Course in Actuarial Valuation of Catastrophic Risks
Online 300-hour course in actuarial valuation of catastrophic risks. 6 modules covering Delegated Regulation (EU) 2015/35 (non-life catastrophe risk submodule), Directive 2009/138/EC (Solvency II) and Moody’s RMS RiskLink. Assigned tutor and open enrolment.
Take the controls.
Run a real engineering trade-off from this programme. Move the sliders, watch the model react in real time and beat the challenge.
What you will be able to do
Explain what distinguishes catastrophic risk from other insured risks.
Prepare and validate the exposure data of a portfolio.
Describe the hazard, vulnerability and financial modules of a catastrophe model.
Interpret exceedance curves, average annual losses and return periods.
Manage accumulation and design catastrophe reinsurance.
Calculate the capital for catastrophe risk and incorporate climate change.
Apply the results to underwriting and prevention.
Who it's for
- Catastrophe modeller who wishes to specialise in actuarial valuation of catastrophic risks.
- Catastrophic risks actuary who wishes to specialise in actuarial valuation of catastrophic risks.
- Exposure analyst who wishes to specialise in actuarial valuation of catastrophic risks.
- Natural hazards underwriter who wishes to specialise in actuarial valuation of catastrophic risks.
- Reinsurance analyst who wishes to specialise in actuarial valuation of catastrophic risks.
- Capital manager who wishes to specialise in actuarial valuation of catastrophic risks.
- Engineering or science graduates seeking to enter reinsurance.
What you'll work with
- Delegated Regulation (EU) 2015/35 (Non-Life Catastrophe Risk Submodule)
- Directive 2009/138/EC (Solvency II)
- Royal Legislative Decree 7/2004 (Legal Statute of the Insurance Compensation Consortium)
- Royal Decree 300/2004 (Regulation on Extraordinary Risk Insurance)
- Eurocode 8 (in 1998, Seismic Design)
- Directive 2007/60/EC (Flood Risks)
- ASOP No. 39
6 modules · 300 h
1.1Low-frequency, extreme-severity events1.2Geographic accumulation and dependency between policies1.3Insufficiency of one's own historical experience1.4Natural hazards: earthquake, flood, wind and hail1.5Forest fire and drought1.6Large-scale man-made events1.7Role of consortia and public cover schemes1.8Link to the capital requirement1.9Catastrophe modelling vocabulary1.10Workshop: hazard inventory of a portfolio
2.1Exposure data: location, value, use and construction2.2Geocoding quality and its effect on the result2.3Building characteristics relevant to vulnerability2.4Aggregation by zone when location data is missing2.5Sums insured, limits and deductibles per policy2.6Contents, buildings and business interruption cover2.7Industrial portfolios and high-value unique risks2.8Managing exposure data over time2.9Completeness and consistency controls2.10Practice: preparing an exposure file
3.1Hazard module: event catalogue and local severity3.2Vulnerability module: damage curves3.3Financial module: application of policy conditions3.4Primary and secondary uncertainty3.5Exceedance curves and return period3.6Probable maximum loss and average annual loss3.7Proprietary models versus open models3.8Model validation with historical events3.9Limitations and areas with limited information3.10Practice: critical reading of a model output
4.1Accumulation limits by zone and by hazard4.2Realistic scenario testing4.3Design of the catastrophe reinsurance programme4.4Layers, priorities and reinstatements4.5Aggregate and per-event covers4.6Catastrophe bonds and alternative transfer4.7Reinsurer counterparty risk4.8Cost of reinsurance and its allocation to portfolio4.9Programme optimisation under capital constraints4.10Practice: designing a reinsurance programme
5.1Catastrophe module in the capital calculation5.2Standard scenarios versus internal model5.3Aggregation with other risks and diversification5.4Catastrophe stress testing5.5Exposure trends: urbanisation and value in risk zones5.6Effect of climate change on frequency and severity5.7Long-term review of model assumptions5.8Insurability and withdrawal of capacity in critical zones5.9Communicating uncertainty to management5.10Practice: impact of a climate adjustment on capital
6.1Use of the model in individual risk underwriting6.2Pricing the catastrophe component6.3Hazard-specific conditions and deductibles6.4Prevention and improvement of building resilience6.5Collaboration with authorities and emergency plans6.6Management of mass catastrophe claims6.7Rapid loss estimation after an event6.8Governance and validation of the catastrophe model6.9Common errors in catastrophe valuation6.10Final project: full catastrophe assessment of a portfolio
How you'll learn
100% online training on the SEIUM campus, with downloadable material, recorded classes and assigned technical tutor. No fixed timetables: the student progresses at their own pace within the intake, which makes it possible to combine with work.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is Moody’s RMS RiskLink, Verisk Touchstone, Oasis LMF, Remetrica (Aon), R, in free, academic or evaluation versions. The case studies are based on real procedures for preparing exposure data for catastrophe models, analysing loss exceedance curves and optimising a catastrophe reinsurance programme. Assessment is continuous by module plus the final integrating project.
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Explain what distinguishes catastrophic risk from other insured risks.
Prepare and validate the exposure data of a portfolio.
Describe the hazard, vulnerability and financial modules of a catastrophe model.
Interpret exceedance curves, average annual losses and return periods.
Manage accumulation and design catastrophe reinsurance.
Where this takes you
Requirements
- No prior degree is required.
- Internet connection and a computer capable of running the programme's software.
- Sufficient level of Spanish to follow technical regulatory texts.
Ready to start?
Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.
Frequently asked questions
The programme totals 300 hours spread over 3 to 5 months. That is an average of 10 to 15 hours per week, compatible with a full-time job.
The course works with Moody’s RMS RiskLink, Verisk Touchstone, Oasis LMF, Remetrica (Aon), R. Free, academic or evaluation versions are used, and the tutor indicates the free alternative where one exists.
An SEIUM own diploma upon passing the continuous assessment and the integrating project. It is in-house training, not an official Ministry qualification.
Yes. Modules passed in a course or postgraduate diploma in the same area are credited towards the advanced programme. Check the credit transfer policy when enrolling.
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