Becoming a Catastrophe Risk Analyst and Advancing in the Field

To become a catastrophe risk analyst, you'll typically need a bachelor's degree in a field like mathematics, statistics, or engineering.

Catastrophe risk analysts use models and data to estimate the likelihood and potential damage of disasters like hurricanes and earthquakes.

A catastrophe risk analyst's work can be divided into two main areas: risk assessment and risk mitigation.

Risk assessment involves analyzing data to predict the likelihood and potential impact of a disaster, while risk mitigation involves developing strategies to reduce the risk or impact of a disaster.

It's a field that requires strong analytical and problem-solving skills, as well as the ability to communicate complex ideas to non-technical stakeholders.

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I studied for a Geography BSc at Lancaster University, graduating in 2015. This background in geography proved to be a valuable foundation for a career in catastrophe risk analysis.

Graduating in 2015 marked a significant milestone, but it was the natural hazards lecture at university that sparked my interest in the role of insurance in this field. I was particularly drawn to the overlap between physical processes and human behaviors.

I focused my dissertation on the importance of resolution in flood modeling for insurance, which gave me valuable insights into the industry and the types of modeling required. This experience helped me gain a deeper understanding of the complexities involved in catastrophe risk analysis.

A local insurance broker provided me with a valuable opportunity to gain commercial insights through work experience. I was able to see firsthand the application of catastrophe modeling in a real-world setting.

The Willis Research Network was another key resource that informed my career path. I was inspired by the work being done by the network and saw an opportunity to apply my skills in a similar capacity.

I successfully secured a position as a Catastrophe Risk analyst at Willis Re after an assessment center and interview. This marked the beginning of a five-year journey that would take me to various locations around the world, including Turkey, South Africa, the UK, Canada, and Australia.

In early 2020, I made the move to Sydney and joined the Willis Re team in Australia. This new chapter in my career has provided me with exciting opportunities to work on new projects and collaborate with a diverse team of professionals.

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As a catastrophe risk analyst, your primary aim is to estimate how much an insurance company is likely to lose if a large catastrophe occurs.

Your role involves utilizing catastrophe models, which are computer programs that simulate various catastrophe events, to inform the hazard and vulnerability of insured properties.

You'll need to translate information about insured properties into model-ready files, often making assumptions based on your knowledge of the portfolio and the local market.

The output from these models is complex, so you'll interpret the results and communicate your findings to clients in reports and presentations.

Your role requires a strong understanding of the portfolio, including changes over time, to explain why loss may be increasing or decreasing from one year to the next.

You'll also need to consider climate change, which is increasingly becoming part of your day-to-day role, and adjust models to reflect its likely impact on a client's portfolio.

This involves making adjustments to the models to reflect changes such as increasing the number of severe storms in Queensland.

Your job is to communicate the potential losses and feed into discussions on the future availability of insurance.

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Geography plays a crucial role in catastrophe risk analysis, as risk is inherently a function of location. Understanding different factors that cause catastrophes is essential to planning and mitigating.

Location information is provided at various geographical scales, requiring analysts to aggregate and disaggregate data across different resolutions. This is a key challenge in the field.

Risk analysts use Geographic Information Systems (GIS) to process hazard and exposure data, which is a key component of data visualisation.

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Understanding the importance of geography in work requires considering the balance between global and local focus.

Global companies often have a broader perspective, recognizing that local markets can be a gateway to international success.

In fact, 75% of global companies have a local presence in at least one foreign market. This allows them to adapt to local conditions and tailor their products or services to meet specific regional needs.

Local focus, on the other hand, allows companies to understand and cater to the unique needs of their immediate surroundings. This can be especially important in industries such as logistics and transportation, where local knowledge is crucial.

For example, a logistics company based in New York City may have a deep understanding of the city's infrastructure and traffic patterns, allowing them to optimize delivery routes and times.

Traveling for work requires careful planning, and understanding the geography of a destination is key to a successful trip. For example, in a region prone to natural disasters like earthquakes or hurricanes, it's essential to have a comprehensive emergency plan in place.

Researching the local climate and weather patterns is crucial to avoid traveling during peak storm seasons. In areas like the Gulf Coast, hurricane season typically runs from June to November.

Travelers should also be aware of the local time zone and adjust their schedules accordingly. For instance, in a region like Australia, which spans across multiple time zones, it's essential to account for the time difference when scheduling meetings or appointments.

Knowing the local geography can also help you navigate unfamiliar areas. In a city like Tokyo, Japan, understanding the layout of the city and its various districts can make a big difference in getting around efficiently.

Additionally, being aware of the local transportation options and infrastructure can make traveling for work much easier. In a region with limited public transportation, having a reliable car or rental service can be a lifesaver.

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Having a strong professional network can open doors to new job opportunities, career advancement, and valuable connections in your industry.

Geography plays a crucial role in networking, particularly in fields like urban planning, environmental science, and international business.

Attending conferences and events related to your field can be a great way to meet people who share similar interests and goals.

In fact, attending a conference in London helped me connect with a colleague who later became a valuable mentor.

Joining professional organizations and associations can also provide opportunities to meet like-minded individuals and stay up-to-date on industry developments.

For example, joining the Royal Geographical Society allowed me to connect with a community of professionals who share my passion for geography.