The fifth Shah Family Innovation Prize was awarded to Paul VanderMarck, Executive Vice President for Products at Risk Management Solutions Inc., in recognition of his outstanding entrepreneurship and leadership in development of models for catastrophe risk management.

VanderMarck’s professional contributions have helped improve the standards of practice for the estimation and management of risks from earthquakes and other catastrophic perils. From currently accepted knowledge of earthquake engineering and science, he has created new models that are being used by the insurance and reinsurance industries worldwide to improve the management of catastrophic risk. He assumes responsibility for the development of a wide product line that includes models related to natural hazards such as earthquakes, hurricanes, extreme winds, and floods. He has been at the forefront of changes to the culture and business practices of large financial institutions around the world.

Endowed by a generous gift from the Haresh Shah family, the $10,000 Shah Family Innovation Prize is awarded annually to younger professionals and academics for creativity, innovation and entrepreneurial spirit in the field of earthquake risk mitigation and management. The prize recognizes and honors individuals who have been involved in the development of cutting-edge, innovative solutions to problems in earthquake engineering and related disciplines. Recipients should be in the developing or expanding stage of his or her career, with the promise of important contributions ahead.

The Shah Family Innovation Prize Selection Committee was charged with narrowing a very impressive field of candidates down to a single awardee. Follow this link for a description of the nomination process and selection criteria.