Joan T. Schmit is the American Family Insurance Distinguished Chair of Risk Management in the Wisconsin School of Business at the University of Wisconsin-Madison, where she has been on the faculty since 1988. Schmit also serves as an affiliate faculty member in the Nelson Institute for Environmental Studies at the University of Wisconsin, and in the insurance program at the University of St. Gallen in Switzerland. Prior to joining the faculty at UW-Madison, Professor Schmit spent four years on the faculty at the University of South Carolina following completion of her Ph.D. at Indiana University. She received her BBA and MBA from the Wisconsin School of Business and holds both the CPCU and ARM designations.
Professor Schmit served as the Chair of the Risk and Insurance Department in the Wisconsin School of Business from 2014-2022. From 2008 to 2012, Professor Schmit served in the Dean’s office, holding the positions of Senior Associate Dean, Vice Dean, and Interim Dean.
Professor Schmit has published extensively in insurance and legal journals. Among her areas of expertise include insurance regulation, enterprise risk management, and the interaction of law and economics in an insurance and risk management context. She is a Past President of the American Risk and Insurance Association as well as the Risk Theory Society.
Joan is a lead with the Creative Destruction Lab-Risk, focusing on the Risk stream. With a goal of “transforming society’s ability to manage risk,” the stream is designed for seed-stage organizations with ventures focused on risk. More is found here: https://www.creativedestructionlab.com/streams/risk/
Additionally, Joan serves as an Editor for the Journal of Risk and Insurance and is active in the International Insurance Society. She also holds the designation of Research Fellow with the China Center for Insurance and Social Security Research at Peking University.
The program in risk management and insurance at the University of Wisconsin-Madison has existed since 1938 and currently is ranked second among all programs in the United States. Our alumni list is long and of very high quality, including insurance company, brokerage, and consulting executives in both life and non-life business.
Selected Published Journal Articles
Bujakowski, D. & Schmit, J. (2021). Economic Structural Transformation: Evidence from Chinese Provinces DePaul Business & Commercial Law Journal
Falco, G. & Martin, E. & Jablanski, D. & Weber, M. & Miller, V. & Gordon, L. & Wang, S. & Schmit, J. & Thomas, R. & Elvedi, M. & Maillart, T. & Donavan, E. & Dejung, S. & Durand, E. & Nutter, F. & Scheffer, U. & Arazi, G. & Ohana, G. & Lin, H. (2019). Cyber Risk Research Impeded by Disciplinary Bariers Science
Yao, Y. & Schmit, J. & Shi, J. (2019). Promoting Sustainability for Micro Health Insurance: A Risk-adjusted Subsidy Approach for Maternal Healthcare Service Geneva Papers on Risk and Insurance
Yao, Y. & Sydnor, J. & Schmit, J. (2017). The Role of Pregnancy in Micro Health Insurance: Evidence of Adverse Selection from Pakistan Journal of Risk and Insurance
Gatzert, N. & Schmit, J. (2016). Supporting Strategic Success through Enterprise-Wide Reputation Risk Management Journal of Risk Finance
Gatzert, N. & Schmit, J. & Kolb, A. (2016). Assessing the Risks of Insuring Reputation Risk Journal of Risk and Insurance
Biener, C. & Eling, M. & Schmit, J. (2014). Regulation in Microinsurance Markets: Principles, Practice, and Directions for Future Development World Development
Eling, M. & Pradhan, S. & Schmit, J. (2014). The Determinants of Microinsurance Demand The Geneva Papers on Risk and Insurance – Issues and Practice
Post, T. & Grundl, H. & Schmit, J. & Zimmer, A. (2014). The Impact of Investment Behavior for Individual Welfare: Evidence from the United States and Germany Economica
Eling, M. & Schmit, J. (2012). Is there Market Discipline in the European Insurance Industry? An Analysis of the German Insurance Market Geneva Risk and Insurance Review
Lei, Y. & Schmit, J. (2010). Factors Influencing the Demand for Reinsurance in the Medical Malpractice Insurance Market: A Focus on Organizational Form Journal of Insurance Regulation
Lei, Y. & Schmit, J. (2010). Influences of Organizational Structure and Diversification on Medical Malpractice Insurer Performance Journal of Insurance Issues
Eling, M. & Klein, R. & Schmit, J. (2010). A Comparison of Insurance Regulation in the United States and the European Union Independent Institute
Lei, Y. & Schmit, J. (2009). Influences on Organizational Form on Medical Malpractice Insurer Operations Connecticut Insurance Law Journal
Kerr, D. & Ma, Y. & Schmit, J. (2009). A Cross-National Study of Government Social Insurance as an Alternative to Tort Liability Compensation Journal of Risk and Insurance
Doerpinghaus, H. & Schmit, J. & Yeh, J. (2008). Age and Gender Effects on Auto Liability Insurance Payouts Journal of Risk and Insurance
Browne, M. & Schmit, J. (2008). Litigation Patterns in Automobile Bodily Injury Claims 1977-1997 Journal of Risk and Insurance
Eling, M. & Schmeister, H. & Schmit, J. (2007). The Solvency II Process: Overview and Critical Analysis Risk Management and Insurance Review
Schmit, J. (2006). Factors that may influence tort litigation trends in the European Union The Geneva Papers: Insurance Issues and Practices
Schmit, J. & Yeh, J. (2003). An Economic Analysis of Auto Compensation Systems: Choice Experiences from New Jersey and Pennsylvania, forthcoming Journal of Risk and Insurance
Doerpinghaus, H. & Schmit, J. & Yeh, J. (2003). Personal Bias in Claims Settlement: An Example from Automobile Insurance, Journal of Risk and Insurance
Schmit, J. & Ma, Y. (2000). Factors Affecting the Relative Incidence of Uninsured Motorists Claims, Journal of Risk and Insurance
Selected Submitted Journal Articles
Oyekan, O. & Adams, M. & Schmit, J. (2014). Analysis of the Profitability of Micro-Life insurers in Nigeria and South Africa Journal of Risk and Insurance
Bujakowski, D. & Schmit, J. (2016). Use of Litigation and Mediation in China
Schmit, J. & Ren, Y. (2012). A New Measure of Insurer Franchise Value
Chinese International Conference in Insurance and Risk Management (2022) Digitization in Insurance
American Risk and Insurance Association (2018) Litigation and Economic Development: Evidence from China
American Risk and Insurance Association (2018) A Model of Underwriting and Post-Loss Test without Commitment in Competitive Insurance Market
Asia Pacific Risk and Insurance Association Conference (2017) Promoting sustainability for micro health insurer: A risk-adjusted subsidy approach for maternal healthcare service
Risk Theory Society (2017) A Model of Underwriting and Post-Loss Test without Commitment in Competitive Insurance Market
Southern Risk and Insurance Association Annual Meeting (2013) Modernizing Insurance Solvency Regulationin the United States & European Union:A Comparative Assessment
European Group of Risk and Insurance Economists Annual Meeting (2013) The Legal Constraint of Misrepresentation in Insurance Market
American Risk and Insurance Association Annual Meeting (2013) The Legal Constraint of Misrepresentation in Insurance Market
University of St. Gallen Banking and Finance Seminar (2013) Determinants of Insurer Reputational Risk
University of Swansea School of Business and Economics Research Seminar (2013) Determinants of Reputational Risk
American Risk and Insurance Association Annual Meeting (2012) Regulation in Microinsurance Markets: Principals, Practice, and Directions for Future Research
Asia Pacific Risk and Insurance Association Annual Meeting (2009) The “The “The Performance of Risk Retention Groups: Does Organizational Form Matter?
Program Seminar (2006) Litigation Patterns in Auto BI Claims 1977-97
American Risk and Insurance Association (2004) On the Escalating Medical Malpractice Insurance Premium Rates
European Group of Risk and Insurance Economists (2004) Insurance Claims and Legal Filings: Trends from 1977-1997
International Insurance Society, Inc. (2002) Insurance Claims and Legal Filings: Trends from 1977-1997
American Risk and Insurance Association (2000) Insurance Claims and Legal Filings: Trends from 1977-1997
Principles of Risk Management (RMI 300), Spring 2021.
Nature of risk, principal techniques of risk management, including insurance markets, and the bases for decision-making in managing risk effectively. Enroll Info: None
Advanced Topics in Risk Management (RMI 820), Spring 2021.
Examination of data collection and analysis methods for risk management decisions. Analysis of qualitative and quantitative data to support transfer, retention, and loss control decisions, including loss trending, and evaluation of regulatory controls. Enroll Info: None
International Cooperatives and Mutuals Insurance Federation
International Insurance Society
American Risk and Insurance Association
Editorial and Reviewing Activities
Journal of Risk and Insurance – Since January 2019
Journal of Risk and Insurance – January 2000 – December 2018