The Science of Risk Research Prize

We are constantly striving to better understand the world around us so that we can manage and mitigate risks and make sure that our insurance pricing fairly reflects the risks posed by various sectors or perils.

• About the competition

  Lloyd's is the world's specialist insurance market where cover is provided for a wide range of risks.
  
  We help individuals and companies manage risks ranging from property damage to third-party liability. To help us better understand these risks, it's important for us to keep track of academic research in a variety of fields.

  More about Lloyd's and the types of things we insure
  
  We believe that our industry has some technical challenges that should be very interesting to academics around the world. These include better understanding the impact and management of climate change, the use of cutting-edge mathematics in modelling and the understanding of the benefits and risks of nanotechnology.

   

• Risk categories

  This year we are calling for published research within the following categories:

  • Behavioural risk
  • Biological and technological risks
  • Geopolitical and societal risks

  We’ve listed a few questions below just to get you thinking. But don’t let these steer you too much. We are keen to hear about the questions you think we should be asking too.

  Behavioural

  • How might behavioural biases affect the way insurers manage risks?
  • What processes should we put in place to help avoid these biases?
  • Should insurers run “failure training” in the same way airline pilots have to undergo such tests: what could we learn from this?
  • How can we stimulate cross stakeholder scenario analysis?
  • How can knowledge of behavioural biases help in the identification of emerging and catastrophe risks?
  • How can behavioural insights help the insurance industry better understand the modelling of rare, high magnitude risks?

  Biological and technological

  • How might new safety technologies affect accident rates?
  • How is the latest medical research changing the risk of epidemics?
  • How soon might third generation biofuels be available? What did we think we knew last year, that we now realise we don’t?
  • How is urbanisation affecting the evolution rate of new diseases?
  • Are intensive farming practices a hot bed for new pandemics?
  • How can we assess the long-term health impacts of new technologies?
  • How could better characterised new materials reduce risks?
  • How can we stimulate innovation whilst protecting health and the environment?

  Geopolitical and societal

  • What might be the implications for the insurance industry from the current Euro Crisis?
  • When will we reach “peak oil” and what will this mean for business and wider society?
  • How is the threat of cyberterrorism growing and evolving?
  • What impact will future population growth have on global food and water resources?
  • Given the complex inter-related causes of obesity, how can this issue be addressed?
  • How can we tackle the issues related to an ageing population in Europe and other regions?

• Prize

  • The overall winner will be awarded a prize of £5,000 for his research.
  • We are offering prizes of £2,000 for the best research paper in each category.
  • A prize of £500 for best runner-up in each category will also be awarded.
  • An awards dinner in Lloyd’s historic Adam Room will be held for the category winners and runners up. 
  • The winners are expected to present their work at a conference at Lloyd’s prior to the awards dinner. All entrants including shortlisted entrants are also encouraged to show their work on A1 portrait posters which will be shown at the event.
  • Attendance at the dinner and conference is expected for all those receiving monetary prizes.  
  • We are keen to receive entries from researchers at every level in their career. So our competition is open to PhD students as well as qualified Post Doctoral research staff.
  • You must be either working in a university department or at a government (owned or part-funded) research organisation.
  • The Science of Risk Prize information booklet can be found here.

• Enter here

  The submission deadline is 25 September 2013.

  This year we are seeking entries in the following categories:

  • Behavioural risk
  • Biological and technological risks
  • Geopolitical and societal risk

   To submit your application, please fill out our entry form. You must also send the following documents to scienceofrisk@lloyds.com to complete your application:

  1. Your published paper in PDF format
  2. A 1000 words summary outlining the key findings of your paper and why you think your research is relevant to the insurance industry in Microsoft Word format
  3. A photograph of yourself in JEPG Format.

  Please read our terms and conditions before applying. For further information regarding the prize, read our Science of Risk booklet.

    

• Terms and Conditions

  Please read the full terms and conditions before entering the Science of Risk prize.