Re-insurance in Bermuda

[paultoti]

Originally Posted by FCAZ

After the 1st year, $8k might be ok but don't expect to be saving a ton if you're getting $150k per yr. The first year is full of upfront costs/downpayments.

So what would be the typical monthly expenses in your opinion for the 1st and subsequent years?

[SOAPhobic]

I have been in Bermuda a few years. I a 2-year FCAS with 6 years of experience. Base salary of 120k and rent of 3k a month. I just started a family last year and I am feeling some financial pressures (wife not working). Talking to some of my co-workers and overhearing gossip, I think I am underpaid. I hear that usually rent is about 50% of annual salary, which is obviously not the case here. I started on the island single so maybe lower rent was offered to single people. Base is probably 20% too low. Can some people give me a estimate of where a typical new FCAS should expect to receive annually in Bermuda? Thank you.

[tommie frazier]

company i worked for had salary a little higher, but HA was 50% of salary for someone at that level. and that was in 2004/5.

[FCAZ]

Originally Posted by SOAPhobic

I have been in Bermuda a few years. I a 2-year FCAS with 6 years of experience. Base salary of 120k and rent of 3k a month. I just started a family last year and I am feeling some financial pressures (wife not working). Talking to some of my co-workers and overhearing gossip, I think I am underpaid. I hear that usually rent is about 50% of annual salary, which is obviously not the case here. I started on the island single so maybe lower rent was offered to single people. Base is probably 20% too low. Can some people give me a estimate of where a typical new FCAS should expect to receive annually in Bermuda? Thank you.

You are seriously underpaid!

PwC Bermuda produces an annual survey of actuarial positions with quite a lot of detail. For each position/title, they provide info on salary, housing, short and long term compensation at the average level and at higher and lower percentiles. Ask your HR department if they subscribe to it.

[SOAPhobic]

Originally Posted by FCAZ

You are seriously underpaid!

PwC Bermuda produces an annual survey of actuarial positions with quite a lot of detail. For each position/title, they provide info on salary, housing, short and long term compensation at the average level and at higher and lower percentiles. Ask your HR department if they subscribe to it.

Thanks for the info. It's what I expected. I understand salaries on this Bermuda are a little skewed though (most actuaries are seasoned FCAS), despite that my allowance is most definitely on the low side. Now I need to decide between if I want to stay on this island on another 3-5 years for more money or leave now.

[Infinity]

Originally Posted by SOAPhobic

Thanks for the info. It's what I expected. I understand salaries on this Bermuda are a little skewed though (most actuaries are seasoned FCAS), despite that my allowance is most definitely on the low side. Now I need to decide between if I want to stay on this island on another 3-5 years for more money or leave now.

This is what I got from DW Bermuda salary survey from last year for FCAS:
Bermuda FCAS Avg Total Compensation [Base + Bonus] = $23,228 ( years experience ) + $71,721..... you are seriously underpaid if you go by the formula.

Infact I am ACAS with 8 yrs exp and I make a bit higher than you but I donot have the housing included.