The Murray Medal is the most prestigious award the Society can bestow on any of its members. The main reason for making the award is outstanding service to the actuarial profession.  This may include the production of a paper that has, with the benefit of some hindsight (i.e. time), proven to have had a major impact on actuarial practice and/or thinking.

The award is not made annually, but Council considers annually whether there are any candidates who warrant consideration. While Council is invited to consider this, past presidents of the Society and recipients of the medal are also invited to nominate candidates. Nominations are considered by Council and, if approved, a panel comprising Council and six of the past presidents/recipients form an adjudication panel to evaluate the nomination. These details are not too important now and will be dealt with later, if required.

The Medal has been awarded 17 times, to 18 recipients.

• Tom Murray, for outstanding service to the profession (in particular, actuarial education) (1972).
• Anthony Hart, for Non-cancellable Disability Insurance in South Africa: Some Further Observations on Disability Income and Disability Acceleration Benefits (1973).
• Cassie Jochelson., for outstanding service to the profession (first university chair in Actuarial Science) (1974).
• Peter Milburn-Pyle and John van der Linde, for The Actuarial Assessment of Compensation for Loss of Financial Support (1978).
• Dick Lloyd, for outstanding service to the profession (first set of mortality tables based on South African experience) (1979).
• Jan Pijper, for outstanding service to the profession (rewriting the Constitution) (1982).
• Peter Bieber, for outstanding service to the profession (development of JSE-Actuaries indices) (1989).
• Peter Doyle, for outstanding service to the profession (implications of Aids pandemic) (1992).
• Theo Hartwig, for outstanding service to the profession (involvement in and development of various projects, including taxation of insurers) (1999).
• Reg Munro, for outstanding service to the profession (various papers, ASSA Strategic Plan, involvement in various Government initiatives) (2000).
• Anthony Asher, for outstanding service to the profession (various papers, involvement in various Government initiatives, guiance to and influence on younger members) (2002).
• Rob Dorrington, for outstanding service to the profession (various papers, guidance to and influence on younger members, role in actuarial education in South Africa, Aids modelling, involvement in various Government and other initiatives) (2003).
• Steve Handler, for outstanding service to the profession (guidance to and influence on younger members, service on committees and Council, liaison with other professions, involvement in IAA) (2005).
• Desmond Smith, for outstanding service to the profession (service on various Committees and Council, interaction with other professions and authorities, IAA involvement, including being the first ASSA member to be appointed as IAA President, ICA 2010 Bid and Organising Committees) (2011).
• Emile Stipp, for outstanding service to the profession (service on various Committees and Council, interaction with the Council for Medical Schemes, IAA involvement, including as Chair of the IAA Health Section and Health Committee, Chair of the 2007 IAA Health Colloquium, hosted in Cape Town, and various education-related roles, including chairing the Board of Examiners) (2014).
• Mickey Lowther, for outstanding service to the profession (supporting or leading numerous activities related to professionalism, including the Code of Conduct, normative skills education and outcomes-based CPD scheme) (2017).
• Rob Thomson (2018)
• Wim Els (2021)