Risk/Reward Researchers Win Lloyd's Prize

Klaus Wunderlich and colleagues at the UCL Wellcome Trust Centre for Neuroimaging showed how humans' brains learn correlations between risk and reward and use this in decision-making.

Lloyd's awarded five 2011 Science of Risk Prizes on Nov. 24, including the top prize’ to Klaus Wunderlich and colleagues at the UCL Wellcome Trust Centre for Neuroimaging. Their groundbreaking research showed how humans' brains learn correlations between risk and reward and use this in decision-making.

Wunderlich was named overall winner and won the Behavioural Category prize.

The team used brain-scanning technology to reveal how the human brain makes risk-taking decisions. They concluded the brain may be better at learning through experience and continuous observations than from studying statistics or charts. The findings -- which are relevant for underwriters who make financial decisions based on understanding correlations -- could be used to promote better decision-making strategies, according to their paper.

"The paper gives insight into how the brain is capable of learning from prior experience, and how this influences the decisions we make," ”said Trevor Maynard, head of Lloyd's Exposure Management and a member of the judging panel.“ "The entry stood out as behavioral risk is such an important topic for insurance and because the paper is stimulating research into this key topic."

Other winners conducted research on climate modeling; post-catastrophe satellite-based damage mapping; fire risk analysis; and capital allocation calculations for insurers.

The Lloyd's Science of Risk Prize was created last year to recognize outstanding scientific research that improves insurers’’understanding of risk in a number of fields. The initial prize went to a researcher for his paper on improving the accuracy of long-range hurricane forecasting. The overall winner receives a £5,000 cash prize, while category winners take home £2,000 each.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • The Top 5 Safety and Technology Trends to Watch in 2019

    Get the latest on trends you can expect to hear more about in 2019, including continued growth of mobile safety applications, wearable technology, and smart PPE; autonomous vehicles; pending OSHA recordkeeping rulemaking; and increased adoption of international safety standard, ISO 45001.

  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We’ve put together a guide on key safety training topics, requirements for certifications, and answers to common training questions.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Industry Safe

OH&S Digital Edition

  • OHS Magazine Digital Edition - January 2019

    January 2019

    Featuring:

    • PREVENTING ERRORS
      Production vs. Safety 
    • EMERGENCY SHOWERS & EYEWASH
      Meeting the Requirements for Emergency Equipment
    • CONSTRUCTION SAFETY
      The State of Contractor Safety
    • FOOT PROTECTION
      The Three Keys to Effective Chemical Management
    View This Issue