News Regional22 Jul 2021

Singapore:Registration opens for inaugural ASEAN green insurance research hackathon

| 22 Jul 2021

The Singapore College of Insurance (SCI) is organising the first-ever ASEAN research hackathon on green insurance and sustainable risk management, in collaboration with the ASEAN Insurance Council. Registration to take part in the event is now open.

The month-long hackathon is to take place in September, supported by the General Insurance Association of Singapore, Life Insurance Association of Singapore, Singapore Reinsurers' Association, the Asia-Pacific Risk & Insurance Association as well as the Singapore Actuarial Society.

The hackathon aims to generate greater awareness of green insurance and sustainable risk management; and to also bring together the best minds from the industry and beyond to be involved in the discussion and development of various innovative solutions that are necessary to address the growing need for both corporate responsibility and environmental sustainability.

ASEAN cannot avoid its exposure to a variety of disasters. Compared to the rest of Asia, the ASEAN area is the most prone region to disasters in the world. The member states are highly vulnerable to climate change as a large proportion of the population and economic activity is concentrated along coastlines; agriculture is the economic lifeblood for most nations; there is high dependence on natural resources and forestry; and the level of extreme poverty remains high.

From 2006-2020, drought, severe floods, typhoons, super typhoons, tropical storms, earthquakes ranging from magnitudes of 6.7 to 7.6 and tsunamis have affected some 190m lives across ASEAN. From 2012 to 2018, an estimated yearly damage of $15.9bn, three times ASEAN's collective annual GDP has occurred caused by these natural disasters.

Format of hackathon

The hackathon is open to teams each of up to five (5) eligible individuals.

There are two (2) categories in the hackathon: Research and Technical. Each of these two categories consists of a Student section and an Open section.

In the Research category, teams are to choose one (1) out of three (3) research topics.

In the Technical category, teams are to choose one (1) out of three (3) technical challenges that the industry faces.

The general direction of this hackathon is to encourage research that generates new insights into emerging problems and technical prototypes that will work (or at least are at a Proof-of-Concept stage).

The Research topics and Technical challenges will be announced on 1 September 2021. The hackathon runs from 1 to 30 September 2021.

Judges are from academia as well as from industry. Overall winners will be announced at the 4th ASEAN Insurance Summit to be held on 26 October 2021. Cash prizes will be awarded to winners.

Ms Karine Kam, SCI Chief Executive, said, "By organising the first-ever ASEAN Research Hackathon which centres on green insurance and sustainable risk management, we hope to place a more intense spotlight on the global issue of climate-related environmental risks and the role that insurance can play in mitigating these risks. The diverse perspectives from different groups that we are targeting to participate in the hackathon can help the industry to collectively offer innovative solutions to the global challenge. Together we can make a difference."

Important dates are:

Deadline for Registration to Join Hackathon

27 August 2021

Hackathon Launch Day

1 September 2021

Hackathon Period

1-30 September 2021

Announcement of Overall Winners

26 October 2021

 

For enquiries, please call (+65) 9118 4220 or (+65) 9068 0161 or email talk2us@scidomain.org.sg

For more details, please visit https://www.greenresearchhackathon.com

To register, please click here.

 

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