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The Actuary The magazine of the Institute & Faculty of Actuaries

Lloyd’s sponsors Cass PhD students to undertake cutting-edge insurance research

Lloyd’s, the specialist insurance market, is insuring a good future for two students by sponsoring their three-year PhD course at Cass Business School. Students from the business school will spend up to three days a week working at Lloyd’s, learning about the market, conducting cutting-edge research, and developing practical applications in insurance.

In February Yan Duan, 24, and Huijan Liu, 25, both from China, joined Lloyd’s risk management department and market risk and reserving unit (MRRU) respectively. Huijan will carry out research on reserving and capital modelling, while Yan will look at how Lloyd’s can better quantify aggregate risk exposure to the market.

The students will be supervised by Professor Richard Verrall (above centre), head of the Faculty of Actuarial Science and Statistics at Cass Business School. Professor Verrall said: ‘Academically speaking, insurance has always been the poor relation of other business studies subjects in the past. We want to turn this around by doing practical research that is of real value to the insurance industry. It is excellent that Lloyd’s has recognised there is a need for more high-quality, industry-focused research, and that they are willing to help turn things around by sponsoring research.’

Sponsorship of the students includes overseas fees for the three years it takes to do their PhD, an annual bursary to assist with living costs, and money for study costs such as computing needs and travel. The total being invested is £136,000 – £110,500 from Lloyd’s, and the rest from the Faculty of Actuarial Science and Statistics at the Cass Business School.

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