Benefits
Core benefits like retirement plans, medical, and dental coverage are widely available across insurance & actuarial packages, so they are unlikely to help secure an offer by themselves. Instead, benefits should reflect the realities of the role, and employers should focus on the benefits that remove resistance for the talent they want to hire. Parental leave is one area that needs close review. For example, having to rely on disability rather than a maternity or parental leave policy neither appeals to new candidates or encourages retention among existing employees.
QUESTION 18
Do you get any of the following benefits in your current package? Select all that apply:
96%
Employer-sponsored retirement plans (e.g. 401 (k))
91%
Medical coverage
88%
Dental coverage
50%
Extra holiday on top of your annual leave (including charity days, birthday leave, or anniversary leave)
49%
Staff discount schemes (including gym/wellbeing memberships, and retail/entertainment discounts)
45%
Tuition reimbursement
40%
Parental leave beyond legal minimum requirements
29%
Stock options/equity
16%
Additional pension
13%
Travel allowance (including a car park allowance, fuel, flights, or train fares)
13%
Profit sharing
11%
Education sponsorship
9%
Social security benefits
4%
Childcare allowance
2%
None of the above
“Another example of aligning benefits is within field underwriting and claims, where travel support can be highly valuable. If a role requires regular driving, candidates will expect their employer to provide practical support, such as a company car, car allowance, or reimbursement.”
Taylor Carrasco, Executive Director - Head of Insurance & Actuarial Services
Benefits in Bermuda
For professionals considering roles in Bermuda, compensation packages extend far beyond typical US standards. In addition to competitive salaries and significant bonuses, companies typically provide housing allowances that can range from $40,000 to over $100,000 annually, comprehensive health coverage, relocation assistance - including temporary housing - and extras such as full phone coverage and annual stipends for multiple trips back to the US. These benefits reflect both the high cost of living on the island and the need to attract specialized talent to this key insurance market.
Annual Leave
Annual leave sits within the wider work-life balance conversation in insurance & actuarial hiring. Most surveyed professionals receive at least 21 days, so employers offering below this may struggle to position their package as competitive - although don't assume that “unlimited” PTO will always strengthen an offer. Beyond the headline allowance, candidates also want to know whether people can take leave without disruption, how teams manage busy reporting periods, and whether workload expectations make the benefit realistic. After all, a strong leave policy only carries value if employees can use it.
QUESTION 19
How many days of annual leave (excluding public holidays and weekends) do you get in your current package?
Less than 7 days
7-13 days
14-20 days
21-27 days
28-35 days
36 days+
Unlimited
“Unlimited PTO can sound attractive, but some candidates see it as a deterrent. They worry it can make it harder to know how much time they are genuinely expected to take. In most cases, professionals prefer a clear number of days.”
Taylor Carrasco, Executive Director - Head of Insurance & Actuarial Services
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