At the EERIA Annual Conference held at the Faculty of Economics and Business, University of Zagreb, on 19–21 September 2024, the Center for the Study of Insurance Regulation, St. John’s University – IIF Robert J. Gibbons Best Paper Award was awarded for the first time.

The award was presented to Philipp Aigner and Sebastian Schlütter for their paper “Scenarios of Systemic Risk”.

The paper forms part of the doctoral dissertation of Philipp Aigner, co-supervised by Sebastian Schlütter. The dissertation develops a methodological framework for the analysis of capital allocation and systemic risk in insurance and financial markets, based on the use of additional stress scenarios (Orthogonal Convexity Scenarios, OCS). The awarded paper focuses on measuring the contributions of individual financial institutions to systemic risk in the financial system and extends existing approaches to capital allocation and systemic risk measurement.

The paper has also been presented at the EGRIE Annual Seminar in Málaga (2023) and at the Research Seminar of the Deutsche Bundesbank (2025).