Know your correlation: An interactive game: Difference between revisions

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|Publication Year=2024
|Publication Year=2024
|Access=Open
|Access=Open
|Link=https://zenodo.org/records/12532855, https://doi.org/10.5281/zenodo.12532855
|Link=https://doi.org/10.5281/zenodo.12532855
|Organisation(s)/Authors=John Hillier, Loughborough Univeristy, UK
|Author(s)=John Hillier
|Description=Summary of activity: A dice-rolling game, simulating 6 causes of loss (i.e. possible hazards) and how dependency affects the chance of loss exceeding a threshold.
|Organisation(s)=Loughborough University
 
|Description=Aimed at people new to the field of catastrophe risk management or multi-hazard risk, this serious game simulates 6 possible hazards (i.e. causes of loss) and explores how hazard interactions and dependency between lines of business or regions can influence the chance of loss exceeding a threshold. The aim of the game is to explore correlation and dependencies to estimate losses.
Why is the training important: In short, because diversification is the basis of all (re)insurance, and correlation (a.k.a. dependency) destroys diversification. So, it’s fundamental. If we get dependency wrong, we mis-estimate risk, mis-price risk etc ….
|Key Words=Insurance, Risk correlation, Natural hazard Dependency, Co-occurring hazards, Compound risk
|Key Words=Insurance, Risk correlation, Natural hazard Dependency, Co-occurring hazards, Compound risk
}}
}}
<div style="text-align:justify">
'''Year of publication''': 2024
'''Access''': Open
'''Link''': https://zenodo.org/records/12532855, https://doi.org/10.5281/zenodo.12532855
'''Organisation(s) / Author(s)''': John Hillier, Loughborough Univeristy, UK
'''Description:'''
Summary of activity: A dice-rolling game, simulating 6 causes of loss (i.e. possible hazards) and how dependency affects the chance of loss exceeding a threshold.
Why is the training important: In short, because diversification is the basis of all (re)insurance, and correlation (a.k.a. dependency) destroys diversification. So, it’s fundamental.  If we get dependency wrong, we mis-estimate risk, mis-price risk etc ….
'''Technical considerations''':
None
'''Keywords''':
Insurance, Risk correlation, Natural hazard Dependency, Co-occurring hazards, Compound risk
</div>
[[Category:Multi-hazard Risk Assessment]]

Latest revision as of 17:01, 4 April 2025

Publication Year: 2024

Access: Open

Link: https://doi.org/10.5281/zenodo.12532855

Author(s): John Hillier

Organisation(s)/Authors: Loughborough University

Description:

Aimed at people new to the field of catastrophe risk management or multi-hazard risk, this serious game simulates 6 possible hazards (i.e. causes of loss) and explores how hazard interactions and dependency between lines of business or regions can influence the chance of loss exceeding a threshold. The aim of the game is to explore correlation and dependencies to estimate losses.

Technical Considerations:

Key Words:

Insurance, Risk correlation, Natural hazard Dependency, Co-occurring hazards, Compound risk

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