Swiss Re Info Session

Swiss Re Info Session

Indiana University of Pennsylvania Brian E. Johnson, ACAS, MAAA [email protected] Senior Vice President Swiss Re American Corp. Topics For Discussion My Background Traditional P&C Actuarial Roles Pricing Actuaries Reserving Actuaries

Traditional P&C Actuarial Jobs - Pros/Cons Primary Insurance Company Consulting/Accounting Company Reinsurance Company Department of Insurance 2 Topics For Discussion Non-Traditional Roles Underwriting Financial Industry

Insurance/Reinsurance Brokers Recommended Skills and Coursework 3 My Background Graduate of PSU 89 - B.S. in Mathematics w/Actuarial Option Ernst & Young (Atlanta)

USF&G (Baltimore) American Re-Insurance (Princeton) Swiss Reinsurance Company Traditional P&C Actuarial Roles Reserving Actuaries

Determine the ultimate value of insurance company claims liability Loss Reserves Unearned Premium Reserves Works with Finance and Accounting to complete annual statement and other financial statements. Works with rating agencies (S&P, Moodys, Am Best, etc.) 5 Traditional P&C Actuarial Roles

Pricing Actuary What most people think about when they think of a P&C actuary Determines price per exposure Cost per car per year (auto insurance) Cost for $100K of homeowners insurance Pricing actuaries put a price on risk 6 Traditional P&C Actuarial Jobs Pros/Cons Primary Insurance Company - Pros Usually has a formal exam program and make study time and passing exams a priority

May give exposure to several lines of business Usually steady work hours without a real busy season (may not be the case with reserving actuaries) Most insurance companies have a formal rotation program which will give the actuarial students exposure to ratemaking, reserving and non-traditional roles. 7 Traditional P&C Actuarial Jobs Pros/Cons Primary Insurance Company Cons Depending on the insurance company, exposure to different types of business may be limited Personal Lines Company

Mono-line Companies Limited exposure to outside clients May be limited ability to advance career (for smaller companies) Compensation may not be as favorable as consulting or re-insurance. 8 Traditional P&C Actuarial Jobs Pros/Cons Consulting/Accounting Company - Pros Will give the student quicker exposure to actuarial and insurance concepts

Students will be given responsibility at an accelerated pace There will be more client contact Consulting companies will teach very good project and time management skills Compensation is usually better than primary companies 9 Traditional P&C Actuarial Jobs Pros/Cons Consulting/Accounting Company - Cons There will be less emphasis on passing exams There may be a formal exam program Sometimes, the work needs to get done

Work hours will not be as steady and will be longer May have year end crunch Short deadlines for some projects May be less opportunity for non-traditional roles May involve a lot of travel 1 0 Traditional P&C Actuarial Jobs Pros/Cons Reinsurance Company - Pros Will give the student quicker exposure to advanced

actuarial and insurance concepts however may have to learn detailed basic insurance concepts on the side There will be a lot of client contact Compensation is usually better than primary companies (on par with consulting companies) A lot of possibility for exposure to non-traditional roles Opportunity to work with different insurance companies and actuaries all over the world. 1 1 Traditional P&C Actuarial Jobs Pros/Cons Reinsurance Company Cons

Many reinsurance companies do not hire kids right out of college While some have a formal exam program less emphasis on passing exams than a primary company Many have a less formal rotation program Will work longer hours than a primary insurer Less steady hours than primary insurance (heavy 1/1 and 7/1 renewal season) 1 2 Traditional P&C Actuarial Jobs Pros/Cons Department of Insurance - Pros

Some will have a formal exam program (depends on number of actuaries) Will give exposure to several lines of business (more emphasis on rate making) Usually steady work hours without a real busy season Will give exposure to multiple insurance companies Will give exposure to insurance regulation 1 3 Traditional P&C Actuarial Jobs Pros/Cons Department of Insurance Cons The majority of work may be limited to review of

insurance companies rate filings There may be limited exposure to reserving work May not be a lot of opportunity for exposure of nontraditional actuarial roles Study programs may not be as good for smaller actuarial departments as some insurance companies 1 4 Non-Traditional Roles Underwriting Financial Industry Insurance/Reinsurance

Brokers 1 5 Recommended Skills and Coursework Math and Statistics is not a must but it makes it a lot easier to pass exams Finance/Accounting/Marketing courses if possible

Basic insurance class to understand coverages and LOBs Classes that satisfy your Validation by Educational Experience (VEE) requirements Economics Corporate Finance Applied Statistical Methods Classes on writing and communication 1 6

Questions 1 7

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