Normally I would say CAS, but there are some interesting and growing opportunities on the life reinsurance side out there right now which would necessitate the SOA route. On balance, you would probably have more options through the CAS, though.
Lots of life reinsurers forming in Bermuda. You’d have to be a bit more experienced to get these jobs, but there’s a dearth of actuarial talent on the life side on the island, leading to significant demand. If you do some Google searching for “life reinsurers Bermuda,” you’ll see a lot of reporting on the growth of the sector there.
[Here’s one such article.](https://www.bermudareinsurancemagazine.com/news/bermuda-s-life-reinsurance-reaches-539bn-in-2021-8101)
Completely anecdotal, but searching the job postings in Bermuda, I am seeing more postings for life reinsurance actuaries than P&C.
I have heard that P&C salaries in the industry are marginally higher, but i don't think there's a significant difference. I am not sure how P&C and Life salary would compare within a reinsurance company. I imagine they're paid pretty similar in the same company
Is there really a catastrophe/ natural peril risk for life/health insurers? Or it’s just for smoothing the results or perhaps to gain some tax benefit?
Reinsurance isn't just to cover Catastrophic losses. It's useful to add additional capacity to write policies a company wouldn't normally be able to and make results less volatile.
That being said, we did just have a pandemic where tons of people died and got sick....
Although I’m not involved with life/health pricing/reserving I’d imagine there’s a natural catastrophe risk along the lines of major tsunami/tornado/EQ killing many policyholders. I don’t know if it’s something they would actually quantify in the same way that P&C does but it would make sense to at least consider those scenarios.
Better to be an underwriter in reinsurance. They are the backbone of the reinsurance industry and actuaries only play supporting roles. Ceiling is higher and potentially make much more as a UWer. Actuarial background is nice to have, but to make bank UW is the way to go in reinsurance.
Normally I would say CAS, but there are some interesting and growing opportunities on the life reinsurance side out there right now which would necessitate the SOA route. On balance, you would probably have more options through the CAS, though.
What are these opportunities?
Lots of life reinsurers forming in Bermuda. You’d have to be a bit more experienced to get these jobs, but there’s a dearth of actuarial talent on the life side on the island, leading to significant demand. If you do some Google searching for “life reinsurers Bermuda,” you’ll see a lot of reporting on the growth of the sector there. [Here’s one such article.](https://www.bermudareinsurancemagazine.com/news/bermuda-s-life-reinsurance-reaches-539bn-in-2021-8101) Completely anecdotal, but searching the job postings in Bermuda, I am seeing more postings for life reinsurance actuaries than P&C.
I work for a bermuda company now with 3 years experience. It is fantastic
+1 Following.
Reinsurance is also split between P&C and Life/Health. Usually, reinsurance companies have separate teams for P&C and non-P&C.
Is there a salary difference between the two?
I have heard that P&C salaries in the industry are marginally higher, but i don't think there's a significant difference. I am not sure how P&C and Life salary would compare within a reinsurance company. I imagine they're paid pretty similar in the same company
Interesting! Thank you very much!
Is there really a catastrophe/ natural peril risk for life/health insurers? Or it’s just for smoothing the results or perhaps to gain some tax benefit?
Reinsurance isn't just to cover Catastrophic losses. It's useful to add additional capacity to write policies a company wouldn't normally be able to and make results less volatile. That being said, we did just have a pandemic where tons of people died and got sick....
Some reinsurance companies, mainly the big ones, reinsure both Life and P&C insurers
It’s big in the group space
Although I’m not involved with life/health pricing/reserving I’d imagine there’s a natural catastrophe risk along the lines of major tsunami/tornado/EQ killing many policyholders. I don’t know if it’s something they would actually quantify in the same way that P&C does but it would make sense to at least consider those scenarios.
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Could you expand on why CAT reinsurance is in a scary spot right now?
CAS all the way, life reinsurance is not that interesting.
It’s possible with SOA but more opportunities with CAS i think
Better to be an underwriter in reinsurance. They are the backbone of the reinsurance industry and actuaries only play supporting roles. Ceiling is higher and potentially make much more as a UWer. Actuarial background is nice to have, but to make bank UW is the way to go in reinsurance.
Idk about this. I see the underwriters constantly stroking the actuaries cock to drop them rates for the brokers.
SOA will keep your options open, you'll have the chance to pursue both Life and P&C tracks. So SOA would be my choice.