Aaron C. Koch

FCAS, MAAA

Principal and Consulting Actuary

South Burlington, VT, US

Aaron Koch is a principal and consulting actuary based in Northern Virginia. He joined Milliman in 2011.

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Experience

Aaron develops innovative solutions for the rapidly growing catastrophe risk and alternative capital markets. He works with leaders in these fields—including specialist hedge funds and reinsurers—to provide independent analyses for asset valuation, post-event loss reserving, and modeling of new or unusual risks to the ILS market. Aaron is a frequent writer and speaker on alternative financing structures for catastrophe risk.

Aaron’s actuarial experience includes consulting for a diverse set of clients throughout the property and casualty insurance industry, including corporations and government entity risk pools. He frequently develops models for low-frequency, high-severity risks, e.g., property catastrophe and commercial liability risks such as product liability and medical malpractice.

Publications and Presentations

Selected Presentations

"COVID-19: Spotlight on Business Interruption." IFoA GIRO Webinar Series, 2021.
"ILS Valuation and the Market Experience from Harvey, Irma, and Maria." ILS Convergence, November 2018.
"Analyzing the Future of ILS: Independent Modeling for non-Cat Issuances." ILS Convergence, November 2017.
"Locked Collateral: How Much is it Costing You?" ILS Convergence, November 2016.
"On Beyond Cat Bonds: How Alternative Capital is Reshaping the Reinsurance Industry." CAS Webinar, February 2016.

Selected Publications

"A tale of two catastrophes: Demand surge and inflation put property insurers in a bind." Milliman Insight, January 2022.
"Casualty: The next ILS frontier?" Carrier Management and Insurance Journal, July/August 2018.
"Non-NatCat insurance-linked securities: Identifying market opportunities for diversifying perils." Milliman Insight, November 2017.
"Surveying the damage: The impact of Harvey, Irma, and Maria on the alternative capital market." Milliman Insight, October 2017.
"Measuring the impact of 'locked collateral' on collateralized reinsurance returns." Milliman Insight, April 2016.
"A new model for weathering risk: CDOs for natural catastrophes." CAS E-Forum, May 2015.

Professional Designations

Fellow, Casualty Actuarial Society
Member, American Academy of Actuaries

Education

BA, Mathematics and BA, Philosophy, Dartmouth College

Affiliations

CAS Joint Program Committee for Reinsurance Seminars (Chair 2020-2021; Vice-Chair 2018-2019)

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Publications

Read their latest work

Article

経済の不確実性を管理：（再）保険会社のための外国為替ボラティリティへの対応方法

07 October 2025 - by Aaron C. Koch, Tara Miller, Delaney Johnson

本稿では、外国為替（FX）レートの変動がアクチュアリーにどのような影響を与えるかを探り、FX関連リスクを管理するアクチュアリーのためのガイドを提供します。

Article

Managing through economic uncertainty: How to handle foreign currency volatility for (re)insurers

07 October 2025 - by Aaron C. Koch, Tara Miller, Delaney Johnson

This paper explores how foreign exchange (FX) rate fluctuations impact actuaries and provides a guide for actuaries managing FX-related risk.

Article

The expected impacts of Hurricane Milton: What’s next for the Florida insurance market?

14 October 2024 - by Aaron C. Koch, David Blake

In the aftermath of the storm, we look at the expected insurance impacts of Hurricane Milton and the anticipated future responses of the (re)insurance markets in Florida.

Article

ハリケーン・ミルトンから想定される影響:フロリダ州の保険市場の今後

14 October 2024 - by Aaron C. Koch, David Blake

この度の暴風雨をきっかけに、ハリケーン・ミルトンが保険に与える影響と、予想されるフロリダ州の（再）保険市場の今後の対応について考察します。

Article

Rebuilding the California property market: Reinsurance costs and recent reforms

23 October 2023 - by Robert Zolla, Aaron C. Koch

With homeowner policy payouts rising in California due to wildfires and other disasters, we review the impacts of the state's prohibition against including reinsurance costs in rate filings.

Article

カリフォルニア州の損害保険市場の再構築：再保険コストと直近の改革

23 October 2023 - by Robert Zolla, Aaron C. Koch

山火事やその他の災害により、カリフォルニア州で住宅所有者の保険金支払いが増加する中、同州による再保険コストの料率への織り込み禁止による影響について振り返ります。

Article

座礁したフロリダ州損害保険市場は、立て直し可能か?

19 July 2023 - by Aaron C. Koch, David Blake

近年の巨大ハリケーンに見舞われて以降、フロリダ州の住宅所有者保険市場の改革は、持続可能性に向けた取り組みをしてきましたが、最難題に向き合う日々はこれからなのかもしれません。

Article

The Florida property insurance market ran aground. Can the ship be righted?

19 July 2023 - by Aaron C. Koch, David Blake

After recent hurricanes, reforms in Florida’s homeowners insurance market have laid a path toward sustainability, but the most challenging days may still await.

Article

The G7 takes on climate change: Are catastrophe bonds an answer?

16 August 2022 - by Stephen A. White, David Blake, Aaron C. Koch, Karl Goring, Karthik Tumuluru, Anastasia Radko, Rbhya Pal

The G7 takes on climate change: Are catastrophe bonds an answer?

Article

気候変動に対するG7の取り組み：答えはCATボンド？

16 August 2022 - by Stephen A. White, David Blake, Aaron C. Koch, Karl Goring, Karthik Tumuluru, Anastasia Radko, Rbhya Pal

気候変動に対するG7の取り組み：答えはCATボンド？

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Experience

Aaron C. Koch

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Experience

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Read their latest work

経済の不確実性を管理：（再）保険会社のための外国為替ボラティリティへの対応方法

Managing through economic uncertainty: How to handle foreign currency volatility for (re)insurers

The expected impacts of Hurricane Milton: What’s next for the Florida insurance market?

ハリケーン・ミルトンから想定される影響:フロリダ州の保険市場の今後

Rebuilding the California property market: Reinsurance costs and recent reforms

カリフォルニア州の損害保険市場の再構築：再保険コストと直近の改革

座礁したフロリダ州損害保険市場は、立て直し可能か?

The Florida property insurance market ran aground. Can the ship be righted?

The G7 takes on climate change: Are catastrophe bonds an answer?

気候変動に対するG7の取り組み：答えはCATボンド？

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CHOOSE A LOCATION AND LANGUAGE

Aaron C. Koch

Experience

Read their latest work

経済の不確実性を管理：（再）保険会社のための外国為替ボラティリティへの対応方法

Managing through economic uncertainty: How to handle foreign currency volatility for (re)insurers

The expected impacts of Hurricane Milton: What’s next for the Florida insurance market?

ハリケーン・ミルトンから想定される影響:フロリダ州の保険市場の今後

Rebuilding the California property market: Reinsurance costs and recent reforms

カリフォルニア州の損害保険市場の再構築：再保険コストと直近の改革

座礁したフロリダ州損害保険市場は、立て直し可能か?

The Florida property insurance market ran aground. Can the ship be righted?

The G7 takes on climate change: Are catastrophe bonds an answer?

気候変動に対するG7の取り組み：答えはCATボンド？

CHOOSE A LOCATION AND LANGUAGE