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The Rise in Demand for the Nat Cat Actuary

29 January 2016


The role of the Actuary is key in the Catastrophe Modelling market, whereby the Actuary is essentially the conduit between several key stakeholders in the business, analysing and communicating key findings beyond the spreadsheet. Here at Oliver James Associates, we are seeing more global insurers, re-insurers and brokers recruiting for the Natural Catastrophe Actuary, in order to fully develop and enhance their current methods and systems for cat risk exposure analyses.

As a result of increasingly frequent and severe natural catastrophe events, we have witnessed the Nat Cat Actuary position become much more visible in the last two to three years. The analytical skills held by an Actuary are best suited to provide the necessary oversight needed to price in a more competitive fashion, to optimise the underwriting value of the portfolio, and to manage and mitigate the cat risk exposure.

Last year, the World Economic Forum reported that less progress has been made against mitigating risks from natural disasters over the past 10 years than those against risks such as terrorist attacks or infectious diseases.

However, recent developments in catastrophe insurance appraise the likelihood of progressive reform within the UK/US insurance industry as a result of several recent announcements about innovative initiatives it aims to implement. One such example being the introduction of FloodRe this April. The purpose of these initiatives is to engage with and help mitigate the enormous challenges posed by climate change. With greater surveillance from the regulator, insurers are undoubtedly under increased competitive pressures to protect their capital positions. Hence, the spotlight is now firmly on the Natural Catastrophe Modelling Department to deliver optimum pricing, profitability and added value to insurance firms. Although the Nat Cat Actuary is not a newly devised role, it is indeed becoming a better defined niche as businesses seek further robust thinking in their risk analysis.

In a catastrophe exposed world with fierce competition within the insurance market, Nat Cat Actuaries are becoming central in making sense of how to analyse and measure risk much more accurately and profitably. Essentially, how to do things better; establishing a best practice approach and adding value to the business as a whole.

What’s your view on the rise in demand of the Nat Cat Actuary? Tweet us @OJAssociates and let us know your thoughts.

Interested in a Nat Cat role or keen to learn more? For an open and confidential conversation, email or call Ross Anderson, Managing Consultant - GI Actuarial -  +44 207 649 9357 or Robert Gormley, Managing Consultant - GI Actuarial - +44 207 310 8546

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