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Senior Risk Actuary (Life Reinsurance and Financial Risks)

Location Sydney, Australia Job type Full-Time Work mode Hybrid Job level Professional Job ID 13299 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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The Risk Management team is responsible for the risk frameworks across the Australia and New Zealand reinsurance entities. The Risk Management team works closely with the Boards and Risk and Compliance committees on a range of risk related matters. The objective of the Risk Management team is sound risk management that helps in realisation of the operating plans for the business.

As Senior Risk Actuary – Life Reinsurance & Financial Risks, you will play a key second line role responsible for the design, oversight and continuous enhancement of risk frameworks across Munich Re’s Life Reinsurance business, with additional accountability for financial risk frameworks spanning both Life and P&C reinsurance.

You will strengthen financial risk governance and deliver high-quality risk insights through actuarial and financial analytics, supporting informed decision-making at senior management and Board level. Operating within a global, matrixed environment, you will collaborate closely with Finance, Actuarial, Underwriting, Claims and Group Risk teams to ensure risks are effectively identified, assessed and managed in line with Group standards and regulatory expectations.

Your Role

Life Reinsurance Risk Leadership

  • Lead the design, enhancement and oversight of the risk framework for the Life Reinsurance business, ensuring alignment with Group standards and APRA requirements.
  • Partner with Actuarial, Underwriting, Claims and Finance to identify, assess and challenge key Life specific risk exposures.
  • Provide independent risk oversight and constructive challenge to first line risk decisions.

Financial Risk Framework Development (Life & P&C)

  • Design and embed proportionate frameworks for financial risks, including credit, market, liquidity, capital and insurance risk.
  • Develop and maintain risk appetite statements, limits and KRIs for financial risk exposures.
  • Provide clear, forward looking risk insights and recommendations to senior management and Boards

Risk & Control Assessments (Life Reinsurance Only)

  • Lead the execution and oversight of risk and control assessments for the Life Reinsurance business.
  • Oversee the management of risk events, including triage, root cause analysis and remediation tracking.
  • Prepare concise, decision oriented risk reporting for management, risk committees and Boards.

Risk Data, Analytics & Reporting

  • Drive the development of enhanced risk analytics, dashboards and reporting to support data driven decision making.
  • Oversee risk data quality and contribute to improvements in risk systems, automation and reporting efficiency.

Risk Opinions

  • Work with Head of Risk to provide independent risk opinions as required under governance frameworks.
  • Contribute risk oversight on material strategic and regulatory projects, including capital adequacy, retrocession, sustainability initiatives, and pricing or valuation led activities.
  • Review the adequacy of controls across pricing, valuation, underwriting and claims, where required.

Culture, Engagement & Collaboration

  • Promote a strong risk culture through engagement, training and constructive challenge.
  • Act as a trusted advisor to the business and a collaborative member of the Risk function.
  • Deliver risk training and awareness activities, including leading Board workshops and organisation wide sessions.

Your Profile

  • 7+ years’ experience in actuarial, actuarial consulting, and/or risk actuarial roles (including experience gained in life insurers, reinsurers, or professional services firms such as Big 4).
  • Fully qualified Actuary
  • Demonstrated experience in Life Reinsurance (preferred) or Life Insurance.
  • Strong understanding of financial risk, including credit, market, liquidity, capital adequacy and insurance risk.
  • Solid working knowledge of APRA prudential standards and risk management frameworks.
  • Strong capability to translate actuarial and financial analysis into clear, actionable risk insights for senior stakeholders, including Boards.
  • Advanced capability in actuarial and data analytics, including the ability to develop and utilise risk dashboards, automated reporting, and analytics tools (e.g. Excel, BI platforms, SQL or similar) to support insight generation and decision-making
  • Strong written and verbal communication skills, with experience presenting to senior management and Boards.
  • Ability to influence, challenge constructively and build credibility with senior stakeholders.

Desirable:

  • Experience working effectively in a global, matrixed organisation.
  • Previous experience in a second line risk oversight role.

At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experiences, perspectives and thought. This interaction is our foundation. Of our open culture and spirit of partnership. Of how our teams are built and cultivated. Of how we are supported and developed. And at the center of this interaction is each of us.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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