24% |
| Actuary | 195,000 KES | -0% |
| Adjustment Insurance Clerk | 57,400 KES | -71% |
| Assistant Broker | 96,200 KES | -51% |
| Assistant Claims Manager | 169,000 KES | -14% |
| Associate Insurance Representative | 79,100 KES | -60% |
| Auditing Insurance Manager | 232,000 KES | +19% |
| Broker | 147,000 KES | -25% |
| Claim Advocacy Professional | 146,000 KES | -25% |
| Claims Adjuster | 58,700 KES | -70% |
| Claims Analyst | 83,000 KES | -58% |
| Claims Examiner | 75,900 KES | -61% |
| Claims Manager | 208,000 KES | +6% |
| Claims Processor | 55,500 KES | -72% |
| Claims Representative | 66,200 KES | -66% |
| Claims Resolution Specialist | 159,000 KES | -19% |
| Claims Supervisor | 150,000 KES | -23% |
| Complaints Specialist | 144,000 KES | -26% |
| Compliance Officer | 122,000 KES | -38% |
| Consultant | 159,000 KES | -19% |
| Eligibility Specialist | 153,000 KES | -22% |
| Insurance Account Manager | 184,000 KES | -6% |
| Insurance Accounts Executive | 162,000 KES | -17% |
| Insurance Agent | 91,400 KES | -53% |
| Insurance Analyst | 151,000 KES | -23% |
| Insurance Appraiser | 152,000 KES | -22% |
| Insurance Claims Clerk | 56,800 KES | -71% |
| Insurance Examiner | 142,000 KES | -27% |
| Insurance Investigator | 147,000 KES | -25% |
| Insurance Manager | 259,000 KES | +33% |
| Insurance Operations Manager | 258,000 KES | +32% |
| Insurance Policy Processing Clerk | 58,700 KES | -70% |
| Insurance Pricing Assistant | 115,000 KES | -41% |
| Insurance Program Manager | 195,000 KES | -0% |
| Insurance Project Manager | 202,000 KES | +3% |
| Insurance Quality Assurance Agent | 127,000 KES | -35% |
| Insurance Sales Agent | 95,000 KES | -51% |
| Insurance Sales Director | 258,000 KES | +32% |
| Insurance Team Leader | 156,000 KES | -20% |
| Insurance Underwriter | 108,000 KES | -45% |
| Loss Control Specialist | 152,000 KES | -22% |
| Loss Prevention Investigator | 165,000 KES | -16% |
| Loss Prevention Manager | 212,000 KES | +8% |
| Loss Prevention Specialist | 157,000 KES | -20% |
| Marine Underwriter | 112,000 KES | -43% |
| Medical Auditor | 153,000 KES | -22% |
| Monitoring and Performance Officer | 111,000 KES | -43% |
| Payment Services Specialist | 159,000 KES | -19% |
| Policy Change Director | 244,000 KES | +25% |
| Policy Change Supervisor | 170,000 KES | -13% |
| Policy Change Technician | 77,000 KES | -61% |
| Risk Analyst | 164,000 KES | -16% |
| Risk Management Director | 288,000 KES | +47% |
| Risk Management Supervisor | 188,000 KES | -4% |
| Risk Manager | 283,000 KES | +45% |
| Risk Modeling Manager | 287,000 KES | +47% |
| Title Insurance Typist | 130,000 KES | -33% |
| Training Manager | 168,000 KES | -14% |
Salary Comparison By City
| City | Average Salary |
| Kisumu | 190,000 KES |
| Mombasa | 214,000 KES |
| Nairobi | 215,000 KES |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Kenya is 14% on average across all career fields.
| Private Sector | 140,000 KES | |
| Public Sector | +14% | 159,000 KES |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title 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. Experience and education play a very huge part in the 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 salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Actuary in Kenya 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 with 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 the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
