06 August, 2014

イギリスでのアクチュアリーの労働市場

小ネタ。イギリスでのアクチュアリーの労働市場がどんなものか,簡単に調べてみます。見たのは以下のサイト。

Actuarial Jobs in London
http://www.theactuaryjobs.com/jobs/greater-london/


たとえば,こんなポジション:
  • Capital Modeling Actuary
  • Sector Life insurance, Solvency II
  • Experience Nearly qual (11+ exams), Qualified
  • Contract Type Permanent
  • Hours Full Time
  • Salary £60000 - £65000 per annum + car allowance + bonus + flexi bens
  • Further Information An opportunity with a leading life insurer has arisen for a qualified, or nearly qualified actuary to assist in developing their models for their Solvency II project, representing the UK & Europe with-profits business for their Internal Capital Model development. It is a highly 'change' based environment and you would also assist in the production and analysis of regulatory and economic capital results leading to the implementation of Solvency II in 2016. The key skills required are excellent technical actuarial skills, with attention to detail and an interest in the financial impacts of economic capital and Solvency II; and someone who is motivated and willing to take responsibility and ownership of the work being asked to perform. You will be required to demonstrate an understanding of the components of a life insurance balance sheet and the risks to which insurers are exposed, especially in respect of with-profits business. Previous with-profits and/or capital modelling experience is desired.
生保会社での,ソルベンシー2がらみでの内部モデルの開発を手掛けるアクチュアリー。正会員かほぼそれに近い科目の合格数が必要。給料は60,000から65,000ポンド(1ポンド170円だとして約1000から1100万円。換算レートは以下同じ)。


あるいは,こんなポジション:
  • Lloyd's Pricing Actuary
  • Sector General insurance, Management consultancy, Reinsurance, Risk management, Solvency II
  • Experience Nearly qual (11+ exams), Qualified
  • Contract Type Permanent
  • Hours Full Time
  • Salary £90,000 - £120,000 + Car Allowance + Benefits + Bonus
  • Further Information An International Reinsurer is currently seeking a Qualified Actuary to join their London/Lloyd's Market Pricing function. Reporting into the International Head of Pricing, the role will be responsible for providing pricing expertise to Senior Underwriters/Management within their specialty markets division. Specifically the role will focus on large Lloyd's/London market accounts across Casualty, Property, MedMal, Marine and Professional lines. Candidates will be qualified actuaries and have excellent London/Lloyd's market pricing expertise. You will have previous exposure to senior management and be used to dealing with pricing/business strategy.
ロイズのプライシングアクチュアリー。国際的な再保険会社。正会員かほぼそれに近い科目の合格数が必要。給料は90,000ポンドから120,000ポンド(約1500万から2000万円)。


個人的にいちばん興味があるのは給与帯。この記事を書いている時点では,こんな感じになっています:
  • below £20K (11)
  • £20-39K (31)
  • £40-59K (84)
  • £60-79K (127)
  • £80-99K (106)
  • £100-119K (85)
  • £120-139K (78)
  • £140-159K (39)
  • £160K plus (34)
モード(最頻値)は£60-79K(約1000万から1360万円)の帯ですね。


セクターを見てみると,
  • Banking and finance (9)
  • General insurance (167)
  • Health (2)
  • Hedge funds (12)
  • Investment (25)
  • IT (4)
  • Life insurance (135)
  • Management consultancy (57)
  • Pensions (26)
  • Reinsurance (57)
  • Risk management (61)
  • Solvency II (72)
  • Systems (9)
  • Other (10)
ということで,生保(Life,135)より損保(General Insurande,167)が多いのも目につきます。再保険セクターも,なかなかの数ですね。


01 August, 2014

RMSとワールドカップ,テロ保険について|The RMS Blog

RMS and the FIFA World Cup: Insuring Against Terrorism
http://www.rms.com/blog/2014/07/16/rms-and-the-fifa-world-cup-insuring-against-terrorism/
As we reflect back on this year's World Cup, which wrapped up without interruption after Germany's victory on Sunday, it is clear that FIFA's financial position is much stronger now than in 2006, due in part to the availability of terrorism insurance.

今年のワールドカップを振り返ると,ドイツの優勝はさておき,FIFAの財務状況が2006年時点に比べてはるかに強化されていることが明確になった。それは一部,テロ保険に起因している。

Eleven years ago, the global elite of the soccer world learned about innovative RMS risk analysis to help FIFA to prepare for the 2006 World Cup in Germany. Sponsorship money was essential for FIFA’s cash flow and sponsors insisted on having insurance coverage against event cancellation. After 9/11, terrorism insurance became a necessity, but was available only through Warren Buffet, the astute insurer of last resort, and was extremely expensive. So, FIFA pursued alternative risk transfer to the capital markets through a catastrophe bond.

11年前,サッカーの世界的エリートたちは,RMSの革新的なリスク分析について学び,FIFAが2006年ドイツワールドカップを準備するのを手助けした。スポンサーからのお金はFIFAのキャッシュフローにとって不可欠であり,スポンサーたちは興行中止に備える保険カバーの必要性を強調した。9.11の後,テロ保険は必要不可欠なものになったが,ウォーレン・バフェットを通じてしか入手できず,また非常に高額であった。ということでFIFAは,CATボンドを通じて資本市場へのリスクを移転するという,別の道を模索した。

FIFA's bankers at Credit Suisse turned to RMS to do what had been thought impossible – to get a terrorism risk securitization rated. It took multiple RMS meetings with Moody's in London and New York over the course of a year to present and discuss the unique terrorism risk analysis and eventually secure an investment grade rating for Golden Goal Finance Ltd. This $260 million deal remains to this day the only stand-alone securitization of terrorism risk. Prospects for further terrorism risk securitizations depend on the scope of the U.S. Terrorism Risk Insurance Act, which will be renewed at the end of 2014 with some further incremental reduction in the role of the federal government, but RMS was instrumental in instituting the precursors to these prospects.

Credit SuisseにいるFIFAのバンカーたちはRMSに,不可能と思われていたこと,すなわちテロリスクの証券化の値段をはじき出すことを問い合わせてきた。ミーティングは,ロンドンやニューヨークのムーディーズの人たちも交えながら,1年間のあいだに何回も行なわれ,テロリスクに関する独自の分析について話し合われた。最終的に,Golden Goal Finance Ltd. は投資適格の格付けを保持した。この2.6億ドルのディールは,現存する唯一のテロリスクに特化した証券化だ。将来的なテロリスクの証券化の見通しは,U.S. Terrorism Risk Insurance Act(米国テロリスク保険法,TIRA)の射程に依ってくる。この法律は2014年末に更改され,そのときには連邦政府の役割がさらに縮小される見通しだ。

Securitization of the cancellation risk of the 2006 World Cup was feasible in part due to the national importance of the event, which received extensive counter-terrorism protection.

2006年ワールドカップの興行中止リスクの証券化は,イベントの持つ国民的重要性もあって,実現が可能であった。テロ防止対策がかなりとられたのである。

While cancellation was still the biggest risk this year, the predominant local threat to the World Cup was disruption by public protest and riot. Following the start of the Arab Spring in 2011, there has been a surge of demand for international riot insurance, with a commensurate interest in riot analysis. As with terrorism, security is particularly crucial for the control of riot risk. With 170,000 Brazilian security personnel on duty for the month of the soccer tournament, insurers were able to enjoy the matches without concern that the July 13 final in Rio would be delayed.

今年も興行中止リスクは最大のリスクであるものの,現地での最大の懸念は,抗議行動や暴動による混乱である。2011年の「アラブの春」の勃発を契機に,国際的な暴動保険に対する需要,同様に暴動の分析に対する関心が非常に高まっている。テロリズムと同様,暴動リスクのコントロールには警備がとりわけ重要になる。ワールドカップ期間中にブラジルでは17万人の警備が警戒に当たり,保険者は7月13日のリオでの決勝が延期されるであろうという懸念なしに,試合を楽しむことができた。

While terrorism insurance is more widely available than in the past, it is still in short supply. Expanding modeling capabilities and increased demand for products such as terrorism and riot insurance will result in more insurance-linked securities (ILS) transactions such as the 2006 catastrophe bond, and ultimately promote a more resilient society.

テロ保険はかつて広く利用可能であったものの,いまでは依然として供給不足だ。モデリングの精度を高めることと,テロ保険や暴動保険のような商品への需要が増えることが,2006年のCATボンドのようなILSの取引を増やすことになるだろう。それが究極的には,活力のある社会を生むであろう。