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Actuary, Reserving

Munich Re
Sydney, Australia
Closing date
May 16, 2024

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
The Non-Life Actuarial Risk Management (NLARM for short) team monitors experience and produces quarterly reserve estimates for the business and prepares regulatory reports (AVR and FCR) at year end. We also provide ad-hoc support for the business where actuarial advice is needed and modelling and review support to the broader finance team, including for capital management and reinsurance purchasing. With the introduction of IFRS17, we are an essential part of the team providing and quality assuring the results on a group and local basis.

You will report to the Appointed Actuary, Non-Life and join a close-knit supportive team who work together collaboratively.

Your Role

  • Carry out the reserving, monitoring and associated tasks for the valuation segments following Munich Re Group requirements and professional standards
  • Assist the team with the overall reserve review preparation and other analysis including drafting reports and presenting results to stakeholders
  • Support the team in preparing results for retrocession pricing and recovery estimates
  • Support the team in preparing capital modelling results for the ICAAP and for capital management more broadly
  • Maintain your CPD and build your industry knowledge
  • Build networks within the non-life actuarial and underwriting community both locally and within the broader group and the local market
  • Build relationships with international colleagues in the Munich Re Group and support them and the broader group on global projects, system roll outs and reporting on reserves
  • Develop knowledge of your reserving segments and the models and processes relevant to our work
  • Support the business and broader finance team with analysis, technical review and monitoring of business

Your Profile

  • FIAA Qualified (or equivalent)
  • 5+ years post qualification experience
  • 3+ years experience with reserving ideally including CTP reserving experience and knowledge of IFRS17
  • Familiarity with multiple types and classes of insurance and reinsurance and accounting practices (essential) and with reinsurance arrangements and reinsurance policy terms and conditions (preferred)
  • Exposure to broader aspects of actuarial work, including reinsurance/ retrocession modelling and capital modelling
  • Ability to communicate your findings clearly to a range of stakeholders, including senior management
  • Excellent knowledge of MS Office, Power BI and programming desirable

Our Benefits

  • We have many attractive benefits to offer you, including 16% superannuation
  • Enjoy increased annual leave entitlements
  • Flexible, hybrid working conditions

At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experience, perspectives and thought. This interaction is the foundation of our open culture, spirit of partnership, of how our teams are built and cultivated, and of how we are supported and developed. And at the centre of this interaction is each of us.

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