IUCRC Phase I Duke University: Center for Innovation in Risk, Catastrophes, and Decisions (CIRCAD)

The Center for Innovation in Risk, Catastrophes, and Decisions (CIRCAD) is an Industry–University Collaborative Research Center (IUCRC) that addresses the financial and societal impacts of natural hazards, extreme events, and systemic disruptions. Insurers are confronting challenges in maintaining coverage availability and affordability, leaving households, communities, and markets exposed. CIRCAD responds by producing data-driven tools, decision frameworks, and risk transfer strategies that strengthen industry’s ability to evaluate and manage emerging risks. By linking fundamental academic research and state-of-the-art methods with industry priorities, CIRCAD supports the development of next-generation insurance solutions, enhances investment planning, and informs decision-making. These efforts can help safeguard economic stability, support effective risk mitigation, and reduce the burden on public resources. The Center also serves as a hub for professional training and workforce development, engaging students and practitioners to build the technical and analytical capacity required for risk-management focused sectors. In doing so, CIRCAD positions these sectors as critical partners in confronting the nation’s most pressing hazard and infrastructure challenges. CIRCAD’s research portfolio addresses key challenges at the intersection of hazard science, insurance analytics, and financial decision-making. Its projects focus on developing and evaluating innovative insurance mechanisms, improving the transparency and applicability of risk models, advancing the use and accessibility of hazard and exposure data, and analyzing the broader consequences of risk management decisions across systems and sectors. CIRCAD also investigates the role of infrastructure and land use investments in reducing losses and informing insurance and investment strategies. The Center’s methods span simulation modeling, geospatial analysis, data integration, behavioral research, and stakeholder collaboration. By combining academic rigor with industry relevance, CIRCAD ensures that its research products are directly applicable to the evolving needs of insurers, regulators, and public agencies navigating the complexities of catastrophe risk. This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.