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Catastrophe Modeling Jobs in Chicago, IL (NOW HIRING)

SageSure

Senior Catastrophe Risk Analyst

Chicago, IL · On-site

Evaluate third-party catastrophe models (e.g., RMS, Verisk, CoreLogic) and contribute to the development of internal risk views. * Analyze large datasets (e.g., exposure data, claims data, hazard ...

Ryan Specialty

Catastrophe Risk Analyst

Chicago, IL · On-site

$72K - $90K/yr

The Catastrophe Risk Analyst analyzes data, models risk and provides strategic recommendations to enhance risk management strategies. What will your job entail? Responsibilities * Conduct detailed ...

Ryan Specialty

Catastrophe Risk Analyst

Chicago, IL · On-site

$72K - $90K/yr

The Catastrophe Risk Analyst analyzes data, models risk and provides strategic recommendations to enhance risk management strategies. What will your job entail? Responsibilities * Conduct detailed ...

TransRe

Senior Property Facultative Underwriter

Chicago, IL · Hybrid

$150K - $200K/yr

Extensive knowledge of Catastrophe exposure analysis including RMS and AIR Catastrophe modeling platforms * CPCU and/or Are classes or other insurance studies preferred * Proficient in Excel Work ...

New

Everest

Property Facultative Underwriter

Chicago, IL · Hybrid

$100K - $145K/yr

Experience working with catastrophe models a plus. * Property Facultative experience preferred. * Experience with specialty business is also preferred (power generation, mid-stream production ...

AIG

Associate Actuary - Retail Property

Chicago, IL · On-site

$129K - $154K/yr

They will also partner with other pricing actuaries in implementing best practices analytical techniques, catastrophe modelers to incorporate results into pricing and quantify portfolio risk, and ...

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Catastrophe Modeling information

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How much do catastrophe modeling jobs pay per hour?

As of Aug 13, 2026, the average hourly pay for catastrophe modeling in Chicago, IL is $41.55, according to ZipRecruiter salary data. Most workers in this role earn between $32.21 and $44.81 per hour, depending on experience, location, and employer.

What are some common challenges faced by professionals in catastrophe modeling, and how can they be addressed?

Professionals in catastrophe modeling often encounter challenges such as managing large and complex datasets, staying current with emerging risks (like climate change), and communicating technical findings to non-technical stakeholders. Addressing these requires strong analytical skills, ongoing professional development, and effective collaboration with underwriters, actuaries, and risk managers. Building expertise in specialized software and maintaining open communication channels with other teams can help overcome these obstacles and contribute to successful risk assessments.

What is catastrophe modeling?

Catastrophe modeling is the process of using computer models to estimate the potential losses that could result from natural or man-made disasters, such as hurricanes, earthquakes, floods, or terrorist attacks. These models analyze historical data, scientific research, and current exposure information to predict the likelihood and potential severity of catastrophic events. Insurers, reinsurers, and other organizations use catastrophe modeling to assess risk, price insurance policies, and prepare for possible large-scale losses.

How to get a job in catastrophe modeling?

The qualifications you need to obtain a job in catastrophe modeling include a bachelor’s degree in a science field related to catastrophes, such as geology, meteorology, or environmental science. Insurance-specific degrees, such as actuarial sciences, are also acceptable. Advanced degrees in actuarial science, math, or another catastrophe-related field may help you stand out in the job market. Practice using industry software to run data analysis to become proficient with the application. Some start their careers in entry-level positions in the insurance industry to learn about risk evaluation before moving into catastrophe modeling.

What is the difference between Catastrophe Modeling vs Actuary?

AspectCatastrophe ModelingActuary
Required CredentialsTypically requires degrees in risk management, insurance, or related fields; certifications like CPCU or ARM are commonRequires a degree in mathematics, statistics, or actuarial science; professional actuarial certifications (e.g., ASA, FSA) are essential
Work EnvironmentPrimarily in insurance, reinsurance, or risk management firms; involves data analysis and modelingIn insurance companies, consulting firms, or government agencies; involves data analysis, financial modeling, and risk assessment
Industry UsageUsed to assess and quantify natural disaster risks for insurance underwriting and risk managementUsed to evaluate financial risks, reserve calculations, and pricing in insurance and pension industries

While both roles involve risk analysis and data modeling, catastrophe modeling focuses specifically on natural disaster risks, whereas actuaries assess a broader range of financial risks. Both careers require strong quantitative skills and work within the insurance industry, but their specific applications and certifications differ.

What are the key skills and qualifications needed to thrive as a catastrophe modeler, and why are they important?

To thrive as a Catastrophe Modeler, you need a strong background in mathematics, statistics, and data analysis, typically supported by a degree in engineering, actuarial science, or a related field. Proficiency in modeling software (such as RMS or AIR), programming languages (like Python or R), and familiarity with GIS systems are commonly required. Critical thinking, attention to detail, and effective communication are valuable soft skills for interpreting data and conveying risk insights to stakeholders. These skills and qualifications are crucial for producing accurate risk assessments that inform insurance, reinsurance, and disaster preparedness strategies.

How much do catastrophe modeling professionals make?

Catastrophe modeling professionals typically earn a median annual salary ranging from $70,000 to $120,000, depending on experience, education, and location. Senior roles or those with specialized skills in risk analysis and modeling tools can earn higher salaries, often exceeding $150,000 annually.

What do catastrophe modeling professionals do?

Catastrophe modeling professionals analyze data to assess the financial impact of natural and man-made disasters, such as hurricanes, earthquakes, and floods. They develop models using specialized software to estimate potential losses for insurance companies and other stakeholders, often requiring skills in statistics, risk assessment, and data analysis.
More about Catastrophe Modeling jobs

What are the most commonly searched types of Catastrophe Modeling jobs in Chicago, IL?

The most popular types of Catastrophe Modeling jobs in Chicago, IL are:

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For Catastrophe Modeling jobs in Chicago, IL, the most frequently searched job titles are:

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The top searched job categories for Catastrophe Modeling jobs in Chicago, IL are:

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Cities near Chicago, IL with the most Catastrophe Modeling job openings:

Catastrophe Modeling jobs near you
Infographic showing various Catastrophe Modeling job openings in Chicago, IL as of August 2026, with employment types broken down into 100% Full Time. Highlights an 90% In-person, and 10% Hybrid job distribution, with an average salary of $86,425 per year, or $41.6 per hour.

Catastrophe Portfolio Modeling Manager - North America

American International Group, Inc.

Chicago, IL • On-site

Full-time

Re-posted 25 days ago

AIG rating

8.4

Company rating: 8.4 out of 10

Based on 22 frontline employees who took The Breakroom Quiz

116th of 306 rated insurance

Job description

Catastrophe Portfolio Modeling Manager - North America
Make your mark in Catastrophe Modeling
The North American Catastrophe Risk Management team is responsible for catastrophe modelling and portfolio exposure management for AIG's North American Insurance businesses. Effective Catastrophe Management is integral to the success of the business and our catastrophe modelers play a critical role in managing our global risk appetite. Day to day pricing and portfolio roll-up is carried out at our Centre of Excellence (CoE) in Bangalore, India. The North American Catastrophe Risk Management team is part of a wider Global Catastrophe Analytics team with individuals located across the US, and in London and Singapore.
How you will create an impact
The primary responsibility for the individual in this role is to lead the Catastrophe Portfolio modelling for select North America Commercial and Specialty Property business underwritten. The role requires a technically proficient catastrophe modeler with experience building strong relationships with underwriters and underwriting portfolio managers. The role requires core competencies in catastrophe portfolio modelling whilst also providing the chance to get involved in wider analytics strategies including business planning, portfolio optimization, and technical tool development.
  • Own the catastrophe modelling processes, business partnering relationships, and portfolio management reporting for select North America Commercial, and Specialty product lines including new initiatives such as Syndicate 2479 and other SPV portfolios
  • Lead the quarterly and/or monthly portfolio roll-up, ensuring accurate, timely, and insightful reporting across North American Commercial, and Specialty portfolios.
  • Develop automated processing and reporting frameworks for all North American business, and provide advice and data driven insights that will support Underwriting and Portfolio Management.
  • Develop close relationships with Internal and external partners including brokers, MGA's, and Talbot Cat Modelling, to ensure aligned processes access business units and reporting of Special Purpose Syndicate exposures.
  • Work closely with underwriting, actuarial, claims, and other functions, integrating catastrophe modelling insights into day-to-day business, and portfolio optimization strategies.
  • Carry out other modelling business activities including event response, business planning, budgeting, profit studies, portfolio optimization, reinsurance purchasing, and other exercises where catastrophe risk inputs are required.
  • Assist in the development of the company's internal view of catastrophe risk, and support deployment and change management efforts.
  • Support internal partners as needed to respond to rating agency surveys, regulatory filing, data calls and other ad-hoc reporting, for various U.S. state and national insurance regulatory bodies.
  • Be a best practices expert for Underwriting Teams, the CoE, and operational groups across the company. Proactively review and propose new or changes to, and play a key role in developing our systems, processes, and strategies
  • Continuously engage with the wider Catastrophe Risk Management & Analytics teams, supporting ad-hoc analytics projects and contributing to wider analytics initiatives.

What we are looking for
  • Bachelor's degree in an analytical field (e.g., Mathematics, Statistics, Finance, etc.); or Masters degree in an analytical field is a plus.
  • 7+ Years of catastrophe portfolio modelling experience, preferably using RMS and/or AIR.
  • Excellent analytical and problem solving skills.
  • A strong understanding of property insurance and reinsurance. Progress towards industry qualifications (e.g. CPCU) would be a bonus.
  • Experience using reinsurance modelling software such as Metarisk, Remetrica, Igloo, or others similar tools
  • In-depth knowledge of catastrophe models including their numerical methods, and science
  • Excellent SQL skills and an understanding of RMS back-end schema
  • Technical proficiency in and additional programming language such as R or Python
  • Experience with process and reporting automation in Excel
  • An ability to communicate technical concepts in a non-technical manner, to a wide range of audiences
  • Excellent communication, presentation, and interpersonal skills
  • Experience with internal capital models and dealing with regulatory returns is a bonus
  • A very high degree of independence and an ability to manage multiple workloads and projects with competing priorities

Not required but highly desired
  • Experience with market reporting software (PowerBI/Qlikview/Tableau/etc)
  • Experience or understanding of reinsurance including contracts, structures, and strategies
  • Experience with internal capital models and dealing with regulatory returns
  • Experience at a large organisation such as understanding of multinational and matrix structures, would be a bonus
  • Experience building data frameworks and governance to enrich data

The base salary range for this position is $120,000-$150,000 and the position is eligible for a bonus in accordance with the terms of the applicable incentive plan. In addition, we're proud to offer a range of competitive benefits, a summary of which can be viewed here: US Benefits Overview.
#LI-AIG
At AIG, we value in-person collaboration as a vital part of our culture, which is why we ask our team members to be primarily in the office. This approach helps us work together effectively and create a supportive, connected environment for our team and clients alike.
Enjoy benefits that take care of what matters
At AIG, our people are our greatest asset. We know how important it is to protect and invest in what's most important to you. That is why we created our Total Rewards Program, a comprehensive benefits package that extends beyond time spent at work to offer benefits focused on your health, wellbeing and financial security-as well as your professional development-to bring peace of mind to you and your family.
Reimagining insurance to make a bigger difference to the world
American International Group, Inc. (AIG) is a global leader in commercial and personal insurance solutions; we are one of the world's most far-reaching property casualty networks. It is an exciting time to join us - across our operations, we are thinking in new and innovative ways to deliver ever-better solutions to our customers. At AIG, you can go further to support individuals, businesses, and communities, helping them to manage risk, respond to times of uncertainty and discover new potential. We invest in our largest asset, our people, through continuous learning and development, in a culture that celebrates everyone for who they are and what they want to become.
Welcome to a culture of inclusion
We're committed to creating a culture that truly respects and celebrates each other's talents, backgrounds, cultures, opinions and goals. We foster a culture of inclusion and belonging through learning, cultural awareness activities and Employee Resource Groups (ERGs). With global chapters, ERGs are a cornerstone for our culture of inclusion. The talent of our people is one of AIG's greatest assets, and we are honored that our drive for positive change has been recognized by numerous recent awards and accreditations.
AIG provides equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with disabilities. If you believe you need a reasonable accommodation, please send an email to candidatecare@aig.com.
Functional Area:
AC - Actuarial
National Union Fire Insurance Company of Pittsburgh, Pa.

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About AIG

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American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.

Industry

Insurance services

Company size

10,000+ Employees

Headquarters location

New York, NY, US

Year founded

1919

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