Career example of Catastrophe Pricing Specialist

Nathalie Andenmatten Berthoud
Born 1974 in Sion, Valais, Switzerland
At New Re since 2004
NPR Property Department

I was attracted by two different fields when I embarked on my studies: the world of science, on the one hand, and the world of economics, on the other. I chose to study geography at the Faculty of Economic and Social Sciences of the University of Geneva because of the multidisciplinary nature offered by such a degree. Being attracted by the field of earth sciences, I went on to obtain a degree in geology, which was rounded off with a diploma in geological engineering on the subject of natural risks, and an international postgraduate degree in engineering and environmental geology in Lausanne, Paris, Liège and Montreal.

During my training, I was involved in the issue of renewable energies. In 2002, the group I was working with at the Swiss Federal Institute of Technology in Zurich decided to set up a company specialising in geothermics, which gave me an opportunity to launch that venture with them. My main responsibilities within this consulting engineering practice were assessing deep geothermal potential in Switzerland (temperature and hydrogeological modelling) and training for engineers, insurers, public authorities and anyone concerned with geothermics.

In 2004, when I was seeking an opportunity to return to the Francophone part of Switzerland for family reasons, I learned that New Re was looking for a scientist to analyse natural catastrophe risks. I joined New Re partly because I wanted to apply my technical skills in a new field and partly to find out about the world of reinsurance. Although I knew little about reinsurance, my image of it was very positive in view of the Munich Re Group’s excellent reputation in academic circles. Thanks to the various training courses offered by the Group, I quickly grasped the basics of reinsurance and began my job as a catastrophe specialist in New Re’s NPR (Non-Life Pricing and Retrocession) Department.

What is the return period for Windstorm Kyrill? What is the geographic spread of my portfolio? How much would a 75-year earthquake in Naples cost this company? Does this programme’s limit correspond to a 100-year storm? Is the modelled claims/frequency curve realistic? That is the kind of issue I deal with. My work as a catastrophe pricing specialist gives me opportunities to discuss developments in the models and quotation parameters with Munich Re Group experts and to assist the New Re underwriters with treaty analysis or with clients. New Re’s size facilitates interdepartmental discussion and confers an overall perspective of treaty underwriting, from acquisition to signature. As a catastrophe specialist, I am also responsible for monitoring New Re’s natural catastrophe and terrorism exposure and modelling the probable maximum loss for specific event return periods for the company. As well as pricing treaties, NPR also trains underwriters.

In the course of time, and alongside my catastrophe pricing functions, I have expanded my property knowledge and skills within the department. Since last year, I have dealt with the renewal of our coverages with the assistance of my NPR colleagues. This involves collating renewal information, modelling our exposure, defining the structure of the programmes and the retrocession contract quotation. It enables me to have an overall view of New Re’s portfolio and has added an underwriting component to my work.

What has made my job so fascinating from the outset is the interdisciplinary nature of this line of business. There are few sectors where people of such varied educational backgrounds and experience work together. I enjoy being situated between very different worlds, where the economic and commercial imperatives have to be in line with the technical and scientific skills.