Frequently Asked Questions
What credentials are being offered for professionals in Catastrophe Risk Management?
The Certified Specialist in Catastrophe Risk (CSCR) and Certified Catastrophe Risk Management Professional (CCRMP) are professional credentials in the field of catastrophe risk with application to insurance and risk management. These credentials are designed to recognize the knowledge, practical applications, and ongoing proficiency of professionals in this field. The CSCR credential is the base level (best practice experts) and the CCRMP credential is the advanced level (recognized subject matter experts).
Who has developed these new credentials in Catastrophe Risk Management?
These credentials have been developed and are offered through a partnership of the International Society of Catastrophe Managers (ISCM) and The CAS Institute (iCAS). The ISCM has provided leading experts in the field of catastrophe risk and iCAS has provided the expertise to bring professional credentials to the marketplace.
Why were these credentials developed?
These credentials were developed to meet an industry need by employers and business executives to access qualified talent who meet industry standards of knowledge, expertise, and skill to understand and apply the highly specialized tools used to manage catastrophe risks. The specialists and experts who obtain these credentials are required to maintain and advance their knowledge in the field through continuing education programs and professional development in order to use these credentials. Credential holders are also held to ethical standards appropriate for professionals being relied upon by business decision makers. These credentials are awarded based on satisfying knowledge and competency standards accepted in the industry.
Who is The International Society of Catastrophe Managers?
The International Society of Catastrophe Managers (ISCM) is a professional association that promotes catastrophe management professionalism within the insurance industry. The ISCM is a global organization with members in over 25 countries and provides forums for exchange of ideas, understanding current catastrophe management issues, and networking among catastrophe managers. More information about the ISCM can be found on the website, www.catmanagers.org.
Who is The CAS Institute?
The CAS Institute (iCAS), formed in 2015 as a subsidiary of the Casualty Actuarial Society (CAS), provides credentials and professional education for quantitative professionals. For more information about iCAS, please visit www.TheCASInstitute.org.
Who can join ISCM and iCAS? Why should I join?
Both the ISCM and iCAS have open memberships, so anyone can join either or both organizations. You do not have to hold a credential to join. The ISCM provides various benefits to its members globally, including educational, social, and networking, and industry relations. The CAS Institute offers membership worldwide to those who have interests in any of the areas of specialty offered through iCAS, including both Predictive Analytics and Data Science, and Catastrophe Risk Management.
Those who are awarded either of the catastrophe risk credentials pay a $350 credential fee that includes membership in both organizations. These memberships provide an opportunity to be a part of a professional community with others in their industry. In the area of catastrophe risk, the ISCM and iCAS have partnered to provide professional activities, forums, and other opportunities to enhance their members’ network and provide enhanced access to current industry developments. Members are encouraged to volunteer to promote the further developments within the practice community as well as help in the advancements most relevant to catastrophe risk management practitioners.
Whom can I contact for additional information on Catastrophe Risk credentials?
More information about the catastrophe risk management credentials can be found at CatRiskCredentials.org. If you have further questions or need additional information, please email us at CatCredentials@catmanagers.org.
Do ISCM or iCAS offer other specialty credentials?
The ISCM does not offer other credentials. The ISCM has partnered with iCAS to help meet its educational goals, which are part of its mission to serve the catastrophe risk management industry.
iCAS does offer other specialty credentials designed for professionals around the world seeking recognition through a credential in specialized quantitative practice areas, for example in predictive analytics and data science. While iCAS is affiliated with the CAS, an actuarial organization, it is structured to provide professional credentials and offer membership to many other professionals beyond actuaries.
How does credentialing process work?
The credentialing program follows a process similar to those used by other respected, well-recognized credentialing bodies, including the Casualty Actuarial Society and The Institutes (formerly the American Institute for Chartered Property Casualty Underwriters). Candidates for credentials in catastrophe risk will study relevant technical material based on a rigorous course of study that meets specified learning objectives in the subject matter area of catastrophe risk. Knowledge and competency assessments are generally required to earn the credentials, based on a series of comprehensive examinations.
In order to recognize those who are already experienced and highly competent in the catastrophe risk field, the catastrophe risk credentials can also be awarded to those with deep experience in the field, particularly those who have extensive industry experience, relevant academic degrees, published professional technical papers, and/or have other clear evidence of practical specialized knowledge and experience in the field.
Currently, earning the offered credentials via exams requires four exams for the CSCR credential, where the CCRMP credential is only available through an Experienced Industry Practitioner (EIP) pathway. Additional information on the credentialing process and curriculum can be found at CatRiskCredentials.org.
How does ISCM and iCAS ensure the quality of these specialty credentials?
These credentials are designed based on the integrity and relevance of recognized, high-quality educational standards for a specialty credentialing program. The curriculum and assessment processes operate in a manner similar to the rigorous processes used by other industry experts, based on well-established global guidelines for professionals.
The catastrophe risk credentials offered are overseen by expert panels comprised of industry specialists and thought leaders in their field. Each panel is responsible for creating the curriculum, setting the competency levels, directing the selection and development of educational materials, overseeing high-quality examinations, and scoring and establishing eligibility requirements for every person earning a credential. There is not a single company or small group of experts that control the process or the criteria. The process and criteria are vetted and reviewed by leaders across the industry.
The ISCM and iCAS utilize The Institutes (formerly the American Institute for Chartered Property Casualty Underwriters) to ensure that the credentialing process meets the highest standards of excellence in professional education. The Institutes provides state-of-the-art methods for delivering professional education and competency assessment (exams) for these specialty credential candidates. However, the educational content and degree of rigor for the catastrophe risk credentials is controlled by the ISCM/iCAS panel of experts.
How do these catastrophe risk credentials apply globally versus specific regional needs, for example in the United States or North America?
These credentials are designed to apply globally to those using catastrophe models and to catastrophe risk managers located in various regions throughout the world. The educational material encompasses modeling principles and risk management techniques which can be applied to the variety of catastrophe perils that exist throughout the world. For the first release of the study materials and examinations, some of the content for the first two exams refers to specific policy forms and claims handling practices as used in the U.S. and other parts of North America. However, the learning objectives for the exams, and the underlying principles, are designed to be applicable to all regions around the world.
What value do these catastrophe risk credentials provide to candidates?
In quantitative practice areas dealing with complex problems, there is a need to trust the knowledge and expertise of a professional when business executives need to make decisions that rely on understanding such professionals. The ISCM credentials provide the professional with a level of recognition and evidence of their expertise and specialized knowledge. A professional who holds a specialty credential understands that they are being depended upon for their expert advice and counsel with respect to their specialized subject area.
How can an Experienced Industry Professional obtain the CCRMP credential?
Currently, an Experienced Industry Professional (EIP) can be nominated for the CCRMP credential. Once nominated, the individual will need to complete an application that provides further details about their background, expertise, and experience in the catastrophe risk management field. The EIP application will be evaluated by a panel of experts who will recommend if the CCRMP credential should be awarded or if other assessments would be required in order to be awarded the CCRMP credential.
Please note the EIP pathway is available for CCRMP only. The CSCR must be attained via the exam pathway.
Will credit be given for some CSCR exams based for those with other professional credentials or designations such as ARe, CPCU, FCAS, or ACAS? Will there be any credit given towards some of the CSCR exams for those who have other credentials or who have passed other industry exams?
Full waiver information for the CSCR exams can be found here.
Are there any prerequisites for being awarded the Certified Specialist in Catastrophe Risk?
There is no prerequisite for taking the CSCR exams. Membership in the ISCM and iCAS is also required to be awarded and to continue to be recognized as a credential holder.
Do you have additional information on how long it will take to complete the requirements for the CCRMP?
At this time, the EIP pathway is the only way of achieving the CCRMP credential. Exams are in development and further details will be shared once launched.
We anticipate achieving the CCRMP credential through the examination process will take 1-2 years after achieving the CSCR credential. There will also be an additional time on-the-job requirement with relevant experience.
What is the cost of these exams/courses?
Current pricing is $850 per examination. Learning objectives and readings are provided here, but some study materials may need to be purchased by the candidate.
What if I am already a member of the Chartered Insurance Institute (CII), IFoA or another non-US body, or have a qualification from a non-US body, such as ACII?
If you have passed LM1 and LM3 from the CII, you can waive CSCR Exam 1. Full waiver information can be found here.
How much will dual membership of ISCM and iCAS cost?
Dual membership dues are $350 annually. Current iCAS members will have dues of an additional $100 per year for dual membership. Current ISCM members will pay additional dues for dual membership based on ISCM dues paid or other credits provided by ISCM.
When will additional testing windows be opened for the first exam?
Each exam will be available during two-month long testing windows each year. The windows run January 15 – March 15, April 15 – June 15, July 15 –September 15, and October 15 – December 15.
Will you be incorporating any technical data skills, such as SQL, R or Python, etc.?
While these technical data skills are often employed in the managing data within cat risk management process, the credentials will not test on these technical areas. However, many catastrophe risk practitioners have the basic skills in using these tools. The CAS Institute periodically offers continuing education opportunities that cover some of these skills.
Will you be sharing your roadmap for future enhancements and plans?
Yes. The website catriskcredentials.org will be the primary resource for sharing this information. In addition, you may register to receive the iCAS monthly newsletter. Sign up at the bottom of the home page at TheCASInstitute.org.
Do you have the pass scores determined for the exams? For example, will an 80% be considered a pass?
While we have not (yet) determined a definitive passing grade for these exams, in general, 80% would be a passing grade but 80% is not intended to be a minimum grade.
What are the continuing education requirements?
There will be continuing education (CE) requirements for someone to maintain and use the credentials. While not required at this time, we have created recommended guidelines.
Are there prep materials provided for each exam? Book, online content, etc.? Will there be prep materials for Exam 1 and for the other exams as well?
A syllabus with learning objectives will be provided for each exam. In some cases, a combination of outside resources will be needed. Some materials can be obtained for free while other materials may only be available for purchase.
Are there sample papers or practice exams available?
We do not offer any sample papers or practice exams at this time. Our recommended study is to review the online course and the recommended readings from the learning objectives for each course/exam.
Are vendor cat modeling certifications (such as CCRA or CCM) being considered as part of the waiver process?
While there are elements in the material contained in those certifications that overlap CSCR learning objectives, at this time those materials are not considered sufficient to meet the CSCR requirements. In general, the CSCR is based on different objectives for educational and technical qualifications than the vendor cat modeling certifications.
What is the recommended study time, number of exam questions and maximum time allowed for each exam?
| Course | Study Time (est.) | # Questions | Time Allowed |
| Online Ethics Module | 2-3 hours | Not timed | |
| CSCR Exam 1 | 250-300 hours | 100 | 3 hours |
| CSCR Exam2 | 200-250 hours | 60 | 2 hours |
| CSCR Exam3 | 300-350 hours | 125 | 3 hours |
| CSCR Exam4 | 250-300 hours | 100 | 3 hours |