LONDON, Nov. 30, 2016 (GLOBE NEWSWIRE) -- The Willis Research Network today celebrates supporting the 2016 winner of the Lloyd’s Science of Risk Prize in the category of Natural Hazards.
The winning paper by Dr Ben Youngman and Professor David Stephenson of the University of Exeter, “A geostatistical extreme-value framework for fast simulation of natural hazard events” published in the Proceedings of the Royal Society, presents a statistical method for simulating natural hazard events. The method combines extreme value theory and geostatistics to produce a model that reliably captures extremes of a natural hazard process over space.
The judging panel, comprising experts from academia and insurance praised the analysis and research of the entry and said the paper added directly to insurers’ knowledge. As highlighted by the judges, the need to understand and evaluate risk is a key area of interest for insurers, and they felt that the work presented was potentially very useful for benchmarking and validation, and could increase the understanding of risk.
Lloyd’s is the world’s specialist insurance market with a history of risk management spanning more than 300 hundred years. The Science of Risk prize was launched in 2010 to stimulate cutting edge thinking into the latest emerging risks facing business. It incentivises and rewards the very best academic research in risk management. The 2016 awards focussed on two categories ”Natural hazards” and “Systems modelling”, accepting entries with specific focus on relevance to the insurance industry a key judging criterion.
Commenting on the prize, Dr Ben Youngman, lead author and Willis Research Network Fellow said; “It’s been great working with Willis Towers Watson on this project, and for our research and statistics, to be recognised by receiving the Lloyd’s prize. We now hope that our work proves useful in various aspects of reinsurance.”
This is the second recognition for the Willis Research Network at the Lloyd’s Science of Risk awards, following success in 2012 supporting research undertaken at the University of Bristol which provided a blueprint for a new generation of flood models.
Geoff Saville, Willis Research Network Atmospheric Hub leader, said, “We, at Willis Towers Watson, are very pleased to see industry recognition for this work. The research projects supported by the Willis Research Network are designed to be at the same time innovative, academically interesting, and applicable to real-world insurance activities - and this paper certainly fits the bill.”
He added, “It’s an excellent piece of work, which started with an industry need in mind, and through close collaboration with our Willis Re Catastrophe Analytics teams both during the project, and going forward, it will soon be used to provide a new tool for refining the Willis Re View of Catastrophe Risk.”
A full version of the award-winning paper is available on the Proceedings of the Royal Society website here
About Willis Research Network
Based in London, led and sponsored by Willis Towers Watson, the Willis Research network was formed in 2006 to integrate science, insurance and resilience at a scale never before envisaged. It has become an award winning collaboration between public science and the financial sector with a membership of around fifty leading research institutions. More information on the Willis Research Network is available at www.willisresearchnetwork.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.