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Pricing climate risk insurance products – a quantitative study


Project Description

A number of insurance risk securitisation products have been launched in past in several parts of the world under World Bank’s disaster risk financing scheme. However, the majority of them are designed on an ad hoc basis to provide insurance solutions for a limited number of climate risk victims. The previous research had identified that due the lack of the viability of premium as well as the lack of stakeholders’ participation in the schemes they rarely sustain for a longer period of time. However, it is recognised that sustainable insurance schemes are highly necessary to protect the climate risk victims to achieve their objectives, which are factored in the UN Sustainable Development goals. A recent study of Acharyya et al (2018) proposed a conceptual risk financing model with public and private partnership to provide insurance solutions for climate risk victims at the national level. However, it is still not clear how the pricing of the risk financing securitised product will be priced given the associated uncertainties and arrangements. This study will develop alternative risk pricing quantitative models for the insurance solutions of the climate related catastrophe risks.

Brief description of supervisor esteem:


Dr Madhu Acharyya is an active member of the Cyber Risk Investigation working party of the Faculty of the Institute of Actuaries https://www.actuaries.org.uk/practice-areas/risk-management/risk-management-research-working-parties/cyber-risk-investigation Furthermore, he is also the Director of Studies of two full time PhD students (current) at GCU London, who have been studying the development of Climate Risk Financing models that could help further develop this area.

Dr Michael Zboron is an insurance researcher expert who worked as Technical Specialist in the Insurance Sector & Prudential Support Department of the Prudential Regulation Authority (Bank of England) where he was responsible for financial and risk analysis of the insurance sector in the United Kingdom.

Specific requirements of the project:


The successful candidate should have advanced knowledge on risk and insurance topics preferably at the post graduate level. In addition, advanced skill in quantitative analysis is necessary.

Candidates are requested to submit a more detailed proposal (of a maximum of 2000 words) on the project area as part of the application. In particular, more challenges may arise from the structures of the local/regional insurance and capital market to accommodate in the detail proposal.

How to apply:


Project Reference Number: GCUL-2019-002 Acharyya

SUBMISSION DEADLINE: TUESDAY, 28TH MAY 2019

Applicants will normally hold a UK honours degree 2:1 (or equivalent); or a Masters degree in a subject relevant to the research project. Equivalent professional qualifications and any appropriate research experience may be considered. A minimum English language level of IELTS score of 6.5 (or equivalent) with no element below 6.0 is required. Some research disciplines may require higher levels.

Candidates are encouraged to contact the research supervisors for the project before applying. Applicants should complete the online GCU Research Application Form, stating the Project Title and Reference Number (listed above).

Please attach copies of academic qualifications (including IELTS if required), 2 references and any other relevant documentation to the online application.

Please send any enquiries regarding your application to:

Applicants shortlisted for the PhD project will be contacted for an interview.

For more information on how to apply and the online application form please go to:
https://www.gcu.ac.uk/graduateschool/postgraduatestudy/phdstudyatgcu/prospectivestudents/
https://www.gcu.ac.uk/research/postgraduateresearchstudy/applicationprocess/

Funding Notes

This project is self-funded. A variety of scholarship packages including funded studentships (tuition fees and stipend) and fees only scholarships are available to UK/EU and international candidates. The studentships are not guaranteed and candidates interested will be competing against others in the funding opportunity.

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