Investing in science for natural hazards insurance
journal contributionposted on 28.01.2019, 10:13 authored by John HillierJohn Hillier, Matthew Foote, Andreas TsanakasAndreas Tsanakas, John Wardman, Kirsten Mitchell-Wallace, Richard Dixon, Boyka SimeonovaBoyka Simeonova, Ruth Hughes, Cameron Brown
Briefing note describing how (re)insurers and university-based environmental scientists could best work together to accesss government (UKRI) funding in order to improve the flow of science into the insurance sector.
Natural perils (e.g. hurricanes) can cause losses >$100 billion per year. Modelling these risks is a key part of the global (re)insurance sector’s decision-making and, critically, includes peer-reviewed environmental science that is primarily created in universities. Yet, how can university-based scientists and (re)insurers best align to use government funding to work together in light of their differing priorities and existing tools and expertise within industry? This briefing aims to foster more frequent and diverse collaborations by building mutual understanding, firstly outlining the communities’ respective interests, then describing the basics of science usage in decision-making within (re)insurers, and finally introducing how these might lead to opportunities and partnerships with the current university and funding landscape.
INTER-ACTION - 'Defining how we can act together to manage insurable risk'
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