Lloyd’s Launches ‘Science of Risk’ Prize Competition

Lloyd’s has announced its first ever Science of Risk prize. The initiative, aimed at “risk-related research from PhD students or Post-Doctoral research staff,” is focused on studies in the following categories:

— Natural hazards
— Climate change
— Technological risks
— Biological risks
— Behavioral risks

Lloyd’s aims to attract “talented scientists” to help its specialist insurers, syndicates and brokers “better understand risks.” The reward for doing so is up to £5000 (app. $7500).

The aim of the competition is to “demonstrate how science can help insurers overcome technical challenges including: understanding the impact of climate change; the use of cutting edge mathematics in catastrophe modeling; and the benefits and risks of nanotechnology,” said the bulletin.

Lloyd’s Chief Executive, Dr Richard Ward, explained: “The world of risk is evolving and insurers must continually seek new ideas and understandings to improve our expertise. I encourage anyone with an interest in these risks to enter. By supporting academic talent we can advance the next generation of leadership and discovery.”

Science can help to inform insurers’ decisions when providing cover and encourage businesses and individuals to better manage the threats they face.

The submitted peer-reviewed research papers will be assessed on quality, relevance to insurance, writing style, novelty of risk and financial significance.

Entries close 15 October 2010. Prizes of £2,000 [$3000] will be awarded for the best research paper in each category as well as an additional £3,000 [$4500] for the best overall paper. The runner-up in each category wins £500 [$750].

Further information and entry forms can be found at: www.lloyds.com/scienceofrisk

Source: Lloyd’s