Cyber Underwriting & AI Risk Senior Technical Specialist; FTC

Senior Technical Specialist Cyber Underwriting, Cat Risk & Exposure Management, Data and General Insurance Risk Division (DGIRD) - Insurance Supervision

Location:

Leeds or London Up to 23 month FTC Insurance Directorate

The Insurance Supervision Directorate has responsibility for the supervision of over 500 UK insurance companies and branches of international insurers. We fulfil the PRA's primary objective of UK insurers safety and soundness and policyholder protection.

The Data and General Insurance Risk Division (DGIRD) brings together actuarial, risk specialist and data analytics expertise to support the PRA's supervision of the UK insurance sector. DGIRD combines technical expertise across catastrophe risk, exposure management, climate risk, cyber underwriting risk, capital, reserving, reinsurance and general insurance underwriting with growing data and analytics capabilities. Working closely with supervisors, policy colleagues and specialists from across the Bank, the division provides technical advice, delivers thematic reviews, supports firm-specific supervision, undertakes research and horizon-scanning activities, and contributes to major cross-industry initiatives.

The division aims to operate as one integrated division, combining technical excellence, supervisory insight and data-driven analysis to support the PRA’s objectives and financial stability.

This is an exciting opportunity to help shape the PRA’s approach to cyber underwriting and AI risk, as part of a two-year contracting role as a Senior Technical Specialist. The role's primary focus will be cyber underwriting risk and AI-related insurance risk, including how firms identify, quantify, manage and aggregate exposures arising from cyber incidents and AI-related losses, and how these risks interact with broader prudential risks.

The role will also support work on catastrophe risk and exposure management.

Working across supervision, policy and other specialist teams, the successful candidate will provide technical leadership and judgement on complex issues, support firm-specific supervision and cross-market thematic work, contribute to horizon scanning and emerging risk identification, and help develop the PRA’s approach in these areas. The role will also support the operation and development of relevant cross-Bank technical networks, helping to coordinate specialist input, develop capability and deliver outputs that are useful for supervisors and senior stakeholders.

• Lead and develop the PRA's technical approach to cyber underwriting and AI-related insurance risk, including exposure management and underwriting, as well as collaborating with other technical specialists on areas such as pricing, capital and reinsurance.
• Provide expert technical input to supervision of firms’ cyber underwriting, AI-related insurance risk and exposure management, including reviews of regulatory reporting data, risk frameworks, exposure data, aggregation controls and management information.
• Contribute to horizon scanning, thematic work and views of risk, including emerging cyber and AI-related insurance risks, the development of affirmative and non-affirmative AI coverage, and the potential impact of technological developments on insurance underwriting, exposure management and business models.
• Support work on natural and non-natural catastrophe risk and exposure management, drawing links between cyber, catastrophe and broader aggregation risk where relevant.
• Contribute to the Catastrophe Risk & Exposure Management and Cyber cross-Bank Networks, helping set priorities, coordinate technical work, support delivery of outputs and build capability across supervision.
• Support supervisors and senior stakeholders in understanding prudential risks arising from cyber underwriting, catastrophe risk, exposure management, AI and other emerging developments in insurance.
• Present technical analysis and challenge at relevant internal committees, including the Insurance Risk Committee where appropriate.
• Represent the PRA in engagement with firms, industry bodies, academia, regulators and…