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What are the core responsibilities?
Natural catastrophes are characterized as low frequency but high severity events with claims for a given event being correlated. This implies an extreme volatility risk for the insurance industry with a special demand for capitalization and the requirement for a distinct risk management approach. Cat management deals with the risk of insolvency, an immediate reduction in earnings, the possibility of forced asset liquidation to meet cash needs, and the risk of a ratings downgrade.
In this context the Catastrophe (Cat) Analyst provides information to better understand the company’s overall exposure to catastrophe risk, and to plan accordingly. The basis of their job is the exposure data analysis and the use of catastrophe simulation models, to generate potential portfolio loss estimates based on which risk mitigation measures are taken.
Key functions:
At Allianz Re, Cat Analysts specialize on Client Services, Portfolio Analytics and Research and Development.
Key functions of a Client Services Cat Analyst are:
- Analysis of insurance portfolios with reinsurance/retrocession arrangements to support transaction level pricing of assumed business and portfolio level analysis for regular cat exposure reports to relevant clients and business segments
- Liaison with Underwriting, Actuarial and Risk to ensure common understanding of cat exposures for pricing and capacity allocation
- Liaison with clients and Underwriting to ensure clear understanding of data requirements, quality and completeness of data provided, and interpretation of modelling results
- Support development of improved processes for cat modelling and management across Allianz Re
Key functions of a Portfolio Management Cat Analyst are:
- Support development and implementation of an Allianz cat portfolio management framework
- Training and support of colleagues and users of this framework
- Collaborate with pricing actuaries and Retrocession department for development of Group Reinsurance Programs
- Together with actuaries, develop Cat pricing methodology for inwards covers to Allianz Re
- Integrate results of Cat portfolio management framework into Reporting and risk capital model
Key functions of a Research and Development Cat Analyst:
- Maintain Allianz knowledge of state of the art opinion and studies of latest developments in catastrophe management–science and techniques
- Testing, analysis and development of catastrophe modelling approaches, software and tools as appropriate
- Define modelling standards for key catastrophe scenarios
- Provide technical support to Retro and Securitization for reinsurance placement and alternative risk transfer solutions
- Maintain awareness of development in markets, products and cat science.
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