Scholarship code CU2.34

Framework for risk quantification of business interruption across different economic sectors

  • Reference person
  • Host University/Institute
    Scuola Università Superiore IUSS Pavia
  • Internship
  • Research Keywords
    Indirect economic impacts
    Business Interruption
    Climate physical risk
  • Reference ERCs
    PE8_3 Civil engineering, architecture, offshore construction, lightweight construction, geotechnics
    PE1_15 Generic statistical methodology and modelling
    SH1_1 Macroeconomics; monetary economics; economic growth
  • Reference SDGs
    GOAL 8: Decent Work and Economic Growth
    GOAL 9: Industry, Innovation and Infrastructure
    GOAL 13: Climate Action


Assessing the risk of complex systems to natural hazards induced by climate and its change is an important and challenging problem. More natural extreme events (e.g., flood, storms, etc.)could result in damages to physical assets and/or interruption of production and supply chain, thus affecting the economic sector and therefore the society.Climate-related disasters’ impact assessment requires also an appraisal of indirect effects due, for example, to business interruptions and Contingent Business.

In this context, the research will progress on the activities at IUSS on the development of an approach to indirect impacts due to extreme climate events (Arosio et all., EGU23-7522,, 2023) that attempt to integrate engineering risk assessment models and economic input-output models. In particular, it will be dedicated to explore the missing link between the physical damages(e.g., structure, goods, machinery) and the indirect impacts in the economic sectors.

Based on the state of art, the candidate needs:

●            to critically review the most recent literature, tools and database of risk assessment,

●            to develop a novel research framework addressing the existing research gap between the physical direct damage and indirect impact in the economic sectors;

●            to collaborate both with IUSS research team and the research team of the industrial partner for this project, Gallagher Re, in a multi-disciplinary and applied research context;

Suggested skills:

The ideal candidate will have experience with most of these topics: quantitative risk assessment,input/output model, statistical analysis and large dataset. Theoretical knowledge is mandatory and professional application could be an advantage. The candidate should be passionate on research topics, self-motivated to look for new solutions and methods of doing things and creativity in analytical thinking to extract meaning from sets of data. The candidate should desire to join a multi- and inter-disciplinary research team, open to learn new topics from other sectors and effectively communicate to colleagues with different background. Competence on programming languages is preferable.

Research team and environment

IUSS mission is to provide advanced education to undergraduate and graduate students, as well as fundamental and applied research. At IUSS, PhD candidates will find an open multidisciplinary environment offering real opportunities for developing academic and professional tools and he/she will join the research centre on Climate change impAct studiesfor RISk MAnagement (CARISMA). The team is composed by STEM and Social scientists working in the prism of CC on data analysis/modelling of Earth and economic system processes; impact/risk assessment of extreme events. For this scholarship a period of internship is planned with global reinsurance broker,Gallagher Re, in Italy.