The Actuarial Pay Index

Actuary salary in Bermuda

Bermuda actuary pay in 2026: Fellows with 6 to 9 years earn $242k to $310k all-in, against $209k to $218k US base plus bonus before tax. Base pay by level.

All-in package, FSA with 6 to 9 years, Bermuda life & annuity

$242k to $310k

Updated 6 October 2026 in the CTS Actuarial Pay Index.

What a Bermuda package adds up to

Bermuda base salaries run a little above the US, and the bigger difference is the package. For a Fellow with 6 to 9 years:

Base salary: about $190k at a life and annuity insurer and $200k at a reinsurer (US: $182k and $194k)
Bonus target: about 15 to 25% of base at insurers and 18 to 28% at reinsurers (US: 15 to 20% and 18 to 23%)
Housing allowance: about $2,000 to $6,000 a month at insurers and reinsurers (US: none as standard)
All-in: about $242k to $310k a year at a life and annuity insurer and $260k to $328k at a reinsurer, against $209k to $218k and $229k to $239k base plus bonus in the US, before income tax

Bermuda has no personal income tax, although payroll tax and social insurance apply. Bonus targets in Bermuda run higher than in the US and vary more between employers, so compare whole packages rather than base alone.

FSA base salary in Bermuda by experience

Bermuda employers rarely publish pay ranges, so what we see in our own Bermuda searches is what these figures rest on. All figures are in US dollars, before bonus. For Fellows at Bermuda life and annuity companies, base salary builds like this:

3 to 5 years: $150k median base, typically $130k to $172k
6 to 9 years: $190k median base, typically $165k to $217k
10 to 14 years: $220k median base, typically $191k to $252k
15+ years: $250k median base, typically $216k to $286k

Associates in Bermuda

At life and annuity companies:

3 to 5 years: $130k median base, typically $116k to $142k
6 to 9 years: $155k median base, typically $138k to $169k
10 to 14 years: $175k median base, typically $156k to $191k
15+ years: $195k median base, typically $174k to $213k

Students in Bermuda

At life and annuity companies, before Associateship:

3 to 5 years: $115k median base, typically $103k to $130k
6 to 9 years: $130k median base, typically $116k to $147k
10 to 14 years: $140k median base, typically $125k to $158k

Bermuda by employer type

For a Fellow with 6 to 9 years:

Life & annuity insurers: $190k median base
Reinsurers: $200k median base
Consulting firms: $135k median base
P&C insurers: $190k median base

Insurers and reinsurers set the pace on the island. Consulting firms in Bermuda, including the Big 4, pay well below them: base salaries run about a quarter lower, bonuses are smaller and there is usually no ongoing housing allowance, so a consulting package often comes to not much more than half of an insurer or reinsurer package at the same level. Bermuda's actuarial market is built around life, reinsurance, P&C and consulting employers, so there is no separate health figure.

Bonus and total pay

Bonus targets for a Fellow with 6 to 9 years in Bermuda usually run about 15 to 25% of base in the offers we see, so on the median base above that is roughly $29k to $48k, for total pay of about $218k to $238k. Bonus targets vary more between employers than base does, and senior packages often add long-term incentives, so compare whole packages rather than base alone.

What the Bermuda Government's survey says

The main public figure is the Bermuda Government's 2024 Employment Survey (Tables 25 and 26): the 301 non-Bermudian actuaries working full time on the island had a median gross annual income of $226,796 across all levels and employers. Bermudian actuaries working full time (53) had a median of $166,395. Between the 2023 and 2024 surveys the non-Bermudian median rose 0.2% and the Bermudian median 2.7%. Most actuaries on the island are not Bermudian: counting all jobs, the survey recorded 370 actuary jobs, 55 of them held by Bermudians.

The Bermuda package

Bermuda has no personal income tax. Employees pay a share of payroll tax on a sliding scale for 2026/27: 0.25% up to $48k, 7.75% from $48k to $96k, 10.75% from $96k to $200k, 11.5% from $200k to $500k and 12.5% from $500k to $1m, and some employers cover it. On the $190k base above, that comes to about $13,900 a year. Employers pay health insurance and can deduct up to half the standard premium. Insurers and reinsurers usually add a housing allowance on top of base salary, typically about $2,000 to $6,000 a month in the offers we see, and it is included in the all-in figures at the top of this page. Consulting firms usually do not pay an ongoing housing allowance. Employers can choose to include work-permit holders in the national pension scheme.

Our guide to moving to Bermuda as an actuary covers permits, deductions, housing, schools and tax at home.

Open Bermuda in the Actuarial Pay Index → You can switch market, experience and sector, and unlock where your own salary sits and what it takes to move.

How these figures are built

The Actuarial Pay Index is our view of what actuarial roles pay, built from the offers, counteroffers and pay conversations in our own search work, the pay ranges in the actuarial roles advertised over the last 12 months, and government wage data. Every figure is reviewed by our team against what we see in the market. Figures are base salary for new hires, before any bonus; lower and upper figures are the lower and upper quartiles. Bonus targets come from the offers we see. No individual salaries are ever published. How the index is built.