Outstanding Impact in Commerce and Industry Award.
Winds of change: insurance risk pricing for clusters of natural catastrophes
Key staff
Hurricanes and European windstorms are the largest source of insured catastrophe losses on the planet. Research at Exeter has stimulated the insurance industry to address the increased risks caused by the clustering of such storms, which has led to more reliable insurance pricing. In February 2006, discussion between Willis Re and Professor Stephenson helped create the Willis Research Network – the world’s largest partnership between academia and the insurance industry.
Research funded by leading global reinsurance firm Willis Re and AXA aims to understand the collective risk of storms, such as the European windstorms in 1990 and 1999, when European losses exceeded $10bn. The work is led by Professor David Stephenson, an expert in climate science based in the University’s Mathematics Research Institute.
