The TSUNAMI Intiative
TSUNAMI aimed to improve the competitiveness of the UK insurance industry by using the
UK science effort to improve the assessment of risk. TSUNAMI was funded by a consortium
of companies from the UK insurance
industry and the Treasury. The government funding was through the Sector Challenge
led by the Department of Trade and Industry. The Consortium and the DTI committed
£960,000 over three years to improve the competitiveness of the UK
insurance industry by using science to improve the assessment of risk.
TSUNAMI seeks to bridge a communication gap
UK research institutions are acknowledged as being amongst the best in the world.
However, there has only been a limited transfer of their knowledge and expertise
to the insurance sector - an industry that relies heavily on the analysis of
low probability events in the natural, economic and social environments.
Building a bridge
TSUNAMI worked to gain an understanding of the current state of scientific research
in the UK and identify potential areas of application within the UK insurance industry.
Research projects were developed through direct collaboration with the research
community and through public announcements of opportunity for funding under TSUNAMI.
The funds were mainly spent on applied research projects. These included UK flood risks, extreme weather
events in Northern Europe, tsunamis and the economic impact of catastrophic
losses. Details can be found within TSUNAMI Projects
Which Companies formed the Consortium?
The consortium of sponsoring companies comprised:
- Two composite insurers
Royal & Sun Alliance
- Two broking firms
Benfield Greig and
- Three Lloyd's managing agencies
DP Mann and
Who Runs TSUNAMI?
The initiative was managed by Dr. Dougal Goodman, who was Deputy Director (innovation)
of the British Antarctic Survey (BAS).
The TSUNAMI initiative operated from
an office in Cambridge at BAS. A Management Board, consisting of representatives from each of the consortium companies,
oversaw the initiative.