October 16, 2017.The Regulatory Review. “Building for Disaster.” Article highlights research on building codes by Jeffrey Czajkowski, Kevin Simmons and James Done.
October 10, 2017, The Wall Street Journal. Small Businesses Say Federal-Disaster Aid Needs Strengthening. Article cites research from the Wharton Risk Center: After superstorm Sandy hit the northeast in 2012, 8% of firms affected by the storm borrowed money from the agency’s disaster-lending program.
October 2017, Enterprise Risk magazine, Institute of Risk Management Preparing for extreme events. Op-ed by Howard Kunreuther: “A behavioural audit can nudge and encourage individuals to undertake preparedness measures for disasters before they occur.”
September 21, 2017, Penn Current. Why don’t we better prepare for disasters? Howard Kunreuther outlines some of biases that lead people to underinvest in protection against low-probability, high-consequence events. Article cites. “The Ostrich Paradox: Why We Underprepare for Disasters,” by Robert Meyer and Howard Kunreuther.
September 21, 2017, PBS NewsHour. After Harvey and Irma, what’s the future of flood insurance? (Podcast and transcript) John Miller (Risk Center affiliate, Water Resources Engineer and Master of Environmental Studies Policy Candidate at the University of Pennsylvania) was interviewed on repetitive loss properties along the Passaic River by Paul Solman, Economics Reporter for the PBS NewsHour.
September 16, 2017, The Wall Street Journal. Homes Built to Stricter Standards Fared Better in Storm. Cites research involving the Wharton Risk Center that looked at insured-loss data in Florida from 2001 to 2010 and found that the Florida building code reduced windstorm losses by up to 72% and that there were $6 in losses saved for every $1 of additional construction costs.
September 15, 2017, The Hill. Look to Caribbean risk insurance model for US hurricane recovery.” Op-ed by Carolyn Kousky, Director for Policy Research and Engagement at the Wharton Risk Center: “The first few days after a disaster, such as we have recently experienced with Hurricanes Harvey and Irma, are about emergency response: making sure people are safe, reuniting families, securing housing, filling necessities and restoring lifelines. But as days shift to weeks and then months and years, the slow process of rebuilding is undertaken. At every step of the way is the question of financing. Are there dollars available for what needs to be done? Who will pay for it? How will the costs be shared?” Read more
September 15, 2017, Brink News. “Legacy of Harvey and Irma Turns on FEMA’s Post-Disaster Response.” Op-ed by Brett Lingle, Senior Research Coordinator at the Wharton Risk Center: “FEMA spends more on hurricane recovery than on any other type of disaster. Data from OpenFEMA indicates that of the $81.1 billion (nominal dollars) of post-disaster aid the agency has distributed from 2005 to 2016, 70 percent was for hurricane response and recovery. Severe storms and floods accounted for another 25 percent, and all other disasters accounted for just 5 percent.”
September 14, 2017, The Daily Pennsylvanian. After Harvey and Irma, Penn professors explain how cities can better prepare for natural disasters.
September 12, 2017, Penn News. Penn Experts Offer Advice Following Hurricanes Harvey, Irma. Article quotes Howard Kunreuther: “If people hear that there’s a 1-in-100 chance of a flood, they say, ‘I’m not going to worry about it. I’m only going to be in the house for 25 years.’ But over the next 25 years, if you have a 1-in-100 chance of a flood every year, the likelihood of at least one happening to you is 1 in 5. It’s the same probability.”
September 8, 2017, Mother Jones. Here’s Why Florida Is so Much More Vulnerable to a Hurricane Like Irma Right Now. “People generally feel that disasters will not happen to them,” says Howard Kunreuther, the co-director of the University of Pennsylvania Wharton School’s Risk Management and Decision Processes Center.
September 8, 2017, S&P Global. “Lower-income households hurt most by hurricane flooding.” Article quotes Jeffrey Czajkowski, managing director of the University of Pennsylvania’s Wharton Risk Management and Decision Processes Center: “In previous disasters, Houston has had a lot of flood insurance claims that are outside the 100-year floodplain, and I think that will be the case here as well.”
September 6, 2017, Fortune. “How We Can Protect Irma and Harvey Victims From Getting Screwed.” Op-ed by Carolyn Kousky: “As Texas begins the long process of recovery from Hurricane Harvey, and Florida braces for a possible hit from Hurricane Irma, too few victims will have the financial support of insurance payouts.”
September 5, 2017, The New York Times. “Opinion – How Houston’s Growth Created the Perfect Flood Conditions” Article quotes Howard Kunreuther: “It gives people a feeling of complacency if they are not required to buy insurance.”
September 5, 2017, Knowledge@Wharton. “Lessons We Learn from Hurricane Harvey.” (podcast) Wharton’s Howard Kunreuther, Eric Orts and Robert Meyer discuss the fallout from Hurricane Harvey.
August 31, 2017, Brink News. “Flooding and the Economics of Risk Reduction.” Op-ed by Carolyn Kousky: “Moves by the current administration could greatly complicate the process of protecting communities against escalating future losses.”
August 29, 2017, The New York Times. “Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding” Article quotes Carolyn Kousky.
August 29, 2017, Business Insider. “Harvey renews focus on revoked flood risk management standard.” Article quotes Carolyn Kousky.
August 29, 2017, Business Insider. “Struggling NFIP staggers under Harvey.” Article quotes Carolyn Kousky.
August 29, 2017, The Washington Post. “Federal flood insurance program in limbo on Capitol Hill as Harvey’s toll mounts.” Carolyn Kousky of the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania says fundamental tensions between those who want to keep premiums artificially low and those who want a self-sustaining, actuarially sound program are just some of the obstacles to changing it.
August 29, 2017, The Wall Street Journal. https://www.wsj.com/articles/harveys-test-businesses-struggle-with-flawed-insurance-as-floods-multiply-1504022632 “Harvey’s Test: Businesses Struggle With Flawed Insurance as Floods Multiply.” Article quotes Erwann Michel-Kerjan and Ben Collier regarding Risk Center research.
August 28, 2017, Harvard Business Review “How the Insurance Industry Can Push Us to Prepare for Climate Change” In The Ostrich Paradox: Why We Underprepare for Disasters , Robert Meyer and Howard Kunreuther point to several personal traits that expose us to greater risk from natural disasters.
August 25, 2017, Scientific American. “Trump Faces First Big Disaster Test: Hurricane Harvey could be particularly threatening.” Article quotes Robert Meyer: “If you’re just starting to think about it, you’re kind of too late.”
August 18, 2017, Financial Times. “Mental bias leaves us unprepared for disaster.” Review of The Ostrich Paradox: Why We Underprepare for Disasters by Robert Meyer and Howard Kunreuther.
July 5, 2017, The Hill. How to reform flood insurance to keep more Americans afloat. Op-ed by Carolyn Kousky explores increased cost of compliance (ICC) of proposed NFIP reform bills.
June 27, 2017, Business Insurance. House NFIP reform legislation holds promise and pitfalls. Carolyn Kousky, director for policy research and engagement at the Risk Management and Decision Processes Center at the Wharton School of the University of Pennsylvania, comments on proposed legislation that would eliminate the Federal Emergency Management Agency’s ability to offer flood insurance coverage after Jan. 1, 2021, for new structures added in flood hazard zones. “The thought was if you have to pay for private market coverage, which in riskier areas is likely to be more than the NFIP, that you might think harder as a community, as a developer, as a buyer about where you’re locating. Whether that would actually happen, I’m not sure. There’s a lot of pressure in a lot of communities to continue to develop in risky areas.”
June 26, 2017, Journalist’s Resource. Building codes pay for themselves in disaster-prone regions. Article highlights research by Kevin Simmons, Jeffrey Czajkowski and James Done.
June 15, 2017, Knowledge@Wharton. “Why Fairness Matters in Reforming Flood and Health Insurance Programs.” By Howard Kunreuther and Mark Pauly. As Congress looks at restructuring two national insurance plans — the American Health Care Act of 2017, and the National Flood Insurance Program — legislators must address the issue of fairness.
June 13, 2017, Kleinman Center for Energy Policy. Climate Change and the Future of Risk (podcast). Howard Kunreuther, Co-Director of the Risk Management and Decision Processes Center at the Wharton School at the University of Pennsylvania, discusses the challenge of balancing support for communities at risk for natural disaster with the economic and political challenges to doing so. He also highlights how human psychology can make it hard for people to grasp the likelihood of future disasters, and the role this has played in pushing the national flood insurance program to the brink of insolvency.
May 25, 2017, WIRED. Trump’s Budget Forgets that Science is Insurance for America. Article quotes Robert Meyer.
February 10, 2017, VICE News. How Miami’s real estate market is benefitting from rising sea levels. Interview with Robert Meyer.
News articles and interviews related to the publication of the book, The Ostrich Paradox: Why We Underprepare for Disasters by Robert Meyer and Howard Kunreuther:
June 7, 2016, Psychology Today. Why Disasters Repeat Themselves. Blog post by Robert Meyer and Howard Kunreuther.
May 23, 2017, Wharton Digital Press. Six Reasons We Underprepare for Disasters. By Robert Meyer and Howard Kunreuther.
May 23, 2017, KQED News. This Scientist’s Doomsday Earthquake Scenarios Will Terrify You, and That’s the Point. “The challenge really is we are myopic,” says Howard Kunreuther, author of “The Ostrich Paradox: Why We Underprepare for Disasters.” “We focus on the short run and as a result don’t really think about any kind of long-term decisions[…]about how we prepare.”
Spring 2017, Wharton Magazine. Why You’re Not Prepared For Disasters (And What To Do About It) by Robert Meyer and Howard Kunreuther.
April 6, 2017, Psychology Today. Rising Seas: 4 steps we must take today. Blog post by Robert Meyer and Howard Kunreuther.
March 30, 2017, Risk and Insurance Network Exchange (RANE). An inconvenient contradiction: why we underprepare for disasters. (podcast)
February 20, 2017, WPR, Wisconsin Public Radio. Why We Underprepare for Disasters, and What We Can Do About It (podcast)
February 12, 2017, Salon.com. Why disasters repeat themselves: We ignore the lessons of the past at our own expense. Op-ed by Howard Kunreuther and Robert Meyer, includes excerpts from the book, The Ostrich Paradox.
February 10, 2017, WWNO, New Orleans Public Radio. “Why Aren’t Humans Better Prepared for Natural Disasters?” (radio interview)
February 10, 2017, New Consciousness Review. “Why We Underprepare for Disasters” (radio interview)
February 9, 2017, Psychology Today. “Why We are Underprepared for Disasters” Op-ed by Robert Meyer and Howard Kunreuther.
February 7, 2017, Knowledge@Wharton. “What Ostriches Can Teach Us about Risk” (video)
February 7, 2017, Think Radio Show (North Texas NPR), “Why We Underprepare for Disasters” (podcast)
February 2, 2017, NY Post. “You’re Wildly Unprepared for a Natural Disaster”
February 2, 2017, Marketplace. “What You’re Doing Wrong to Prepare for Natural Disasters”
January 19, 2017, Knowledge@Wharton. Podcast: The Biggest Risks Facing the World in 2017. Howard Kunreuther and Erwann Michel-Kerjan discuss the 2017 Global Risks Report.
January 18, 2017, Scientific American. The Future of Global Risk: A View From Davos. Op-ed by Erwann Michel-Kerjan. “While not a crystal ball, the report has yielded some startling results. Only when one monitors risks and maps interdependencies over time, across categories and geographies, can one see changes coming from afar and creatively plan for upcoming disruptions.”
January 18, 2017, This Morning (Seoul Korea). Podcast: 2017 Global Risks Report. Radio interview with Howard Kunreuther on environmental risks highlighted in the 2017 Global Risks Report.
January 13, 2017, Roundhouse Radio (Vancouver, Canada). Radio interview. Erwann Michel-Kerjan discusses the findings and challenges outlined in the 2017 Global Risks Report.
October 28, 2016, Knowledge@Wharton Radio Show, SiriusXM Channel 111, The Importance of Accurate Flood Maps. (podcast) Howard Kunreuther discusses his research on insurance for catastrophic risk in the wake of Hurricane Matthew. Background reading for the interview is the Penn-Wharton Public Policy Initiative brief at https://publicpolicy.wharton.upenn.edu/issue-brief/v4n7.php.
August 5, 2016, Tampa Bay Times, Remember the flood insurance scare of 2013? It’s creeping back into Tampa Bay and Florida. Article cites research by the Wharton Risk Center showing that Florida has paid in four times more in premiums than it has gotten back in claims payouts from the National Flood Insurance Program.
July 9, 2016, Knowledge@Wharton, Why the Climate Change Debate Has Cooled Off (Podcast and transcript): Howard Kunreuther and Erwann Michel-Kerjan discuss the climate change debate in the presidential election season.
May 13, 2016, Kathmandu Post, Reconstructing Human Capital. Op-ed by Risk Center fellow Ajita Atreya: “It is apparent that people opted out of the building regulations and placed themselves in harm’s way.”
April 22, 2016, Marketwatch, To fight climate change, first find some optimism. Op-ed by Prof. Eric W. Orts: “Thinking about the terrible consequences of climate change caused by greenhouse gas emissions of carbon dioxide, methane and other invisible vapors is like thinking about death. Most people prefer not to do it. One common reaction is therefore denial.”
March 25, 2016, The New York Times, Life Insurance Tries to Lighten Up. Howard Kunreuther notes that a barrier to selling any kind of insurance is that people think of it as an investment rather than a protective measure.
March 16, 2016, Independent Agent magazine, Why City Resilience Matters for Businesses Like Yours. At a conference hosted by the American Security Project in conjunction with Lloyd’s, Erwann Michel-Kerjan of the Wharton Risk Management Center noted that asset managers could invest in making cities more resilient.
February 19, 2016, The American Prospect magazine, That Sinking Feeling. Robert Meyer discusses why Miami is experiencing a real estate boom despite rising sea levels.
February 17, 2016, The DP, Lecture on Paris climate change agreement. The Wharton Risk Center and Penn Program on Regulation hosed a talk by Dale Jamieson (NYU) that focused on the practicalities of enforcing the historic but controversial international agreement worldwide.
February 5, 2016, Knowledge@Wharton, How Risk Management Can Adapt to an Era of ‘Truly Remarkable’ Change. The 10 costliest natural disasters in modern history have occurred since 1985, the year when the Wharton Risk Management and Decision Processes Center was launched by co-director Howard Kunreuther, a professor of operations, information and decisions. In late October, the 30th anniversary of the Center offered a timely opportunity to envision the future of risk management at an all-day conference at Wharton. “Thirty years is a long time in the history of any academic endeavor, but in this field the change has been truly remarkable,” noted University of Pennsylvania Provost Vincent Price, who opened the proceedings. “1985 was pre-Hurricane Andrew, pre-9/11 and pre-Fukushima, to name just a few of the more deadly and costly disasters,” Price said. “1985 was before the Internet and the cell phone — and before we understood the existential danger of climate change.”
January 14, 2016, Penn News, The World Economic Forum and Wharton Release the Global Risk Report 2016: A World at Risk. The World Economic Forum’s Global Risks Report 2016, undertaken in conjunction with the Wharton Risk Management and Decision Processes Center of the University of Pennsylvania for the past 11 years, reports opinions of 750 experts who assessed 29 global risks for both impact and likelihood over a 10-year time horizon. The report is available at https://riskcenter.wharton.upenn.edu/publications/global-risks/
Winter 2016, Environment, Our Hazardous Environment: A Retrospective. Three leaders in the field of hazards management, Baruch Fischhoff, Paul Slovic, and Howard Kunreuther, provide new perspectives on the topic.
December 2015, Federal Reserve Bank of Richmond, Dealing with Disasters. Article quotes Howard Kunreuther, Carolyn Kousky and other on why people are reluctant to take precautions to avert costs that may occur in the future.
December 17, 2015, Knowledge@Wharton, What Have the Past 30 Years Taught Us About Managing Risk? (podcast) Howard Kunreuther and Robert Meyer, co-directors of the Wharton Risk Management and Decision Processes Center, and executive director Erwann Michel-Kerjan discuss the Center’s research and how managing risk has changed over the past few decades.
December 3, 2015, BRINK, Short-Term Thinking Without Long-Term Focus Cold Hamper Climate Talks. Howard Kunreuther shares insights into the challenges of decision making to mitigate climate change.
December 1, 2015, Knowledge@Wharton, Will the Outcome of the Paris Climate Summit Have Any Teeth? (podcast). Howard Kunreuther and Andrew Hoffman discuss the COP21 summit.
November 17, 2015, Knowledge@Wharton, How Should Nations Respond to the ISIS Threat? Erwann Michel-Kerjan and Brendan O’Leary discuss the Paris attacks and strategies to counter ISIS.
September 10, 2015, Knowledge@Wharton, Europe’s Migrant Crisis: Balancing the Risks with Long-term Gains. Bob Meyer, Risk Center co-director, discusses the challenges the migrant crisis poses for receiving countries and how they could address them.
August 27, 2015, Nature, We Must Build Resilience into Our Communities. Article by Erwann Michel-Kerjan: Our team at Wharton is piloting a global flood-resilience program in Mexico, Peru, Indonesia and Nepal supported by the insurer Zurich, working with the Red Cross, the International Institute for Applied Systems Analysis and the non-governmental organization Practical Action.
August 26, 2015, The New Republic, Is Your City Ready for the Next Katrina? Article quotes Howard Kunreuther on why people don’t prepare.
August 17, 2015, Government Executive, Six Lessons From Katrina. Donald F. Kettl, Howard Kunreuther, and Ronald J. Daniels, editors of On Risk and Disaster: Lessons from Hurricane Katrina, discuss six lessons from the book that loom even larger now 10 years after Katrina.
August 6, 2015, Knowledge@Wharton, The Climate Change ‘Tipping Point’: How Should Businesses React? (video/podcast). Erwann Michel-Kerjan speaks about the potential risks of climate change.
July 20, 2015, The European Business Review, Leadership Dispatches: Business Lessons From A President Taking Charge. Michael Useem, Howard Kunreuther and Erwann Michel-Kerjan discuss the leadership of President Sebastián Piñera following the Chilean earthquake of 2010. Chile’s recovery from that disaster offers a tangible tutorial on the leadership actions required by those facing large-scale risks anywhere.
July 2, 2015, Knowledge@Wharton, Will Rising Heat in the Climate Change Debate Propel Action? Wharton’s Erwann Michel-Kerjan and Eric Orts and Fr. James Martin discuss recent calls for action on climate change. (audio)
June 25, 2015, World Risk and Insurance News, How to finance and protect against extreme events. Video interview (7 min.) with Howard Kunreuther in connection with his award-winning research. Highlights include the need for public-private partnerships for financing extreme events, cyber risk and terrorism insurance, and multiyear insurance policies to stabilize insurance for extreme events.
June 16, 2015, Marketplace, Fixing the TSA will take time, expert says. Michael Useem explains that changing the culture of a large organization such as the TSA can take six months to a couple years.
June 16, 2015, Korea Times, Insurance society awards US scholars. Howard Kunreuther is the recipient of the Shin Research Excellence Award for his work on “Insuring against Extreme Events: The Need for Public-Private Partnerships.” The award is given by the International Insurance Society to commemorate Shin Yong-ho, founder of Kyobo Insurance of Korea.
June 9, 2015, Wall Street Journal, With CEOs, Two Heads Aren’t Better Than One. Professor Michael Useem comments on companies having co-chief executives.
June 1, 2015, Brink, Small Firms, Big Risk: The Challenge of Natural Disasters and What Can Be Done. Recommendations for small business owners on managing disaster risk. By Ben Collier, a research fellow at the Risk Center.
May 22, 2015, World Economic Forum, For which global risk is the Middle East least prepared? Erwann Michel-Kerjan looks at resilience initiatives that can be replicated across the MENA region.
May 20, 2015, The Washington Post, It’s bad business not to donate to Nepal. Op-ed by Luis Ballesteros and Michael Useem: The limited business assistance to Nepal reflects the limited company footprint there at the moment, but that absence will likely constitute a big strategic mistake for the future.
April 29, 2015, Knowledge@Wharton, Lessons on Disaster Preparedness from the Nepal Earthquake (podcast interview with Howard Kunreuther). The recent 7.8-magnitude earthquake that hit Nepal left a wide swath of devastation. As the Nepalese cope with the tragedy, there are lessons for the U.S. and other countries to learn when it comes to disaster preparedness.
April 27, 2015, Philadelphia Inquirer, From Nepal quake, lessons for the U.S. Op-ed by Michael Useem, Howard Kunreuther and Erwann Michel-Kerjan. Just a week before Nepal’s event, about 50 earthquake specialists had gathered in its capital city, Kathmandu, to recommend ways for the country to prepare for another “big one” like the 8.2 earthquake that had leveled the city in 1934.
April 27, 2015, Wharton Magazine, Learn Crisis Leadership from World’s Best. Michael Useem, Howard Kunreuther and Erwann Michel-Kerjan describe how Chile’s leaders made and executed their decisions to enable Chile’s extraordinary comeback from the earthquake of February 27, 2010.
April 26, 2015, Financial Times, Scientists begin to get ahead of the weather. Interview with Erwann Michel-Kerjan, executive director of the Risk Management Center.
April 21, 2015, Emol.Chile, Piñera recuerda desafío que implicó la reconstrucción e Insulza destaca “liderazgo” del ex Presidente; Expertos en liderazgo de la Universidad de Pennsylvania, EEUU: “Después del 27/F la recuperación de Chile fue extraordinaria y contiene muchas lecciones útiles”
April 15, 2015, Knowledge@Wharton, How Smart Leadership Revived Chile after an Historic Disaster. In their new book, Leadership Dispatches: Chile’s Extraordinary Comeback from Disaster, Wharton professors Michael Useem and Howard Kunreuther and Erwann Michel-Kerjan, executive director of Wharton’s Risk Management and Decision Processes Center, examine how the South American nation’s leaders made that happen.
April 13, 2015, Knowledge@Wharton, Curbing California’s Drought — One Five-Minute Shower at a Time. Howard Kunreuther spoke about the challenges California faces in winnings its war on drought on Wharton Business Radio on SiriusXM channel 111 (podcast).
March 5, 2015, USA Today, An earthquake of a snowstorm: Column
Op-ed by Erwann Michel-Kerjan, Howard Kunreuther and Michael Useem: What happened in Chile in 2010 could teach us a thing or two about coping with this winter.
March 3, 2015, Globe and Mail.com, How Chile bounced back from its big quake. Video interview with Michael Useem, co-author of Leadership Dispatches: Chile’s Extraordinary Comeback from Disaster, discusses leadership lessons gleaned from the study.
February 27, 2015, Harvard Business Review, Here’s Why People Trust Human Judgment Over Algorithms. Article cites research by Wharton Risk Center Ackoff Fellow Berkeley Dietvorst, and Wharton Professors Joseph Simmons, and Cade Massey
February 25, 2015, The Washington Post, Neuroscience is coming to the law. Can we keep politics out of it? Op-ed by Francis Shen and Dena Gromet: Our new research shows that Americans know very little about neurolaw, and that Republicans and independents may diverge from Democrats in their support for neuroscience based legal reforms.
February 12, 2015, The Washington Post, Want to get conservatives to save energy? Stop the environmentalist preaching. Article cites research by Wharton Risk Center Fellow, Dena Gromet and colleagues in the Proceedings of the National Academy of Sciences, regarding how liberals and conservatives felt about energy-efficient compact fluorescent lightbulbs (CFLs), and how that varied by whether they were marketed with “green” messaging.
February 3, 2015, Business Insurance Online, Insurance researchers honored for work on public-private partnerships. The Geneva Association and the International Insurance Society Inc. named Howard Kunreuther and Shawn Cole as the winners of their joint Shin Research Excellence Awards. Kunreuther, a professor of operations and information management, decision sciences and business economics, at the University of Pennsylvania’s Wharton School, was selected for his research on insuring against extreme events with public-private partnerships.
January 22, 2015, Nature, Effective risk response needs a prepared mindset
By Erwann Michel-Kerjan: Leaders and risk strategists must collaborate effectively on decisions of global importance.
January 20, 2015, Scientific American, Attempts to Predict Terrorist Attacks Hit Limits
Erwann Michel-Kerjan, executive director of the Wharton Risk Center: “You cannot reliably track terrorism risk without access to classified information. Charlie Hebdo could have happened anywhere, any time. We will all need to pay more attention to what is happening in the Middle East, connect the dots, and do the science.”
January 9, 2015, Knowledge@Wharton, What the Charlie Hebdo Attack Means for Risk Assessment. “If it is found that a larger group was at work in the Paris attacks, it is a game changer [for] insurers and governments,” said Robert Meyer, Wharton marketing professor and co-director of the school’s Risk Management and Decision Processes Center. (podcast)
December 9, 2014, BusinessWeek, The Unexpected Threat to Super Bowl XLIX
By Howard Kunreuther and Erwann Michel-Kerjan: If you’ve already bought tickets for Super Bowl XLIX or are looking forward to watching it with your friends and family, you may be surprised to learn that there is a chance it might not be played. Congress first needs to make a decision on renewing a piece of legislation that you possibly never have heard of: TRIA—the Terrorism Risk Insurance Act.
December 3, 2014, Property Casualty 360, Lloyd’s presents prestigious Science of Risk Prize to Wharton’s Michel-Kerjan for his work on climate change
The award recognizes Michel-Kerjan’s work on Evaluating Flood Resilience Strategies for Coastal Megacities, published this year in Science, which was jointly undertaken with Jeroen Aerts, Wouter Botzen, Hans de Moel (VU University, Amsterdam), Kerry Emanuel (MIT) and Ning Lin (Princeton University).
December 1, 2014, Lloyd’s, Science of Risk Prize Winners Channel Multi-Disciplinary Approach
Dr Erwann Michel-Kerjan and his co-authors won in the climate change category for their paper Evaluating Flood Resilience Strategies for Coastal Megacities that considered the impact of Superstorm Sandy on New York City and proposed four resilience strategies to cope with future storm surge and likely impact of sea level rise.
November 25, 2014, UNFCC, Shining Examples of Climate Action
UNFCCC’s Momentum for Change initiative has announced the 12 winners of the 2014 Lighthouse Activity Awards, which include both “large, game-changing solutions and small, entrepreneurial efforts.” Among the recipients is the Zurich Flood Resilience Program, that includes Zurich Insurance, Wharton Business School, International Institute of Applied System Analysis, International Federation of Red Cross and Red Crescent Societies and Practical Action which looks at the role of financing pre-event mitigation measures in building resilience to floods in communities that need it the most.
October 26, 2014, POLITICO. All Ebola is Local
Stephen Flynn weighs in on the Ebola outbreak as the latest example of our national anti-resilience.
October 20, 2014, Businessweek.com. How Climate Change Is Fueling the Miami Real Estate Boom
Robert Meyer explains why, paradoxically, hope that buyers and sellers remain collectively naïve, or at least act as if they are, about the risks of sea level rise.
October 17, 2014, NBC News.com. Why Do So Few California Homeowners Have Earthquake Insurance?
Erwann Michel-Kerjan suggests alternative pricing structures — lower deductible paired with a 90-10 rule — that might incentivize California homeowners to buy earthquake insurance and invest in risk reduction measures.
October 16, 2014, Fox Business.com. With Global Threats on the Rise, Terrorism Risk Insurance Act Up in the Air
Erwann Michel-Kerjan notes that most companies will pay 3% to 5% of their property premium on terrorism insurance, but if the Terrorism Risk Insurance Act is not renewed, those costs will be higher.
October 16, 2014, Fortune. Ebola, hospitals, and the deadly consequences of keeping secrets
Michael Useem notes: “If you are going to make an error today, it is better to make it in terms of total transparency.”
October 15, 2014, Nature. How Terror-Proof Is Your Economy?
Op-ed by Erwann Michel-Kerjan: Scientists can help to develop a financial safety net by providing transparent market data and loss-impact analysis.
October 6, 2014, Strategy+Business. Politicians for Prosperity
Op-ed by Ram Charan, Michael Useem and Dennis Carey: National leaders, such as India’s new prime minister, Narendra Modi, can make or break their country’s business climate.
October 3, 2014, Fortune. ISIS, Ebola, Secret Service: Obama’s confluence of crises
Michael Useem is interviewed for an article on the President’s leadership role in times of crisis.
September 22, 2014, Businessweek.com. To Get People to Buy Insurance, Change How You Talk About Risk
Op-ed by Howard Kunreuther, Bob Meyer and Erwann Michel-Kerjan: Create a scenario about the potential property damage from another earthquake or hurricane, and to ask homeowners to consider how they would handle their recovery process if they were uninsured.
August 26, 2014, The Washington Post. Fewer American homeowners are buying earthquake insurance
Howard Kunreuther comments on California homeowners’ lack of interest in earthquake insurance, in an article following the quake in the San Francisco Bay area on August 24.
August 11, 2014, GlobeSt.com. TRIA Still a Concern to CRE Executives
Article cites findings from Risk Center’s report, “TRIA after 2014.” One measure of particular interest to insurers, regulators and rating agencies is the ratio of the insurer’s TRIA deductible amount in relation to its surplus, according to the report.
August 8, 2014, InsuranceNewsNet.com. Wharton School Releases Report “TRIA after 2014”
Wharton Risk Center’s report “TRIA after 2014” analyzes the impact of loss-sharing for the different stakeholders under the current TRIA program and proposed designs. (Also posted by KOAM-TV.com.)
July 30, 2014, Boston Globe Online. Teaching people to take natural disasters seriously
Robert Meyer: The problem is not that we’re cavalier about hurricanes and tornadoes—it’s that we’re really bad at imagining how natural disasters actually unfold, and what it would mean to truly prepare.
July 22, 2014. CNBC, The future of terrorism insurance for Corporate America
Op-ed by Howard Kunreuther and Erwann Michel-Kerjan: Taxpayers would be more exposed to losses from a future terrorist attack without the Terrorism Risk Insurance Act (TRIA).
May 24, 2014, New York Times. Buying Insurance Against Climate Change
Article by Robert Shiller cites the book, Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry by Howard Kunreuther, Mark Pauly and Stacey McMorrow.
May 23, 2014, US News. Who Should Pay for Damage Caused by Climate Change?
Article cites the book, At War with the Weather, by Howard Kunreuther and Erwann Michel-Kerjan.
May 20, 2014 Knowledge@Wharton. Leading the Company When Disaster Strikes
To analyze some of the ways that companies are responding to the increase in disasters, Howard Kunreuther and Erwann Michel-Kerjan of the Wharton Risk Management Center, and Michael Useem of the Wharton Center for Leadership and Change Management, recently brought together close to 100 leaders from S&P 500 companies to facilitate discussion on “Corporate Strategies for Managing Catastrophic Risks.”
March 31, 2014, Re:Connect. Three Important Lessons From the Oso Mudslide Tragedy
Op-ed by Stephen Flynn. First, this disaster was a “predictive surprise.” Second, in the critical moments after disasters strike, the first responders are rarely professionals. Third, we need to acknowledge that our societal tendency to ignore the risk of disasters until they happen is reckless and unsustainable.
March 24, 2014, AP, NPR, MSNBC.com, ABC News, Times-Herald.
No easy fix on flood insurance, but experts say options exist to improve program.
Article cites research by Carolyn Kousky and Howard Kunreuther’s proposed system in which property owners could get vouchers offering relief from high premiums in exchange for raising their homes up on pilings, a high foundation or other supports.
March 23, 2014, Slate, Flood Zone Foolishness: Politicians from disaster-prone states lead the fight against real disaster reforms
Article cites research by Carolyn Kousky and Howard Kunreuther: “Straightforward fixes—means-tested vouchers for lower income homeowners, for example—could easily be implemented to save the larger achievements of Biggert-Waters.
March 6, 2014, The Hill, Maintain the Best Features of Biggert-Waters
Op-ed by Howard Kunreuther and Erwann Michel-Kerjan: “Congress is moving towards legislation that will significantly modify the Biggert-Waters Act based on short-run considerations (election-year concerns) rather than focusing on the long-term goal of making America more resilient to future flood catastrophes and fiscal responsibility.”
February 14, 2014, CNBC, Four Tips for Managing Catastrophic Risk
Howard Kunreuther draws on findings from a Wharton Risk Center study about how chief risk officers in S&P 500 companies are dealing with catastrophic risks. The study was featured in the World Economic Forum’s Global Risks Report 2014.
January 27, 2014, CNBC, Stop the Davos Bashing!
Erwann Michel-Kerjan, a collaborator with the World Economic Forum, provides a five-point reality check about what is maybe less known about Davos.
January 22, 2014, philly.com, What keeps the super-rich awake at night
Erwann Michel-Kerjan, executive director of Wharton’s Risk Management Center: “People think about Davos in terms of ‘how can these people even talk about income disparity?’ That’s why the Global Risks report is interesting. To the leaders of the world it talks about the implication of income inequality within the long-term, the next 5 or 10 years. We really haven’t had that discussion in America.”
January 14, 2014, Knowledge@Wharton, What Are the Top Five Risks the World Faces in 2014?
The World Economic Forum, based in Davos, Switzerland, issued its “Global Risks 2014” report this week. Two of the report’s contributors — Howard Kunreuther, Wharton operations and information management professor and co-director of the school’s Risk Management and Decision Processes Center, and Erwann Michel-Kerjan, the center’s executive director — offered their assessments of the report’s major takeaways and the challenges that lie ahead for global risk managers.
December 18, 2013, Knowledge@Wharton, Why Insurance Is the ‘Most Misunderstood Industry’
Podcast interview with co-authors Howard C. Kunreuther and Mark V. Pauly, co-authors ofInsurance and Behavioral Economics.
November 4, 2013, Insurance Journal, World Needs Insurance Industry to Be “Bold” and “Sexy”
Interview with Erwann Michel-Kerjan at the Professional Liability Underwriting Society (PLUS) International Conference.
October 10, 2013, Pittsburgh Tribune, Disaster relief not flowing to flood victims
Interview with Howard Kunreuther on the availability of small business loans that provide disaster funding to those in need.
October 9, 2013, CNN Money, Government shutdown’s biggest villain? Pride.
“Pride,” says Michael Useem, a professor of management at the Wharton School, “is a great enemy of decision making.”
October 8, 2013, Inc. Online, Leading in Crisis: 3 Tips from the Fukushima Nuclear Disaster
Howard Kunreuther, Robert Meyer and Erwann Michel-Kerjan discuss lessons learned from the 2011 Japan disaster.
October 4, 2013, Tampa Bay Times, Floridians and others give more than they get from flood program
Erwann Michel-Kerjan is interviewed about research by the Wharton Risk Center showing that over the past decade, thirteen states have paid more into the National Flood Insurance Program than they have collected in claims.
October 4, 2013, Vanity Fair, The Truth About Obamacare and How It Solves the Suffering of the Insured
Article cites research by Mark Pauly as one of the best-known experts in healthcare economics research.
October 3, 2013, Knowledge@Wharton, Lessons in Leadership from the Fukushima Nuclear Disaster
Howard Kunreuther, Robert Meyer and Erwann Michel-Kerjan discuss lessons learned from the 2011 Japan disaster.
October 1, 2013 Politico, Beware of the Obamacare talking points
Mark Pauly discusses ways that Obamacare is similar to and differs from Medicaid.
September 30, 2013 News-press.com, Flood policies go way up today
Article cites research by the Wharton Risk Center on the National Flood Insurance Program.
September 27, 2013, Cape Cod Times, Lawmakers target flood insurance hikes
Erwann Michel-Kerjan notes that homeowners need to protect their asset with disaster insurance.
August 23, 2013, Forbes Online, No, Obamacare is Not a Good Deal for Young People
Article cites research by Mark Pauly and Patricia Danzon of Wharton, Responsible National Health Insurance, a health reform proposal that would have allowed health insurers to price risk and used fixed dollar tax credits that vary by health status to make such coverage affordable.
August 19, 2013, WNYC Online, Betting on the Next Catastrophe
Interview with Howard Kunreuther on use of catastrophe bonds to cover against financial losses from natural disasters.
August 12, 2013, MSN Money, Why you’re in disaster denial
Robert Meyer is interviewed on why people have difficultly estimating potentially severe losses from natural disasters.
August 1, 2013, Healthcare Finance News, Social impact bonds for healthcare
Mark Pauly is interviewed on the potential for social impact bonds to pay for heathcare. “Improving the health of a poor population isn’t going to be such a good candidate. Specific things with quantifiable outcomes are the sweet spot for this activity.”
August 1, 2013, Morning Call, Major insurers seek to join Pennsylvania’s exchange
Scott Harrington is interviewed on applications plans by major insurers.
July 17, 2013, Bloomberg Businessweek, B-Schools Expand Risk Management Offerings
Howard Kunreuther notes that enrollments for his courses in Risk Analysis and Environmental Management have increased sharply in the past several years.
July 12, 2013, Bankrate.com, Bracing for flood rate increases
Article cites research by the Wharton Risk Center on the National Flood Insurance Program.
July 12, 2013, Los Angeles Times, Focus on fixing, not quitting the healthcare act
Mark Pauly notes that we need an informed debate about how the healthcare can be improved.
July 9. 2013, TIME, The Case for Government-Backed Terrorism Insurance
Op-ed by Erwann Michel-Kerjan, adapted from his testimony before the U.S. Congress, House Subcommittee on Insurance, Housing and Community Opportunity’s Committee on Financial Services in 2012.
July 9, 2013, Business Insider, Why Founders Often Make Terrible CEOs.
Michael Useem discusses “The Leader’s Checklist: “Running a larger enterprise requires a leadership skillset distinct from that required for a startup.”
July 9, 2013, LiveScience.com, Why People Don’t Learn from Natural Disasters
Robert Meyer reports on survey findings that prior to Hurricane Sandy’s landfall, New Jersey residents overestimated the likelihood of hurricane-force winds, but did not report feeling worried about the storm.
July 1, 2013, Science Nation, Understanding Human Nature When Mother Nature Wreaks Havoc
Robert Meyer is interviewed about StormView™ research. StormView™ is a software program that gauges how residents of hurricane-prone regions might react in the event of an imminent storm.
July 1, 2013, National Journal, The health care industry has been a bright spot of the recovery, but it could reflect an unwelcome trend
Mark Pauly discusses the link between growth in health care jobs and costs.
June 29, 2013, InsurerNews.com and Knowledge@Wharton, Should the U.S. Backstop Private Terrorism Risk Insurance — Forever?
In this opinion piece, Erwann Michel-Kerjan, managing director of Wharton’s Risk Management and Decision Processes Center, discusses the need to extend government-funded terrorism risk insurance – but with some market-oriented modifications.
June 26, 2013, Treasury & Risk, A Risk by Any Other Name…
Interview with Howard Kunreuther on the implications of his research for corporate finance and risk management functions.
June 24, 2013, Business Insider, You Need Different Leadership Qualities To Change A Company Than You Do To Start One. Wharton professor and author of “The Leader’s Checklist” Michael Useem tells the three qualities every CEO needs to have.
June 20, 2013, C-Span, Cybersecurity in Your Neighborhood: Why Public-Private Partnerships Matter
Stephen Flynn, a senior fellow the Risk Center and Founding Co-director of the George J. Kostas Research Institute for Homeland Security, Northeastern University participated in a discussion event with DHS Secretary Napolitano and former DHS Secretary Chertoff at the Wilson Center.
June 6, 2013, National Underwriter, As Hurricane Season Begins, Insurers Should Seize Opportunity to Educate
June 3, 2013, National Underwriter, NYSE Roundtable: Officials Talk Lessons Learned from Sandy
Interviews with Howard Kunreuther on hurricane preparedness: Educate people as to the value of having insurance, and encourage the mitigation of risk.
June 1, 2013, News Press, Flood insurance: New law will steeply raise rates
Cites research from the Wharton Risk Center.
May 24, 2013, Marketplace, Why don’t we fix our crumbling bridges?
Interview with Robert Meyer, co-director of the Wharton Risk Management and Decision Processes Center: “There’s a tendency to think that the legislators are somehow different from you and me making our day-to-day decisions, but a lot of the people who postpone funding for bridge repair are the same people who drive around with under-inflated tires or don’t repair their roofs.”
May 9, 2013, Philly.com, Data show the wide range of hospital billings
Interview with Mark Pauly, professor of health management at the Wharton School.
May 8, 2013, AEI.org, Person-centered health care reform
Health care reform plan sponsored by the Brookings Institution designed by a group of health experts including former OMB directors Peter Orszag and Alice Rivlin and health policy analysts including Mark Pauly of the Wharton School.
May 7, 2013, ABC Local Online, Rise in concierge care draws scrutiny
Mark Pauly notes the growing number of concierge-type medical practices will separate the haves from the have-nots.
May 29, 2013, Product Design & Development
May 16, 2013, inhabitat.com
May 9, 2013, The Colbert Report
May 6, 2013, Climate News Network
May 3, 2013, Baltimore Sun
May 1, 2013, WSJ Blogs
May 1, 2013, Philly.com
May 1, 2013, The Daily Dish
April 30, 2013, Mother Jones
April 30, 2013, NBCNews.com
April 30, 2013, Yahoo! News
April 30, 2013, The Hill
April 30, 2013, National Geographic
April 30, 2013, ScienceDaily
Research by the Wharton Risk Center’s Dena Gromet and Howard Kunreuther, and Duke University’s Rick Larrick, shows that political conservatives are less likely to buy light bulbs that are labeled with a sticker that says “Protect the Environment.” “When we’re given an option that we don’t identify with or that our ideological group doesn’t value,” she said, “this can turn the purchase into something undesirable,” notes Gromet.
April 29, 2103, AdvisorOne, Hurricane Lessons
Research by Robert Meyer, co-director of the Wharton Risk Center shows that when people calculate their risk of hurricane damage and make decisions about hurricane insurance, they consistently misread their prior experience and make poor choices.
April 27, 2013, WSJ Blogs, The Cost of Terror
Howard Kunreuther offers opinion that the bombing at the Boston Marathon is unlikely to affect the market for terrorism insurance.
April 25, 2013, The New Republic, A Radical, Realistic Response to the Texas Plant Explosion
The EPA does not have the ability to inspect all the facilities they are responsible for. Howard Kunreuther and researchers at the Wharton Risk Center have a solution: Thousands of risk assessors, working with the insurance industry, already evaluate the risk management plans that companies must submit to the EPA. The EPA could simply have those third-party inspectors collect additional information.
April 24, 2013, BestWire, Multi-Year Homeowners Insurance Proposal Continues Struggle to Find Supporters
Howard Kunreuther discusses rationale for multi-year flood insurance policies, starting with the National Flood Insurance Program.
April 23, 2013, USA Today, Boston bombings show need for terrorism insurance
Howard Kunreuther and Erwann Michel-Kerjan discuss terrorism insurance following the bombings at the Boston Marathon.
April 22, 2013, CNN, Four things Boston teaches us about terror
Op-ed by Stephen E. Flynn, Wharton Risk Center senior fellow and founding co-director of the George J. Kostas Research Institute for Homeland Security.
March 26, 2013, NewsWorks, Urgent care centers boom into Delaware, poised for Obamacare’s rising tide
Mark Pauly, Professor of Health Care Management and Wharton Risk Center fellow comments on implementation of the Affordable Care Act and its impact on health-care consumers.
March 14, 2013, USA Today, Lawmakers: Small businesses vital to disaster recovery
Howard Kunreuther and Erwann Michel-Kerjan were among those who gave testimony at the Roundtable for the U.S. Senate Committee on Small Business and Entrepreneurship, “Helping Small Businesses Weather Economic Challenges and Natural Disasters.”
March 11, 2013, MIT Sloan Management Review, Designing for Resilience
Stephen Flynn, professor of political science at Northeastern University and Senior Research Fellow at the Wharton School’s Risk Management and Decision Processes Center discusses “resilience” as a way to talk about responding to the anticipated next phase of environmental, economic, and social change.
March 8, 2013, “Here & Now” WESA-FM (NPR, Pittsburgh), Rethinking Flood Insurance Post-Sandy
Howard Kunreuther gives an interview on the preliminary report by the commission set up by New York Governor Andrew Cuomo about how to deal with future extreme storms (Audio).
March 6, 2013, Fox News, Insure.com; Why you’re in denial about disasters.
Robert Meyer, professor of marketing at the Wharton School of the University of Pennsylvania and co-director for the Center for Risk Management and Decision Processes Center says, “Even though people think there will be fire, hurricanes and earthquakes, they think the impact to them will be not that severe.” Another issue is that people are prone to forgetting past events. “That’s a real problem with communities making large scale investments in protections.”
February 14, 2013, Economist, Business has much to learn from the armed forces
Some businesspeople are eager to learn from the men and women in uniform. Michael Useem of Wharton Business School incorporates visits to battlefields and lectures from military leaders into his courses.
February 26, 2013, “Radio Times” National Public Radio, “Moral hazard” & Sandy relief: Do federal funds invite disaster?
Critics of federal disaster aid contend that paying for building along the ocean provides an incentive for unsustainable behavior. Marty Moss-Coane’s interview with Howard Kunreuther, co-director of the Wharton Risk Management and Decision Processes Center and Scott Gabriel Knowles, Drexel University associate professor of History & Politics. (Audio: http://soundcloud.com/whyy-public-media/the-moral-hazard-sandy-relief).
February 21, 2013, Insurance Networking News, Does Anybody Know How to Fix the Insurance Industry’s Image Problem?
Discussion of Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry. Wharton Professors Howard Kunreuther and Mark Pauly join Urban Institute researcher Stacey McMorrow in a study of consumers, insurance leaders and policymakers. Their conclusion: all three groups illustrate an overall failure to grasp how insurance can fulfill the roles it is designed to play: reducing future losses and financially protecting those at risk.
February 18, 2013, New York Times, Catholicism Inc.
Michael Useem, director of the Center for Leadership and Change Management at the Wharton School, notes that the business world has much to teach the Church about surviving scandal. First, purge those responsible for the abuses and the cover-up.
February 13, 2013, Knowledge@Wharton, Insurance: The Most Misunderstood Industry
In a new book titled, Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry, authors Howard Kunreuther and Mark Pauly, both professors at Wharton, and Urban Institute researcher Stacey McMorrow analyze the behavior of individuals, insurance industry leaders and policy makers, all of whom bring certain behavioral biases to their understanding of the insurance industry. The result, say the authors, is an overall failure to grasp how insurance can fulfill the roles it is designed to play: reducing future losses and financially protecting those at risk.
February 12, 2013, Forbes.com, Improving Insurance Decision Making
Op-ed by Howard Kunreuther and Mark Pauly, Professors at the Wharton School, University of Pennsylvania and co-authors of Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry.
February 7, 2013, Washington Post, On Leadership, Boy Scouts of America and the dismantling of core values
The Boy Scouts of America organization appears to be orchestrating “a complex compromise to all the conflicting demands and pressures,” says Michael Useem of the Wharton Center for Leadership.
January 31, 2013, Risk Management Monitor, The Problem with How We Prepare for Disasters
Robert Meyer, Co-director of the Wharton Risk Management and Decision Process Center, offers an array of reasons for why we — as individuals and a society — tend to under-prepare for natural hazards.
January 30, 2013, Knowledge@Wharton, ‘Sigh of Relief’ at Davos: Confidence and Caution Shared Center Stage
Wharton management professor Michael Useem, returning from his 11th trip to the World Economic Forum in Davos, suggests that the challenge ahead lies in efforts to avoid the arrogance and excesses responsible for the 2008 financial crisis.
January 25, 2013, The Weather Channel, Climate and Risk Management
From the World Economic Forum in Davos: Jim Cantore interviews Howard Kunreuther, Wharton Professor of Operations and Information Management (video).
January 23, 2013, World Economic Forum, An entrepreneurial approach to risk
Does opportunity bring risk or does risk create opportunity? Karen Campbell, Research Fellow at the Wharton Risk Center, explains why entrepreneurial thinking could help to tackle climate and other risks.
January 23, 2013, Bloomberg News, Bankers at Davos Swap Obama-Bashing for Pragmatism
Bankers see compromises as losses, according to Erwann Michel-Kerjan, managing director of the Wharton Risk Management & Decision Processes Center at the University of Pennsylvania. “At some point you have to calm down and say, ‘What do we do about it?’”
January 22, 2013, Bloomberg Businessweek, McNerney Tested at Boeing as 787 Inquiry Raises Costs
Prof. of Management Michael Useem comments on decisions facing Boeing CEO Jim McNerney
January 15, 2013, Insurance & Technology, Insurers Face Riskier World: WEF’s Global Risks 2013 Report
Interview with Erwann Michel-Kerjan: At least three of the top five risks identified by the report have implications for the insurance industry, either from an underwriting or a risk management perspective.
January 8, 2013, Institutional Investor, Deficits and Climate Change Make Potent Risk Cocktail for Global Economy
Interview with Howard Kunreuther: With Hurricane Sandy, climate change is back on the public agenda. “If we’re ever going to develop long-term strategies with short-term incentives, there’s a real opportunity to do this now.” One idea is to offer insurance discounts to home and business owners who rebuild using materials and techniques designed to minimize future damage.
January 7, 2013, FT.com, Destructive storm offers constructive lessons
In an interview, Professor Howard Kunreuther notes that issues raised by Hurricane Sandy will soon be appearing in business school course content.
January 6, 2013, CNN, America isn’t ready for superstorms
Op-ed by Risk Center Senior Fellow Stephen Flynn: In the aftermath of Hurricane Sandy, there are five important lessons to be learned.
January 1, 2013, Newsday, FEMA: Flood insurance to be required in zone
Article cites flood insurance research by the Wharton Risk Management Center.
November 28, 2012, Metro, Penn professor simulates next Sandy scenario
Interview with Robert Meyer about new simulation that can help residents anticipate hurricane damage.
November 26, 2012, The DP, New simulation can help prepare people for hurricane
The computer simulation predicts how humans behave in disaster situations.
November 24, 2012, The New York Times, Paying for Future Catastrophes
Op-ed by Erwann Michel-Kerjan and Howard Kunreuther: For families and businesses, insurance plays an important role in assisting financial recovery. However many people, including those in high-risk areas, don’t have coverage, either put off by its cost or by the belief that the next disaster “will not happen to me.”
November 23, 2012, New Jersey Star-Ledger, What will, or should, New Jerseyans learn from Hurricane Sandy?
Op-ed by Ginger Turner: Learning from the past can be both good and bad, since people generally react to whatever they remember most recently.
November 21, 2012, Nature, How resilient is your country?
Op-ed by Erwann Michel-Kerjan: Extreme events are on the rise. Governments must implement national and integrated risk-management strategies.
November 17, 2012, Newsday, Sandy flood claims a drain on fed program
In an interview, Erwann Michel-Kerjan discusses the operation of the National Flood Insurance Program, noting that if was a private company, “it would have gone bankrupt back in 2005.”
November 16, 2012, Federal News Radio
Radio interview with Howard Kunreuther on the National Flood Insurance Program and the need for risk-based rates and insurance vouchers.
November 16, 2012, The New York Times, Taxpayers at Risk As Storm Bills Come Due
Erwann Michel-Kerjan: “Everyone agrees you should be paying the risk… but if you see your premium go up, you start calling your senators.”
November 12, 2012, The New York Times, Flood Insurance, Already Fragile, Faces New Stress
Article cites research by the Wharton Risk Center that shows that certain states, like Texas, which has the second-largest number of policies, pay much less in insurance premiums than the homeowners there collect in damage claims.
November 11, 2012, The New York Times, A New Manhattan Project
Times’ columnist Bill Keller interviews experts on how to make Manhattan more resilient to future floods. Erwann Michel-Kerjan notes that about a million American homeowners pay less than “risk based” rates for flood coverage.
November 9, 2012, The New York Times, After the Storm: Managing Claims
Researchers from the Wharton Risk Management and Decision Processes Center surveyed people in the storm’s path by telephone three days before it hit. Among people within a block of a body of water, 46 percent had no flood insurance. In areas that had been evacuated in past storms or where the authorities advised people to leave, 58 percent did not have it.
November 2, 2012, The Weather Channel, Sandy Catches Northeasterners without Flood Insurance
Erwann Michel-Kerjan discusses reasons that homeowners in floor-prone areas might fail to purchase flood insurance.
October 31, 2012, Knowledge@Wharton, Sandy’s Costly Aftermath
Interview with Howard Kunreuther: “We know that people in many areas are required to buy flood insurance, but they often don’t.” That situation may change with action by the U.S. Congress in July to renew the National Flood Insurance Program (NFIP) for another five years and authorize a study on the role that risk-based premiums and means-tested insurance vouchers can play in the future. “This is a target of opportunity.” The best time to make progress is right after a disaster, “when people are paying attention.”
October 30, 2012, New York Times, For Flood Victims, Another Blow Is Possible
Erwann Michel-Kerjan notes that flood insurance “is mandatory if you have a federally backed mortgage and you’re living in a flood-risk area, but many people who were supposed to have that coverage were not covered.”
October 30, 2012, Bloomberg TV, Assessing the Damage Left from Sandy
Phone interview with Howard Kunreuther on aspects of wind and water damage from Hurricane Sandy.
October 30, 2012, CNN Money, Sandy Stimulus? Don’t bet on it.
Research by Howard Kunreuther and Erwann Michel-Kerjan shows that disasters before an election draw more government relief than disasters after an election. “Spending to improve infrastructure in preparation for future disasters is where you have the best return on investment. The challenge is generating enthusiasm in the absence of a calamity.”
October 3, 2012, Bloomberg Business, Mapping a Path Out of Steve Job’s Shadow
Prof. of Management Michael Useem comments on Tim Cook’s leadership at Apple since becoming CEO.
October 22, 2012, La Tercera, Expertos de EE.UU. estudian reconstrucción en Chile tras el 27/F
Experts from the Wharton Center for Risk Management are studying of the process of reconstruction in Chile, after the earthquake of 27/F, as advisors to Chilean President Sebastián Piñera.
September 21, 2012, G20: Disaster Risk Management as Key Priority: 5 Proposals.
Erwann Michel-Kerjan opened the G20 Country Steering Group meeting in Mexico City on with 5 proposals for the G20. Keynote (PDF). Video.
September 19, 2012, McKinsey & Company, Leading in the 21st century: An interview with Michael Useem
September 11, 2012, “TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program”
Erwann Michel-Kerjan was among those who testified at the U.S. House of Representatives Committee on Financial Services hearing on options for encouraging greater private sector participation in the market for terrorism risk insurance. Written testimony >>
August 29, 2012, Marketplace Online, New Orleans’ $14 billion levee system holds for now
Interview with Robert Meyer: “In the absence of a disaster, there’s not really much of a political appetite to spend billions of dollars.”
August 29, 2012, CNN.com, The real trouble begins after Isaac is gone
Op-ed by Stephen Flynn and Sean Burke. Public officials and emergency managers are getting good at getting people out of harm’s way. Unfortunately, where official plans are likely to fall short is in helping evacuees to quickly return to their storm-damaged communities and get back on their feet.
August 29, 2012, Business Insider, 6 Keys to Moving Startup Leaders from Good to Great
Michael Useem outlines mission-critical leadership principles in his book, “The Leader’s Checklist.”
August 28, 2012, Tampa Bay Times, Struggling financially, Bayfront may seek partner with deeper pockets
Mark Pauly is interviewed on financial challenges faced by healthcare facilities.
August 24, 2012, FT.com, Something for the weekend
Research by Risk Center Fellow Maurice Schweitzer and Risk Center Ackoff Fellowship recipient Nicole Reudy examines “cheater’s high.”
August 22, 2012, The Economist, Naughty but nice
Research by Risk Center Fellow Maurice Schweitzer and Risk Center Ackoff Fellowship recipient Nicole Reudy examines “cheater’s high.”
August 21, 2012, Los Angeles Times, U.S. intelligence tests crowd-sourcing against its experts
Professor Phil Tetlock discusses research and crowd-sourcing project, the Good Judgment Project.
August 19, 2012, Business Insider, The Past Slips Our Minds When We Buy Home Insurance
Research by Robert Meyer shows that consumers forget past history when it comes to insuring their property.
August 17, 2012, The Wall Street Journal, Failing to Learn from Hurricane Experience, Again and Again
Research by Robert Meyer suggests that requiring consumers to opt out of flood insurance, rather than opt in, might be one way to ensure protection.
August 15, 2012, The Wall Street Journal, The Cheater’s High
Research by Risk Center Fellow Maurice Schweitzer and Risk Center Ackoff Fellowship recipient Nicole Reudy examines “cheater’s high.”
August 8, 2012, The Huffington Post, Why We Should Not (Always) Blame Congress
Op-ed by Erwann Michel-Kerjan and Howard Kunreuther: The Biggert-Waters Flood Insurance Reform Act of 2012 renews for five years and significantly reforms the federally-run National Flood Insurance Program (NFIP) to ultimately help America become more resilient to future floods.
August 2, 2012, Yahoo News, Democrats, Republicans offer rival views to control health costs
Wharton School health economist Mark Pauly advocates a Republican approach that would retain traditional Medicare but offer beneficiaries the option of receiving financial support for the purchase of private insurance.
August 1, 2012, Knowledge@Wharton, Dealing with Natural Disasters, and Beyond
In July, Congress renewed the National Flood Insurance Program (NFIP) and authorized a study on the role that risk-based premiums and means-tested insurance vouchers can play in the future — recommendations that Howard Kunreuther and Erwann Michel-Kerjan have been urging Congressional staff and FEMA to consider for several years.
July 30, 2012 Money Online, In Business, There’s No Such Thing as an Accident
Howard Kunreuther and Geoffrey Heal postulate several factors that work against people and businesses protecting themselves against extreme events.
July 26, 2012, Ode, Tell me a story
Wharton School marketing professor Deborah Small, working with Paul Slovic and George Loewenstein, found that when statistics enter a story, the audience detaches from the emotional pull.
July 26, 2012, Philly.com, Michael Useem and climbing the Everest of leadership
Interview with Michael Useem on the failure of leadership globally.
July 25, 2012, Radio Times (WHYY-FM), Character and Leadership
Prof. of Management Michael Useem explains how expeditions in challenging environments can offer lessons in leadership and decision making.
July 24, 2012, Risk and Insurance, Federal Flood Insurance is Outdated, Deeply Flawed
Research by the Wharton Risk Center is cited in this article on the National Flood Insurance Program.
July 22, 2012, Washington Post Online, Giving to get ahead
Wharton professor Eric Orts notes, “For companies to take corporate social responsibility seriously, it has to be integrated into the DNA of the enterprise.
July 17, 2012, Wall Street Journal, Marissa Mayer: Geek, Mom, CEO
Prof. of Management Michael Useem explains how expeditions in challenging environments can offer lessons in leadership and decision making.
July 15, 2012, The Washington Post, Port security: U.S. fails to meet deadline for scanning of cargo containers
Risk Center Fellow Stephen Flynn, an expert in container security notes, “The current system is woefully inadequate for stopping any determined adversary who wants to get a weapon of mass destruction into the United States.”
July 5, 2012, Bloomberg Businessweek Online, The Case for Way More Mandates
Howard Kunreuther and Mark Pauly explain the rationale for insurance mandates.
Summer 2012, Regulation (Cato Institute), Does Private Insurance Reduce Environmental Accidents?
Gas station underground tank leaks decreased when states switched from state-managed assurance programs to mandatory private insurance. This article by Haitao Yin, Howard Kunreuther and Matthew W. White is based on their article in the Journal of Law and Economics of May 2011, 54(2): 325-363
June 21, 2012, National Journal, Cash Flows
Erwann Michel-Kerjan discusses FEMA’s efforts to improve flood protection and insurance coverage.
June 19, 2012, CFO.com, Human Error Triggers Rise in Catastrophe Cost
The escalating costs of disaster are more about flaws in human behavior and risk management than bad luck, say Howard C. Kunreuther (Wharton) and Geoffrey M. Heal (Columbia Business School) in their paper, “Managing Catastrophic Risk.”
June 8, 2012, Huffington Post, Toward a Euro II Quarantine Zone?
Op-ed by Erwann Michel-Kerjan and Donald E. Callaghan.
May 4, 2012, Slate, An Ounce of Prevention …
Summary of Howard Kunreuther and Erwann Michel-Kerjan’s entry to the Copenhagen Challenge 2012. “Policy Options for Reducing Losses from Natural Disasters” is an economic analysis of innovative solutions to mitigate the challenge of natural disasters in developing countries.
April 18, 2012, Globe and Mail, How does leadership fare under stress
Prof. of Management Michael Useem is interviewed about how leaders respond in stressful situations.
April 14, 2012, CNN, Concerns over U.S. efforts to stop nuclear terror
The 9-11 Commission directed that by the year 2012 every single cargo container being shipped into the United States would be scanned to prevent terrorists from delivering a nuclear bomb to America. Risk Center Fellows Noah Gans and Stephen Flynn tell CNN about their research on the feasibility of 100 percent scanning of cargo on shipping vessels using U.S. seaports, in a two-part expose on container security:
Part 1: http://security.blogs.cnn.com/2012/04/14/concerns-over-u-s-efforts-to-stop-nuclear-terror/
Part 2: http://www.cnn.com/video/#/video/bestoftv/2012/04/14/exp-u-s-efforts-to-stop-nuclear-terrorism.cnn
February 16, 2012, The Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access conducted a hearing on “Examining the Role of Government Assistance for Disaster Victims: A Review of H.R. 3042.” Howard Kunreuther testified on potential consequences of the legislation and the role of insurance and other policy tools to reduce future losses. Video »
February 8, 2012, New York Times, Entrepreneur Pushes Chinese Role in Global Credit
Anastasia Kartasheva, an expert on risk management at Wharton School of Business, addresses criticism of rating agencies. “It isn’t clear the world needs a new system. It’s not as if the Chinese rating agency is offering ratings in a class where the other agencies performed poorly,” Kartasheva said.
January 24, 2012, Risk & Insurance, Federal Flood Insurance Program Gets Extension
Article cites research by the Wharton Risk Center’s study on the National Flood Insurance Program and potential for private industry to consider supplementing the flood insurance offered by the government.
January 21, 2012, The Wall Street Journal (Asia)
Is Income Disparity Slowly Fueling the Next Global Crisis?
Op-ed by Erwann Michel-Kerjan and Kevin Lu on top risks outlined in the World Economic Forum’s Global Risks Report 2012.
January 20, 2012, Bloomberg Television’s “Inside Track”
Video interview with Erwann Michel-Kerjan: the World Economic Forum’s Risks Report 2012 notes that income disparity and fiscal imbalances are the most likely threats to global prosperity in the next decade.
January 20, 2012, Co.Exist
Predicting Disasters of The Future: Economic Disaster, Water Shortages, and Cyber Attacks
Erwann Michel-Kerjan describes the scale used by the co-authors of the World Economic Forum’s Global Risks Report 2012; experts forecasted that, on a 5-point scale with 5 meaning almost certain, the likelihood of chronic fiscal imbalances and severe income disparities was 4.3, and cyber attacks clocked in at 3.8. By contrast, the risk of unmanageable inflation or deflation was 2.82 and unprecedented geophysical destruction was 2.85.
January 19, 2012, The Daily Pennsylvanian, Wharton professors detail global risks in report
Interview with Wharton Risk Center directors on the 2012 Global Risks Report.
January 17, 2012, U.S. News and World Reports, Top 5 Global Risks for 2012
Erwann Michel-Kerjan comments on the Global Risks Report 2012: “When most people think about risks, they think about sudden events like a terrorist attack or an earthquake,” Michel-Kerjan says. But that’s not necessarily the case with the risks outlined in the WEF report, especially this year.
January 14, 2012, The Economist, Counting the cost of calamities
Article cites research by the Wharton Risk Center. Robert Meyer: “People have a tendency not to price rare, unpredictable events into their decisions, even if these may have catastrophic consequences.”
January 13, 2012, Insurance Networking News, An Infinity of Risks
Interview with Erwann Michel-Kerjan on the Global Risks Report 2012. “What risk management ought to be is changing,” Michel-Kerjan says. “Risk Managers used to tell people what not to do. What I really see emerging is risk managers whose expertise lies in working with others. We also see that more companies are creating a CRO position.”
January 12, 2012, CBC-TV (Toronto)
Video interview with Howard Kunreuther, Co-Director of the Wharton Risk Center, addresses globalization and the results of interconnectedness in this interview for CBC Toronto on the Global Risks Report 2012.
January 12, 2012, Institutional Investor, Occupy Goes to Davos
Many more companies are beginning to come to grips with risk of catastrophic events, says Prof. Mike Useem discussing the Global Risks Report 2012.
January 11, 2012, The New York Times, Economic Troubles Cited As the Top Risks in 2012
Interview with Howard Kunreuther, Erwann Michel-Kerjan and co-authors of the World Economic Forum’s Global Risk Report 2012.
January 11, 2012, The World Economic Forum
In this video produced by the World Economic Forum, Erwann Michel-Kerjan, Managing Director of the Wharton Risk Center, examines the main findings of the Global Risks 2012 report and discusses its relevance to the private and public sectors.
January 11, 2012, Insurance Journal
World Economic Forum Warns Economic, Social Turmoil Risk Globalization Gains
The seventh edition of the Global Risks 2012 report is a cooperative effort published by the World Economic Forum, Marsh & McLennan Companies, Swiss Re, the Wharton Center for Risk Management, and Zurich.
Fall, 2011, Wharton Magazine, “Serious about ERM”
The goal, says Risk Center Director, Howard Kunreuther, is not to overreact to the perceived, large dangers out there. Rather, business leaders are overcoming short-term “myopia” and learning to do a better job of assessing all risks that could interfere with their long-term strategies.
December 20, 2011, Insurance Journal, Study: Private Insurers Can Complement Nation Flood Insurance
The Wharton Risk Center’s research on the feasibility of private flood insurance is discussed in this article.
November 18, 2011, NBC Nightly News, Extreme Weather Tied to Climate Change
Risk Center Fellow Sabrina McCormick is interviewed in this report on the work of the Intergovernmental Panel on Climate Change.
November 18, 2011, TIME Magazine,
IPCC Report: Global Warming—and Changing Population—Will Worsen the Toll of Extreme Weather
Risk Center Fellow Sabrina McCormick comments on the work of the Intergovernmental Panel on Climate Change.
October 10, 2011, The Washington Times,
Investors turn to ‘catastrophe bonds’ as hedge against uncertain market
Erwann Michel-Kerjan is interviewed about ways to stabilize reinsurance prices.
October 3, 2011, The Philadelphia Inquirer, FEMA aid a disaster in the making?
Howard Kunreuther discusses problems with increasing amounts federal disaster assistance.
October 1, 2011, The Baltimore Sun,
Changes would bolster insurance program, but could price out older communities
Erwann Michel-Kerjan discusses strategies for making flood insurance affordable.
October 1, 2011, New York Times, Who Benefits From Federal Flood Aid?
Op-ed by Howard Kunreuther on reforms to the National Flood Insurance Program.
September 20, 2011, The Star Ledger, U.S. ill-equipped to deal with Japan-like nuclear meltdown
Howard Kunreuther is interviewed about potential economic damages from a nuclear meltdown.
September 15, 2011, The Washington Post, Prepare yourself, natural disasters will only get worse
Op-Ed by Erwann Michel-Kerjan.
September 9, 2011, The Huffington Post, Are Extreme Events Roadblocks to Growth?
Op-Ed by Erwann Michel-Kerjan.
September 9, 2011, The Daily Pennsylvanian, Dealing with large-scale risks
Op-Ed by Howard Kunreuther on the 10th anniversary of 9/11.
August 31, 2011, NPR, To Dodge Blame, Officials Prepare Public For Worst
Interview with Howard Kunreuther about the public’s reaction to disasters and its effect on policymakers.
August 26, 2011, The Washington Post, Does politicians’ fear of blame hinder the war on terror?
Howard Kunreuther is interviewed about research study, “A policy maker’s dilemma: Preventing terrorism or preventing blame.”
July 31, 2011, Philadelphia Inquirer,
Residents of Delaware County town feeling snowed by flood-insurance mandate
Erwann Michel-Kerjan quoted on the operation of the National Flood Insurance Program.
July 2011, In The Black (Australia), Time to switch off nuclear?
Howard Kunreuther and other experts give their opinions on the future of nuclear energy.
Spring 2011, Wharton Magazine, The Year in Risk
Discussion with Howard Kunreuther and Erwann Michel-Kerjan on global risks in 2011, and how those risks are interconnected.
May 29, 2011, Los Angeles Times
Prof. of Health Care Management Mark Pauly comments on President Obama’s new healthcare law.
May 24, 2011, Canadian Insurance Top Broker, To buy or not to buy? When do companies choose terrorism insurance?
Wharton Risk Center research suggests that price has little impact on demand.
May 16, 2011, Insurance Journal (Podcast), Risky Business: Insurance Industry Entering ‘New Era’ of Catastrophes
Erwann Michel-Kerjan: “Organizations do not have the agility needed to move quickly to respond to unplanned events and global risks that have occurred at an increasing rate.”
May 11, 2011, Knowledge@Wharton, Modeling Behavior: What Motivates People to Prepare, or Not Prepare, for Natural Disasters?
Preparing for a natural disaster like a hurricane is critical in minimizing damage, but what motivates individuals to listen to warnings and act is largely unexplored territory.
May 1, 2011, Risk & Insurance, Most Dangerous Emerging Risks
Howard Kunreuther is quoted in a report on emerging risks.
May 2011, Foreign Affairs, Recalibrating Homeland Security
Article by Stephen Flynn: “The United States has made a mess of homeland security…”
April 1, 2011, CFO Magazine, Disaster Averted?
Erwann Michel-Kerjan advocates the creation of an “audit-plus committee,” with clear responsibility for risk management.
March 30, 2011, Knowledge@Wharton, U.S. Energy Policy after Japan: If Not Nuclear, Then What?
As the crisis at Japan’s crippled Fukushima Daiichi plant has raised questions in the United States about the role that nuclear power should play in the country’s energy future.
March 23, 2011, The Economist, Business-school research: No longer all at sea
Prof. Noah Gans’ co-authored research on port security with Stephen Flynn and Nitin Bakshi is highlighted in The Economist.
March 17, 2011, PBS Nightly Business Report,
President Obama Tries to Calm U.S. Nuclear Radiation Fears
Prof. Howard Kunreuther is interviewed on the question of GE’s liability for the nuclear plants in Japan.
March 15, 2011, USA Today, Experts cite economic, societal cost of tornadoes
Tornado death rate, by state. Data and map by Jeffrey Czajkowski, Travelers Research Fellow of the Wharton Risk Management and Decision Processes Center, and Austin College.
March 15, 2011, CNN.com, Calls for better U.S. quake preparation
Erwann Michel-Kerjan is quoted on U.S preparedness for earthquakes in the aftermath of the March 2011 earthquake in Japan.
March 2011, Risk Managment Magazine, All Risk Is Local
The Wharton School’s Risk Management Center co-director Howard Kunreuther discusses 2011’s top global risks.
February 23, 2011, Knowledge@Wharton, Turmoil in Arab World Ushers in ‘New Reality’ for All Governments
Interview with Neil A. Doherty, Frederick H. Ecker Professor of Insurance and Risk Management at Wharton and Erwann Michel-Kerjan, managing director of the Wharton Risk Management and Decision Processes Center.
February 2, 2011, Knowledge@Wharton, Report from Davos: Risk Management Survivors Offer Cautionary Tales
Wharton management professor Michael Useem joined heads of state, politicians, CEOs, and others at this year’s World Economic Forum in Davos, Switzerland.
January 31, 2011, Latin American Herald Tribune, Adjusting to Nature’s Extremes
Erwann Michel-Kerjan is quoted in this article on weather-related catastrophes in Latin America.
January 25, 2011, Knowledge@Wharton, Risk Management in MENA and Tunisia’s ‘Wake-up Call’
Erwann Michel-Kerjan proposes six steps for governments to improve how they manage the changing array of risks.
January 24, 2011, The Washington Post, The Davos Barometer: Risks Ahead
January 20, 2011, The Washington Post, Panel seeks ways to better cope with disasters
Howard Kunreuther is quoted in this AP article about a study by the National Research Council, “Increasing National Resilience to Hazards.”
January 20, 2011, Bloomberg, Panel seeks ways to better cope with disasters
Howard Kunreuther is quoted in this AP article about a study by the National Research Council, “Increasing National Resilience to Hazards.”
January 17, 2011, The Australian, Covering the cost of natural devastation
Op-ed by Erwann Michel-Kerjan. Since December, Australia has been facing historic flooding that surprised the entire country. Three-quarters of Queensland has been declared a disaster zone.
January 14, 2011, Insurance Networking News, 5 Emerging Risks to Watch
World Economic Forum’s Global Risks Report 2011 (with the Wharton Risk Center) finds current global governance systems lack capacity.
January 13, 2011, Bloomberg TV, Inside Track
Erwann Michel-Kerjan discusses the findings of the World Economic Forum’s Global Risks Report 2011.
Fall 2010, Wharton Magazine, “The Lessons of Deepwater”
Howard Kunreuther and Robert Meyer offer thoughts on why the spill happened and what we should learn from it.
December 29, 2010, The Washington Post, In a networked world, no longer controlling our own destinies
November 10, 2010, Knowledge@Wharton, America’s Aging Infrastructure: What to Fix, and Who Will Pay?
Erwann Michel-Kerjan, managing director of Wharton’s Risk Management and Decision Processes Center asks “Is America ready for the 21st century?” The answer is no.
October 2010, Milken Institute Review, “Overcoming Myopia”
By Howard Kunreuther and Erwann Michel-Kerjan. Lessons from BP Oil Spill and Other Catastrophes.
October 26, 2010, Huffington Post, “MENA Countries Need to Foster Their Risk Management Capabilities, But How?”
Op-ed by Erwann Michel-Kerjan in advance of the World Economic Forum Summit on Middle East, North Africa.
October 14, 2010, Popular Mechanics, “How to Disaster-Proof Your Life”
Prof. Robert Meyer, co-director of the Risk Center, is interviewed about findings from the computer simulation game “Quake.”
October 7, 2010, Huffington Post, “The Collapse of Compassion”
Op-ed by Erwann Michel-Kerjan, on why donor aid diminishes over time.
September 2, 2010, The Washington Post, “Pakistan’s Challenge: How to Lead in the Wake of Catastrophe”
Op-ed by Erwann Michel-Kerjan.
August 29, 2010, The Washington Post, “We’re still not ready for another Hurricane Katrina”
Op-ed by Stephen Flynn
June 23, 2010, Huffington Post, “Ensuring that Our Economies Remain Terror-Proof”
Op-ed by Erwann Michel-Kerjan.
May 18, 2010, Financial Times, “How to manage risk in complex projects”
Erwann Michel-Kerjan is interviewed for an article on the May 2010 oil rig disaster in the Gulf Coast
May 10, 2010, The Washington Post, “On Crisis Leadership”
Stranded in London during the volcanic eruption of April 2010, Howard Kunreuther looks at “What the volcano taught me.”
Spring 2010, Wharton Magazine, “Masters of Disaster”
The Risk Center researchers are investigating why humans do such a poor job planning for, and learning from, catastrophes.
April 28, 2010, Huffington Post, Reform of the National Flood Insurance Program (NFIP): Introducing Long-Term Flood Insurance
Op-ed by Erwann Michel-Kerjan.
April 20, 2010, The Economist, “Not up in the air”
Erwann Michel-Kerjan is interviewed on risk-management lessons from the volcanic ash cloud.
April 14, 2010, The Washington Post, “Not in my term of office”
Michael Useem and Howard Kunreuther discuss the challenges of educating leaders to prepare for catastrophes.
April 8, 2010, SunHerald, “Wicker prods Dodd to work on insurance”
Howard Kunreuther and Erwann Michel-Kerjan were panelists at a roundtable on insurance hosted by Mississippi Senator Roger Wicker.
March 19, 2010, FoxNews.com, “Demonizing the Insurance Industry Is Not the Answer”
Op-ed by Scott Harrington
March 7, 2010, Scripps News Florida, “Why relatively few Americans in catastrophe-prone areas invest in risk-reduction measures” Excerpted from the Wharton Risk Center issue brief on decisions related to catastrophe risk
March 1, 2010, Newsweek, “A More Dangerous World, Why we misunderstand risk”
Op-ed by Erwann Michel-Kerjan and Paul Slovic. Understanding such behavioral quirks is critically important to those in charge of developing long-term strategies to make their countries more resilient.
February 15, 2010, NPR, “Morning Edition”
Prof. of Health Care Management, Mark Pauly, explains why the individual health mandate was once favored among conservatives.
January 19, 2010, The Washington Post, “If one views the Haitian earthquake as an opportunity to design long-term strategies for managing low-probability, high-consequence events, we will have taken a major step forward.”
by Howard Kunreuther.
January 15, 2010, Investor’s Business Daily, “Planning For The Least Predictable Disasters Takes Foresight”
Howard Kunreuther is quoted in an article
January 3, 2010, The Washington Post, “5 myths about keeping America safe from terrorism”
Stephen Flynn discusses familiar arguments about what can and should be done to reduce America’s vulnerabilities.
January 2010, Newsweek Special Issue, America Remains at Risk — From Itself
Op-ed by Risk Center Senior Fellow Stephen Flynn: The greatest peril today is our lack of resilience as a society — our gravest vulnerability is not of an attack, but the danger our country will overreact.
December 12, 2009, Risk Market News, Learning from Catastrophes
Podcast interview by Howard Kunreuther
December 1, 2009, Risk Management Magazine, “Disaster Risk Management Reborn”
Op-ed by Erwann Michel-Kerjan on the financial management of large-scale catastrophes.
November 30, 2009, The Miami Herald, Flood insurance program awash in red ink
“It’s called national flood insurance, but in reality if you take Florida and Texas, you’re talking about more than half of the program,” said Erwann Michel-Kerjan, a risk management expert at the Wharton School of Business.
October 21, 2009, The Wall Street Journal, Competition and Health Insurance
Scott Harrington, Prof. of Insurance and Risk Management in an op-ed on the health-insurance industry: “Repealing the insurance industry’s antitrust exemption won’t reduce prices or profits.”
October 14, 2009, American Public Media
Patti Williams, Risk Center Research Fellow and Associate Professor of Marketing is interviewed on the impact of ads with high shock value.
October 4, 2009, The Washington Post
Prof. of Health Care Management, Mark Pauly is quoted in an article on U.S. health-care reform: Banning medical discrimination among health insurers would probably increase the incentive for “cherry-picking.”
October 2009, RMA Journal, Managing Large-Scale Risks in a New Era of Catastrophes
Book review of “At War with the Weather”
September 25, 2009, Philadelphia Business Journal
Prof. of Marketing, Statistics, and Education, Eric Bradlow, discusses the growth of interactive media.
September 19, 2009, The Philadelphia Inquirer
Patti Williams, Risk Center Research Fellow and Associate Professor of Marketing is quoted in an article about purchase decision-making.
September 14, 2009, The Wall Street Journal
Scott Harrington, Prof. of Insurance and Risk Management in an op-ed on the health-insurance industry: “Responsible reform requires careful analysis of the underlying causes of problems in health insurance.”
September 1, 2009, Risk & Insurance Magazine, At War with Ourselves
Howard Kunreuther is interviewed for this article on “At War with the Weather” co-authored with Erwann Michel-Kerjan.
September 2009, Forbes/Wolfe Emerging Tech Report, Dealing with the Extraordinary
Erwann Michel-Kerjan answers questions on the changing nature of catastrophic risk.
August 28, 2009, Anderson Cooper 360, Reckless Neglect: A Disaster Waiting to Happen…Again?
Stephen Flynn, Frank J. Cilluffo, and Sharon L. Cardash remember Hurricane Katrina and discuss the risks from future natural disasters if infrastructure is ignored.
August 26, 2009, The Philadelphia Inquirer, Seeing through the transparency myth
Penn Law Professor Cary Coglianese in an op-ed considers how much transparency, and what kind, should apply to different aspects of government.
August 20, 2009, Insurance Networking News, Hurricane Bill: Who Should Pay?
Discussion of research by Howard Kunreuther and colleagues’ recent book “At War with the Weather.”
August 19, 2009, The Wall Street Journal
Prof. of Health Care Management and Insurance and Risk Management, Scott Harrington, writes an op-ed about government-authorized health cooperatives suggesting that these co-ops “would risk the same adverse consequences as a public plan.
August 2, 2009, USA Today
Prof. of Legal Studies Eric Orts, discusses Wharton’s Environmental Studies degree program, noting that “there’s an increasing interest among businesses to take the environment seriously.”
July 13, 2009, Wall Street Journal, “I’m Sure Glad My Insurer Dumped Me.”
Howard Kunreuther is interviewed for Dow Jones article
July 8, 2009, Knowledge@Wharton, One War We Shouldn’t Avoid: A New Approach to Reducing the Cost of Future Catastrophes
Podcast with Howard Kunreuther and Erwann Michel-Kerjan.
June 12, 2009, Forbes
Scott Harrington, Prof. of Health Care Management and Insurance and Risk Management, comments on President Obama’s proposed healthcare plan, explaining that “if you remove incentives to stay healthy, health reform could miss the mark.”
June 2009, American Interest, Homeland Insecurity
Stephen E. Flynn asks, “Is homeland security still on the nation’s radar screen?”
May 31, 2009, The Big Money “Hurricane Prudence”
Howard Kunreuther is quoted.
May 30, 2009, Palm Beach Post, If a major hurricane strikes Florida this season, we all pay
Erwann Michel-Kerjan is interviewed at the start of the 2009 hurricane season.
May 28, 2009, New England Journal of Medicine
In an opinion piece, Prof of Health Care Management, Mark Pauly, suggests “reform should envision…the expansion of offerings for all groups.”
May 5, 2009, Anderson Cooper 360, Get Ready for a Pandemic
Stephen E. Flynn and Irwin Redlener argue that the United States would fail a pandemic preparedness stress test.
May 2, 2009, The Boston Globe
Penn Law Professor Cary Coglianese comments on the EPA’s recently proposal to regulate greenhouse gases under the Clean Air Act.
April 24, 2009, New York Times
Research co-authored by the Risk Center, the Heinz Center and Ceres is cited in an article “Groups See Added Risks From Change in Climate.”
April 23, 2009, GreenWire, Report offers blueprint for toughening coastal-development rules
Howard Kunreuther is quoted in article discussing research co-authored by the Risk Center, the Heinz Center and Ceres.
April 7, 2009, Wall Street Journal, “Major Earthquake Devastates Central Italy”
Erwann Michel-Kerjan was interviewed for this article
March 16, 2009, The Philadelphia Inquirer
Michael Kearns, a computer scientist at the University of Pennsylvania, is using controlled voting experiments to show how a minority view can win over an overwhelming majority
March 14, 2009, The Philadelphia Inquirer
Penn Law Professor Cary Coglianese comments that responsible companies will continue to go beyond compliance and make environmental progress.
March 2009, National Defense Magazine
Research by Nitin Bakshi, Stephen Flynn and Noah Gans is cited in an article “Study Blasts Container Scanning Process.”
March 2009, Natural Hazards Observer, “Focus on Hazards and Climate Change”
Invited article by Howard Kunreuther and Erwann Michel-Kerjan, “The Need for Long-Term Flood Insurance and Mitigation Loans”
February 3, 2009, Philadelphia Inquirer
Maurice Schweitzer discusses the use of phony credentials by executives.
January 29, 2009, Xinhua News Agency (China)
Howard Kunreuther, speaking from Davos at the World Economic Forum called on adaptation and energy efficiency in construction of buildings to protect against natural disasters.
January 27, 2009, Forbes
Wharton Dean Thomas Robertson is interviewed prior to attending the World Economic Forum at Davos.
January 16, 2009, Rachel Maddow Show
Stephen Flynn discusses what went right with U.S. Airways Flight 1549
December 31, 2008, Forbes.com blog, From Wharton To Davos, And Beyond
Dean Tom Robertson speaks about Davos and the Risk Center’s role in the WEF Global Risks Report
December 22, 2008 Watertown Daily Times
Cary Coglianese comments on the Regional Greenhouse Gas Initiative that is intended to reduce carbon dioxide emissions.
December 16, 2008, The Philadelphia Inquirer, “Anticipating risks, averting the worst.”
Op-ed by Howard Kunreuther and Michael Useem, on using lessons learned from natural disasters to understand the 2008 financial crisis.
December 16, 2008, The Philadelphia Inquirer, Anticipating risks, averting the worst
Three steps for natural disaster or corporate calamity. Op-Ed by Howard Kunreuther, Co-Director, Wharton Risk Management Center, and Michael Useem, Director, Wharton Center for Leadership and Change Management.
December 11, 2008, BBC World Service
Erwann Michel-Kerjan interviewed for world service broadcast
December 9, 2008, Philadelphia Inquirer
Cary Coglianese discusses an EPA program that fails to demonstrate environmental improvements.
December 5, 2008, Economic Times of India
New research from Maurice Schweitzer on how emotions influence people’s receptiveness to advice.
December 4, 2008, ESPN.com
Eric Bradlow discusses the recession’s relationship to Super Bowl advertising.
November 23, 2008, The Columbus Dispatch , Americans’ buying impulse has dimmed, at least for now
Scott Rick is interviewed in this article about different spending habits.
October 29, 2008, Newsday
Eric Bradlow comments on the New York Jets’ personal seat license auction strategy.
October 24, 2008, KYW Newsradio (Philadelphia)
Eric Orts was interviewed regarding how the next president will enhance environmental regulations.
October 20, 2008, KYW Newsradio (Philadelphia)
Eric Orts was interviewed regarding the Philadelphia Energy Summit, focusing on the future of energy in the automotive industry.
October 13, 2008, Newsday
Eric Bradlow was quoted in a story about the New York Jets’ recent auction.
October 9, 2008, NPR
Mark Pauly was interviewed regarding the healthcare proposals of the presidential candidates.
October 9, 2008, Wall Street Journal, Making of a Miser
Scott Rick and George Loewenstein are quoted in regard to their research on Tightwads and Spendthrifts.
September 16, 2008, Penton Insight
Research by Neil Doherty was noted in an article regarding life settlement opportunities.
September 10, 2008, NPR
Mark Pauly was interviewed on “Morning Edition” regarding new treatments tailored to patients’ genetic make-up.
August 14, 2008, Boston Globe
Robert Meyer is quoted in an article about the ways that retailers are improving customer service.
August 14, 2008, Forbes.com, Most Expensive States To Insure A Home
Erwann Michel-Kerjan is quoted in an article concerning the cost of homeowners’ insurance in hurricane-prone regions.
July 21, 2008, The New York Times
Mark V. Pauly is quoted in an article about the impact of pilot projects in “medical home” patient care.
July 6, 2008, The Boston Globe
Howard Kunreuther is quoted in an article about natural disasters, “How disasters help.”
June 30, 2008, St. Louis Dispatch
Howard Kunreuther, was cited in an editorial about the ways in which costs and risks associated with flooding might be mitigated.
June 23, 2008, The Journal of Commerce
A computer simulation, created in part by Noah Gans, was cited in a piece about X-ray scanners and their role in the Integrated Container Inspection System.
June 18, 2008, Newsday, Boaters, Lend a Hand in Name of National Security
Stephen Flynn authored an op-ed on the subject of the U.S. Department of Homeland Security’s request that boaters keep an eye out for potential terrorist activity.
June 15, 2008, Times Union
Mark V. Pauly was interviewed regarding the proposed healthcare plans of Senators John McCain and Barack Obama.
June 9, 2008, Associated Press
Eric Bradlow was quoted in an article about small businesses that are struggling to survive in a tough economy.
June 1, 2008, Risk & Insurance Magazine
The Risk Center’s study “Managing Large-Scale Risks in a New Era of Catastrophes” was the subject of an article, “Rethinking Strategies to Solving Risks in the MegaCat Age.”
May 29, 2008, Forbes.com
Howard Kunreuther is quoted in an article about the risks associated with global outsourcing.
May 19, 2008, Newsweek
Erwann Michel-Kerjan was quoted regarding the long-term implications of food shortages in an article “The Biggest Crisis of All.”
May 15, 2008, Calgary Herald (Canada)
Robert Meyer was quoted in a story about subtle changes in Canadians’ spending habits in response to tighter economic times.
April 11, 2008, BizRadio Networks (Houston, TX)
Erwann Michel-Kerjan was interviewed on-air in connection with the Risk Center’s study on “Managing Large-Scale Risks in a New Era of Catastrophes.”
April 2, 2008, Brokers Weekly (New York)
Howard Kunreuther was interviewed on-air in connection with the Risk Center’s study on “Managing Large-Scale Risks in a New Era of Catastrophes.”
March 30, 2008, Federal Times
Cary Coglianese was quoted in an article about the FDA’s capacity to inspect products from overseas facilities.
March 24, 2008, Newsweek
A study co-authored by Scott Rick, exploring the different thought processes of “tightwads” and “spendthrifts” was featured.
March 8, 2008, The Boston Globe, “Misguided Missile Defense”
In an op-ed, Stephen Flynn suggests “The best way to mark the 25th anniversary of President Reagan’s ‘Star Wars’ speech would be with a debate about its strategic relevance in our post-Sept. 11 world.”
February 29, 2008, Newsweek, Winning by a Landslide: Why more disasters are declared during an election year
Erwann Michel-Kerjan was interviewed for this article on presidential disaster declarations.
February 18, 2008, The Economist
Cary Coglianese was quoted in an article about the effect of e-technology on the democratic process.
February 11, 2008, Forbes, Flirting With Disaster
Howard Kunreuther authored an op-ed on long-term insurance and how it can help homeowners in hurricane zones save money and protect themselves at the same time.
February 10, 2008, The New York Times
“A Statistical Look at Roger Clemens’ Career,” a study co-authored by Eric Bradlow, Risk Center Research Fellow and K.P. Chao Professor; Professor of Marketing, Statistics, and Education was featured.
January 28, 2008, ESPN.com
Patti Williams, Risk Center Research Fellow and Associate Professor of Marketing was quoted in an article on advertisers’ Super Bowl spending.
January 28, 2008, Le Figaro
Erwann Michel-Kerjan co-authored an op-ed (with Olivier Oullier) concerning the financial crisis affecting banks and investment firms and how neuroscience can help better understand risky decision making.
January 27, 2008, The New York Times
Robert Meyer was quoted in a story about high income consumers and the relationship between their cost-cutting decisions and emotional health.
January 8, 2008, The Financial Times
The World Economic Forum’s Global Risks Report 2008, a project involving the Wharton Risk Center, received notice from a range of media outlets, including AP Forbes, Business Report, The Times, Reuters, CNN, Bloomberg, CNBC, and Al Jazeera.
December 26, 2007, The Baltimore Sun
Mark Pauly was quoted in an article about health care coverage proposals by the presidential candidates.
November 9, 2007, New York Times (blog, “Freakonomics”)
Erwann Michel-Kerjan and Howard Kunreuther respond to the question,”What Is the State of U.S. Disaster-Preparedness?” A Freakonomics Quorum, November 9, 2007.
September 23, 2007, The Philadelphia Inquirer
Mark Pauly was quoted in an article about pay-for-performance, an approach taking root in area hospitals to tie payment to the quality of care that patients receive.
September 18, 2007, NPR
Mark Pauly was interviewed in a story about proposed changes in health care.
September 7, 2007, Radio Station 99.5fm New Orleans
Howard Kunreuther is interviewed about his New York Times op-ed, “Who Will Pay for the Next Hurricane?”
September 2007, The Trade
Michael Kearns is quoted in article about natural language processing for algorithmic trading.
August 25, 2007, New York Times, Who Will Pay for the Next Hurricane?
Howard Kunreuther authored an op-ed on financing the costs of natural disasters.
August 23, 2007, The Economist
Mark Pauly was quoted in an article about genetic testing, its promise for healthcare, and the challenges it poses to the insurance industry.
August 17, 2007, Newsweek
Patti Williams is interviewed on her research into why impulsive shoppers continue to make spur-of-the moment purchases despite experiencing guilt and regret.
August 15, 2007, Economist Intelligence Unit
Erwann Michel-Kerjan, Managing Director of the Risk Management and Decision Processes Center, was interviewed regarding his views on why the private sector must take a leadership role in assuring a safer enviro
August 8, 2007, NBC Nightly News
Media coverage of a study co-authored by Risk Center Fellow Scott Rick, exploring the different thought processes of “tightwads” and “spendthrifts.”
July 16, 2007, Wired Magazine
Deborah Small was cited in an article about computer program that reads human facial expressions.
June 2007, Environmental Systems Update, Volume 17, Number 4, 2007, Study Reveals Financial, Regulatory and Internal Benefits from ISO 14K
Peter Schmeidler and Haitao Yin are interviewed about their research on p. 1; Their study on ISO 14001 is featured on p. 7.
May 1, 2007, Times-Picayune (New Orleans)
Howard Kunreuther was quoted in an article regarding insurance risk in relation to premium rates
April 14, 2007, Houston Chronicle
Barbara Kahn was quoted in a story about a new television ad campaign by London-based oil giant, BP.
April 1, 2007, CIO Magazine
Maurice Schweitzer was interviewed regarding his research on the effect that deception has on trust.
March 14, 2007, Edmonton Journal (Canada)
Maurice Schweitzer was cited in an article about lie detection.
March 5, 2007, Best’s Insurance News
Erwann Michel-Kerjan was quoted in a story on whether risk-based pricing is the best way to manage catashrophe risk. The study he co-authored with other Risk Center members on managing large-scale risks was also cited.
February 28, 2007, National Public Radio, Morning Edition
Barbara Kahn was interviewed for a story about Toyota and the site selected for its new assembly plant.
February 10, 2007, The Economist
Erwann Michel-Kerjan was cited in an article regarding the growing demand for innovative risk management tools used by hedge funds.
February 2, 2007, The Philadelphia Inquirer
Barbara Kahn was quoted in an article about guerilla marketing campaigns.
January 25, 2007, The Philadelphia Inquirer
Mark Pauly was cited in an article about the evolution of the health insurance system and the impact that the President’s proposed changes might have on employers and individuals.
January 21, 2007, The Philadelphia Inquirer
Mark Pauly was quoted in an article about Governor Rendell’s health care plan for Pennsylvania.
January 16, 2007
Baker Panel issues final report on BP U.S. Refineries. The Risk Center’s Irv Rosenthal served on the 11-member panel, chaired by former Secretary of State James Baker.
November 13, 2006, Le Figaro, Faced With Global Risks, How to Govern the World?
Erwann Michel-Kerjan co-authored an Op-Ed (with Thierry Malleret, World Economic Forum), on the challenges for top decision-makers in managing the new era of global risks. (in French “Face aux risques globaux, comment gouverner le monde?”)
September 1, 2006, IEEE Spectrum, Modeling Terrorists: New simulators could help intelligence analysts think like the enemy
Barry Silverman’s work on developing computer simulators to help train the intelligence community to fight terrorism is profiled
July 17, 2006, SNL Interactive, Q&A: Howard Kunreuther
The Risk Center’s Howard Kunreuther is interviewed by Thames Schoenvogel of SNL Financial about the history of the Risk Center and its current Natural Disaster Insurance Project.
June 1, 2006, Manhattan Institute Press Release
Ulku Oktem is mentioned in connection to her involvement in the “Prescription for Progress”report issued by the Manhattan Institute.
April 1, 2006, Environmental Systems Update, Preliminary Findings Point to Green for ISO 14001 Certification
The Risk Center’s Peter Schmeidler and Haitao Yin (a PhD student) are featured in a cover story discussing preliminary results of a Risk Center study on the effectiveness of ISO 14001 certification.
March 30, 2006, Australian Financial Review, “Be Afraid, Be Very Afraid . . . or Be Prepared”
The Risk Center is mentioned in connection to its involvement with the World Economic Forum’s Global Risks program
November 22, 2005, The Economist, “Horrible Business: Terrorism Insurance”
Erwann Michel-Kerjan is quoted on the future of terrorism risk financing in the US and the Wharton Risk Center’s TRIA and Beyond study. The Economist qualifies the Wharton study of “one of the best studies on TRIA”
November 1, 2005, International Herald Tribune, “A New Era Calls for a New Model”
Erwann Michel-Kerjan co-authored an Op-Ed (with Patrick Lagadec) on the urgency for top-decision makers to redefining their strategic crisis management framework in the wake of emerging large-scale interdependent risks.
September 11, 2005, Le Figaro, “The United States at the Crossroads” (in French, “Les Etats-Unis a l’heure des Choix”)
Erwann Michel-Kerjan authored an Op-Ed on the homeland security challenge posed by large-scale disaster such that hurricane Katrina in the post-9/11 era.
September 4, 2005, Le Monde, “The Day after Katrina” (in French, “Katrina, le jour d’apres”)
Erwann Michel-Kerjan authored a solicited Op-Ed discussing financial consequences of Katrina and international ripple effects.
July 14, 2005, The Economist, “Change of Calculation”
The Wharton Risk Center’s study on the Terrorism Risk Insurance Act is mentioned, along with the private sector’s attitudes towards insuring terrorism risk.
July 13, 2005, USA Today, “Terrorism Insurance Gap Looms for USA”
Erwann Michel-Kerjan is quoted in an article on the Terrorism Risk Insurance Act.
July 1, 2005, Wall Street Journal, “Insurer Impact of Bombings Is Cushioned by U.K.-Backed Plan”
Erwann Michel-Kerjan is quoted in this article about the financial impacts of terrorist attacks.
May 26, 2005, USW News Release, “United Steelworkers Urges BP to Stop Playing PR Games with Explosion investigation”
The release announces Irv Rosenthal’s involvement in the investigation into the BP explosion in 2005.
May 1, 2005, Philadelphia Inquirer, “Crisis behavior is a mystery”
Howard Kunreuther is quoted in this article on risk perception.
April 6, 2005, Knowledge@Wharton, “Catastrophe Modeling: A New Approach to Managing Risk”
This book, co-edited by Patricia Grossi and Howard Kunreuther, is reviewed and presented in a practical context for risk managers and decision makers
March 1, 2005, CSO Magazine
Irv Rosenthal is quoted in a news brief about chemical firms’ preparedness for terrorist attacks