An admittedly biased group of insurance industry chief risk officers told NU recently that actuaries have a blend of skills–some unique to their profession and some shared with others–that make them leading candidates for CRO positions.

Seven members of the Casualty Actuarial Society who have held the title of CRO at some point in their careers agreed that a key task of CROs–the analysis of hazard risks such as fires, catastrophes, worker injuries, lawsuits, and other traditionally insurable exposures–is a natural extension of what actuaries already do to develop insurance prices and evaluate loss reserves.

However, Teresa Dalenta, senior vice president of claims and customer care for Safeco in Seattle, noted that CROs also deal extensively with other risks–financial, operational and strategic. The CRO's role involves “more than the activity of buying insurance and reinsurance,” she said, noting that those who focus on the “hazard risk” element lay claim to only a limited aspect of the risk management space.

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