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Catastrophe Risk Analyst
at ICW Group
PURPOSE OF THE JOB
The purpose of this job is to utilize creative analytics to quantify the company’s exposure to catastrophe risk, primarily focusing on earthquake, flood, and hurricane risk. This position exists to develop tools and applications that enhance underwriting expertise and deliver higher profitability for the company.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Quantifies the company’s exposure to catastrophe risk.
- Tracks and manages back-end catastrophe risk portfolio aggregations, data quality, and modeled loss estimates.
- Acts as liaison between catastrophe model vendors, company IT staff, and company Underwriting staff during the installation and upgrading of catastrophe model software.
- Provides estimates to Finance Department and management regarding financial rating agency capital requirements and current company catastrophe risk profile.
- Presents necessary actuarial support documentation for state regulatory rate filings.
- Researches catastrophe-related non-modeled risks and attempts to mathematically quantify those risks.
Provides reports and strategic analyses.
- Provides monthly and ad-hoc reports to management regarding the current catastrophe risk portfolio, including catastrophe reinsurance pro formas.
- Provides reinsurance brokers with portfolio data captures of catastrophe risk exposures for the purpose of reinsurance pricing and rating agency report generation.
- Analyzes potential assumed catastrophe-risk-related portfolios as needed.
- Reviews Underwriting policy language and catastrophe reinsurance treaties to verify that data is being accurately entered into, and proper loss estimates are being created by, the catastrophe model software.
- Analyzes Underwriting workflow and makes suggestions for improvement, especially as it pertains to catastrophe modeling.
Formulates tools for mitigating risk.
- Formulates suggestions for underwriting guidelines that will appropriately mitigate the company’s exposure to those risks.
- Provides suggestions to management in the event that the company is considering entering a new catastrophe-risk-related line of business or geographic region.
- Makes suggestions to management on appropriate catastrophe modeling software upgrades and purchases.
- Trains incoming staff as needed.
- Provides training materials, documentation, and suggestions to Underwriting staff concerning catastrophe models as needed.
- Keeps apprised of upgrades and advances in the catastrophe modeling industry.
This role does not have supervisory responsibilities.
EDUCATION AND EXPERIENCE
Bachelor's degree from four-year college or university; area/field, or related degree preferred. Minimum 3 years of applicable experience; or equivalent combination of education and experience.
CERTIFICATES, LICENSES, REGISTRATIONS
Certified Catastrophe Risk Analyst (CCRA) designation and/or AIR Institute Certification preferred. Also, not required, but valuable to have knowledge gained from INS 21-23 (certificate in general Insurance) and Casualty Actuarial Society (CAS) exams.
KNOWLEDGE AND SKILLS
Intermediate skills in Microsoft Word. Intermediate to Advanced skills in Microsoft Excel and MS Access. Visual Basic for Applications (VBA) or similar computer programming skills preferred. Experience using MS SQL Query Analyzer and Enterprise Manager preferred. Experience using at least one of the major catastrophe modeling software products at a portfolio management level (e.g.: RiskLink, CLASIC/2, WORLDCATenterprise).
Office environment – no specific or unusual physical or environmental demands and employees are regularly required to sit, walk, stand, talk, and hear.
This position maps to the Individual Contributor level. Additional competencies required: Learning Agility, Technology Savvy, Problem Solving & Decision Making, Creativity, and Business Thinking.
This position operates in an office environment and requires the frequent use of a computer, telephone, copier, and other standard office equipment.