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The Actuary The magazine of the Institute & Faculty of Actuaries

UK wins top research award

‘Cost efficiency and corporate governance in the UK life insurance industry’ is the title of a paper by Phil Hardwick (Bournemouth University), Mike Adams (University of Wales, Swansea), and Hong Zou (Lingnan University, Hong Kong) which won the Shin Insurance Research Excellence Award, presented at the annual International Insurance Society Conference in New York in July 2003. This award is given for theoretical and empirical papers that advance the knowledge of risk and insurance and which have potentially practical implications for the insurance industry.

Mike Adams and Hong Zou were repeat winners, in that these two had also won the prize in 2002. Mike Adams told The Actuary that he was disappointed that the profession’s research committee had not supported an application for funding of the research underlying this year’s winning effort.

Research steering committee chairman James Orr told us: ‘The Research Steering Committee welcomes the news that Mike Adams and his team have been awarded the Shin Insurance Award. Although this paper was not successful in gaining funding from our annual grant round, we found it an interesting topic that enjoyed much lively debate. This reflected the fact that the proposed approach was outside the mainstream of actuarial research that we have supported to date. We considered 13 applications in all, with four chosen for funding after much discussion. The Research Steering Committee continues to actively encourage the research activities of the profession and enjoys receiving applications from researchers in the annual round of grant awards. The next round will be announced later in the year for 2004.’