In the presence of natural disasters, such as earthquakes, hurricanes, and floods, insurance companies may face tremendous losses beyond their capacities. To address this situation, catastrophe bonds (CAT bonds) have been developed to transfer catastrophic losses from the insurance community to the capital market. Typically, insurance companies (or their agents) issue CAT bonds to investors […]
Category: Projects
Actuarial Models for Cyber Risks
Cyber risks have been posing increasing concerns to both public and private sectors. While cyber insurance has naturally emerged as a market solution to mitigate cyber risk in the recent decade, its development is still in an early stage. The underdevelopment of cyber insurance market is attributable to the complex yet unknown nature of cyber […]
Climate Risk Measures
The significant impact that extreme weather events have on the financial, insurance, agriculture, and insurance sectors is no longer news, and companies now prioritize physical risk and transition risk in addition to macroeconomic risk when managing their risk exposure. In light of climate change, it is important that companies develop their risk management tools, incorporating […]
Decentralized Insurance Market Analysis (Continued)
Cryptocurrency risk is considered an emerging and dynamic area of concern, and most traditional insurers tend to steer clear of this market due to the scarcity of data and the difficulty in risk assessment. On the other hand, by leveraging the blockchain technology, decentralized insurance has become the pioneers to offer covers for hacks and […]
Neural Networks from Scratch
This project creates a neural network from scratch using basic coding techniques with Python or R, specifically leveraging the basic library or packages, such as NumPy and basic R functionalities. The primary objectives include providing an educational experience to understand the fundamentals of neural networks, offering practical exposure to coding in Python and R, and […]
Modeling Dependence of Cyber Risks and Its Actuarial Applications
Cyber risks have been posing increasing concerns to both public and private sectors. While cyber insurance has naturally emerged as a market solution to mitigate cyber risk in the recent decade, its development is still in an early stage. The underdevelopment of cyber insurance market is attributable to the complex yet unknown nature of cyber […]
History and State of Decentralized Autonomous Organizations (DAOs)
A DAO is an innovative organization structure that has emerged with blockchain technology. It allows like-minded individuals from around the world to collaborate with each other without having to rely on the leadership of a central authority. The project is intended to study the history and the evolution of DAOs in blockchain ecosystems and beyond. […]
Decentralized Insurance Market Analysis
Leveraging the blockchain technology, decentralized insurance has recently gained significant attention due to its advantages in energy efficiency, transparency, and scalability. In contrast to traditional insurance where the insurance company serves as the central entity, decentralized insurance utilizes the Proof-of-Stake (PoS) consensus for risk and claim assessment purposes. In this project, we will explore the […]
Data Discovery and Consolidation
As data-driven decision-making becomes increasingly important in all fields, it is crucial to have a comprehensive understanding of the datasets at our disposal to facilitate research, analysis, and innovation across disciplines. The primary objective of this project is to conduct an extensive data discovery process within UIUC to identify and catalog various datasets that exist […]
Spatiotemporal Modeling on Foot Traffic Data to Unlock Auto Insurance Geo-risks
Foot traffic data is captured by various sources, such as smartphone APP, telematics devices in the vehicle, which can help insurance monitor policy holders’ behavior. It is beneficial for insurance companies to price the risk accurately and accelerate the underwriting process. On the other hand, policyholders are given incentives for good driving behavior. There are […]