2014 Shin Research Excellence Award

Shin Research Excellence AwardsWe are thrilled to congratulate UCF Professor of Statistics, Mark Johnson on receiving the 2014 Shin Research Excellence Award!

The joint research program under the aegis of The Geneva Association and the International Insurance Society was established to promote practically oriented, applied research in insurance, addressing subjects which directly influence business operations. Each year research is solicited from leading academics worldwide on a highly relevant topic; a panel of eminent IIS judges then determines the most worthy research based on strict criteria and a comprehensive review.

“Far-reaching innovation in science and technology affect opportunities as well as risks, and staying on top of the lightning fast developments is paramount to company executives”, says Michael J. Morrissey, President and CEO of International Insurance Society. “Practical research, as exemplified by this year’s winning paper, provides an invaluable tool in navigating the evolving landscape.”

The IIS 2014 Submission is titled, “An Examination of the Geographic Aggregation of Catastrophic Risk” and is the collaborative effort of Mark with FSU’s Randy E. Dumm and Charles C. Watson, Jr., of Enki Holdings LLC. The paper explores the development of long-term solutions for major catastrophic property exposures and benefits of geographic diversification on tropical cyclone portfolios.

As expressed by this year’s panel of judges, specific feedback included:

“Important and challenging choice of topic. The paper does a good job of establishing thesis and supports same with appropriate tools and examples.”

as well as,

“I was impressed with the straight forward and logical approach to this important topic. The ability to combine various models and databases was a key feature that I found to be quite useful.”

As acknowledgement of this renowned award, Johnson, Dumm and Watson will be presented their award during the IIS 50th Annual Seminar this June in London. The award includes a generous travel allotment and a cash prize of $5000. In addition, their research will be published in The Geneva Papers on Risk and Insurance and will also be available in an advanced online publication and distributed by the IIS and The Geneva Association.

Chuck Watson, a long time collaborator with Mark, reacted to the award, “The Geneva Papers have long been the recognized landmark for the leading edge of insurance and related financial research.  To have our research recognized by the IIS in that forum is a tremendous honor, and we look forward to working with the Insurance and Financial Industries  in the hope this work will help create more stability for consumers in the catastrophe insurance markets.  This is especially important for Florida, as well as other hurricane prone areas such as the Caribbean, where our research is already seeing practical applications.”

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