United States Senator Tim Scott led a hearing of the Securities, Insurance, and Investment Subcommittee of the U.S. Senate Committee on Banking, Housing, and Urban Affairs to receive relevant perspectives on potential ways to manage financial losses that may arise from future pandemics. Dr. Robert Hartwig testified during this hearing. One small excerpt from his testimony is, “Typically, when we think about insurance, we have the losses of the few are paid for by the premiums of the many. When we’re talking about pandemics, essentially every business was affected nearly simultaneously. That is completely anathema to what insurance has always been throughout its nearly 2,000 year history.” View the press release here.
About Robert P. Hartwig, PhD, CPCU
Director, Risk and Uncertainty Management Center
Clinical Associate Professor
Robert Hartwig (Ph.D., University of Illinois, 1993) is clinical associate professor of finance and director of the Risk and Uncertainty Management Center. His research focuses on insurance markets and structures, risk management, pandemic risk, risk-bearing capital market instruments, the financing of technology risks and venture capital in insurance markets. He makes frequent presentations to insurance industry management, boards of directors, regulators and legislators. Prior to joining the Darla Moore School of Business, he was president and economist for the Insurance Information Institute in New York and in prior positions worked for Swiss Re, the National Council on Compensation Insurance and the U.S. Consumer Product Safety Commission. He has also served as an adjunct professor at Florida Atlantic University. His professional experience includes expert witness testimony and testimony before numerous congressional and state legislative committees. He holds the Chartered Property Casualty Underwriter (CPCU) credential and speaks frequently in the media on all issues related to insurance markets.