NSF aims to enhance terrorism and cyber risk insurance modelling

The U.S. National Science Foundation (NSF) aims to catalyse research in areas that enhance the insurance sector’s capacity to model and underwrite terrorism and catastrophic cyber risks.

To achieve this goal, the NSF has issued a Dear Colleague Letter (DCL) to the Industry-University Cooperative Research Center (IUCRC) program.

This DCL is jointly sponsored by the U.S. Department of Treasury Federal Insurance Office and the NSF Technology, Innovation and Partnerships, Computer and Information Science and Engineering, and Social, Behavioral and Economic Sciences directorates.

Terrorism and catastrophic cyber risks present significant potential liabilities for insurers, with repercussions that can extend well beyond the initial target, leading to widespread losses across various geographic regions and business sectors.

In response, this funding opportunity aims to foster collaboration among the insurance industry, academic institutions, government agencies, and other stakeholders. The focus is on developing and enhancing models and underwriting practices for terrorism and catastrophic cyber insurance, ultimately bolstering the resilience of the U.S. financial system.

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