The Wall Street Journal 5/29/2021- Insurance Exclusions Left Black Tulsans Footing the Bill for the Massacre

Robert P. Hartwig, PhD, CPCU · May 29, 2021 ·

The Wall Street Journal posted an article about the Tulsa race massacre that took the lives of dozens of Black residents and resulted in at least 70 property owners filling insurance claims, including Loula Williams, owner of Williams Dreamland Theater. Many of the claims were denied. Ms. Williams and others attempted to sue the insurance companies and later the city of Tulsa, but were unsuccessful due to riot clauses. Dr. Robert Hartwig commented on riot clauses saying they were “likely influenced by the tumult of the Civil War and concerns around labor strife.” Furthermore, “assessing the risk associated with riots paved the way for the industry to eliminate riot clauses,” stated Dr. Hartwig.

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.