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

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 are proud of our relationships with universities and research organisations. Detailed understanding of risk is essential to everything we do at Lloyd’s, and the Science of Risk prize is designed to challenge researchers and Lloyd’s insurers to stretch their thinking. For researchers, the prize offers an opportunity to translate original work for a business audience. For insurers, the prize generates insights in to some of the most challenging risk management problems they encounter.

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

Now in its seventh year, the 2016 Prize year's academic community are invited to submit papers in one of the following two categories:

  • Natural hazards;
  • Systems modelling.

Key dates

  • Closing date for entries: 25 September 2016.
  • Shortlisted entrants notified: Mid - October.
  • Winners notified: week commencing 7 November 2016.
  • Awards conference and dinner date: 29 November 2016.

Prize

  • We are offering prizes of £5,000 for the best research paper in each category.
  • A prize of £1,000 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 runner-up in each category. 
  • 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 expected 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.  

Eligibility

  • 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.

Apply here

Submit your paper via the Science of Risk entry form. The closing date for entries is 25 September 2016.

Find out more first here:

​Science of Risk Prize information booklet
Terms and conditions

Science of Risk Prize 2015

The winners for the 2015 Prize were announced on 25 November with the awards presented by Tom Bolt, Lloyd's Director of Performance Management.

Within the category of "Big data analytics and machine learning", Dr Erik Chavez was awarded first prize for his paper on "End-to-end assessment of extreme weather impacts on food security". Within the category of "cyber risk", Stefan Laube was awarded first prize for his paper on "Mandatory Security Information Sharing with Authorities: implications on investments in internal controls".

Left to right: Dr Pete Burnap, Stefan Laube, Andrew Hayward and Dr Erik Chavez

Left to right: Dr Pete Burnap, Stefan Laube, Andrew Hayward and Dr Erik Chavez from the 2015 Science of Risk Award.