Joan Schmit, American Family Insurance Distinguished Chair of Risk Management and Insurance at the Wisconsin School of Business, has been recognized by the American Risk and Insurance Association (ARIA) with the President's Award, for her contributions to the good of the organization, including supporting young faculty in the development of their research, organizing major sessions at the annual meeting, and contributing to the strategic development of the organization.
Joan Schmit, Distinguished American Family Insurance Chair of Risk Management and Insurance
“I feel grateful to work with outstanding colleagues, on whose shoulders I stand, and who are the true recipients of any recognition I receive individually,” said Schmit, whose research is focused on studying the mechanisms that encourage or inhibit insurance markets to work more effectively and efficiently, such as regulation, decision-making, capital acquisition, and information flows.
In addition to the ARIA award, Schmit has received the Gaumnitz Service Award from the WSB in 2015 and the Donald Hardigree Memorial Outstanding Paper Award in 2011. She was the distinguished visiting professor at Peking University in 2015 and the Gen Re Visiting Professor at the University of Cologne in 2014.
Patricia Born, the 2014-2015 President of ARIA, presented Schmit with the award at this year’s World Risk and Insurance Economics Congress (WRIEC) meeting in Munich, Germany. WRIEC focuses on risk and insurance research, education, scholarship, practice, and policy, and its annual meeting is considered one of the most important meetings for both academics and professionals interested in the industry. The meeting is jointly hosted by ARIA, the European Group of Risk and Insurance Economists (EGRIE), and The Geneva Association.
Many of Schmit’s colleagues and former students were in attendance to hear remarks about Schmit’s tireless commitment to ARIA.
"I chose Joan for the annual ARIA President’s Award for several reasons,” said Born. “She has been my personal academic mentor since I was in graduate school and, through the years, has enthusiastically offered her assistance on various matters, including organizing panel presentations, reviewing research papers, and providing advice on data sources and empirical methodology. I know that many other members of ARIA would say the same and would agree that, as a colleague and friend, Joan is priceless.”