The promotion of actuarial science
Each year, in various different European countries, SCOR rewards the best academic projects in the field of actuarial science with prizes. These prizes are designed to promote actuarial science, to develop and encourage research in this field and to contribute to the improvement of risk knowledge and management. They are recognized in the insurance and reinsurance industries as a measure of competence.
In 2012, prizes were awarded in five different countries: Germany, France, Italy, Spain (for the entire Iberian Peninsula) and the United Kingdom. Moreover, a SCOR Fellowship prize for Switzerland, which consists of a research grant in actuarial science and mathematical finance, was awarded in the first quarter of 2012. SCOR will be developing its Actuarial Awards outside of Europe, with prizes in the Asia-Pacific region as of 2013, followed by prizes in North America.
SCOR also employs a number of PhD students, notably from the actuarial field, who come to finish their theses at SCOR, where they find an environment suited to high-level empirical or formal research into the worlds of insurance and finance.
SCOR Global Life’s Research Centres
SCOR also promotes research through SCOR Global Life’s four R&D centres (CERDALM, CERDI, CIRCAD and CREDISS), which are designed to enhance the Group’s skills in terms of risk. To this end, the centres work closely with external research organisations such as the Assmann Foundation in Germany (cardiovascular disease), and the team at the Pierre & Marie Curie University at Pitié-Salpêtrière hospital (human immunodeficiency virus (HIV) research).
Moreover, these four centres regularly organise conferences and debates in order to reinforce the exchange of knowledge between SCOR employees and external experts.
Economic research and its application to insurance
As part of the Risk Foundation, SCOR finances a research chair dedicated to a major research project on the balance of risk markets, notably with regard to acute risks, and on the economic value created by such markets. A notable objective of this project, which is conducted in partnership with the Institut d’Economie Industrielle (IDEI) in Toulouse and the Paris-Dauphine University, is to define the conditions needed to optimise risk management by the markets and thereby determine the consequences involved for insurance and reinsurance supervision. This partnership was renewed in 2012 for a period of five years.
SCOR has joined forces with the Fondation Jean-Jacques Laffont – Toulouse Sciences Economiques to create a research chair dedicated to a research project on economic developments, particularly in the wake of the crisis that has hit the global economy since 2007. The research conducted as part of this project notably concerns the management of financial risk, the detection and management of tail risk, and links between the financial markets, the real economy and innovation, along with long-term and responsible investment, corporate governance and effective motivation, links between strategic and tactical asset allocation in an uncertain environment where liquidity constraints are likely, and the factors involved in determining the risk premiums, ambiguity premiums and liquidity premiums attached to financial assets.
SCOR also supports research as a member of the Geneva Association, which brings together 80 of the world’s top insurance and reinsurance companies in order to promote research into the risk and insurance economy throughout the world, through the financing of studies and seminars that pit industry directors, public authorities and researchers against the major challenges facing the profession such as climate risks, financial risk, long-term care, pensions, prudential standards and accounting standards.
In March 2011, SCOR also concluded an agreement with Nanyang Technological University (NTU) in Singapore, with a view to creating an “Insurance Risk and Financial Research Centre” at Nanyang Business School (NBS). The aim of this Centre is to promote applied research into insurance and its associated risks, and to establish a platform for exchange and research projects specifically for the Asia-Pacific region. NTU is a globally recognised university, notably for its expertise and research in the fields of insurance and actuarial science. NBS is one of the best management schools in the Asia-Pacific region and is renowned for the quality of its research.
The SCOR Global Risk Center
The SCOR Global Risk Center represents a new expression of SCOR’s commitment to the knowledge and science of risks. The centre deals with all disciplines concerned by risk (mathematics, actuarial, physics, chemistry, geophysics, climatology, sociology, law, economics, finance, etc.) and brings together studies and publications produced or supported by SCOR, as well as all of the resources that SCOR wishes to reference. Contributions to the centre may originate from any field, without restriction. As at the end of 2012, the SCOR Global Risk Center contains around 1000 internal and external reference works.