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Old 09-10-2014, 08:35 AM
Beach Bum Beach Bum is offline
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Originally Posted by ecosi View Post
Wow, this is really interesting, thank you! Is cat modelling software beyond the remit of actuarial work? Or do you get actuaries from places like Towers Watson who do it?
Most/all reinsurers have cat modeling capabilities that generally begin with the main three vendors: AIR, RMS, Eqecat. In- house cat modeling teams can vary especially by size depending on reinsurer staffing and needs, some can outsource all of this work directly to say RMS if needed.

Brokers are some of the biggest users of the software (Aon, Willis, etc). Consulting shops like TW won't have as much expertise in cat modeling as actual cat modeler for say Aon or a reinsurer like Swiss Re. Though my guess is large consultancies are advancing their services to include cat modeling support just cause it can be a revenue stream.

As an actuary you can certainly get involved or have overlap with modeling but it will depend where you work. I feel that as an actuary you get exposed to more, especially other pertinent parts of the insurance/reinsurance business that cat modelers themselves won't (pricing or reserving,etc).
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