Five professors from the University of Illinois at Urbana-Champaign have been chosen as fellows for the Office of Risk Management & Insurance Research (ORMIR) at Gies College of Business. The positions, which are funded by AXIS Capital, will help further research on the critical risks faced by global populations and address the implications for the insurance and reinsurance industry.  

The five ORMIR fellows for 2020-2021 include:

• David Molitor, assistant professor of finance, Gies College of Business
• Runhuan Feng, professor, Department of Mathematics
• Megan Konar, assistant professor, Civil & Environmental Engineering
• Cristian Proistosescu, assistant professor, Department of Atmospheric Sciences
• Paolo Gardoni, professor, Civil and Environmental Engineering

Research undertaken by these fellows will include assessing cyber risk, developing a high-resolution risk analysis of infrastructure assets, and addressing a number of climate risk initiatives such as a comprehensive database of agriculturally relevant extreme weather events, a national-scale evaluation of the healthcare cost impacts of exposure to wildfire smoke, and merging models to compute the social cost of carbon.

“The myriad of risks experienced in 2020 has caused great alarm. Yet, the fact is these risks are predictable, and that makes them manageable,” said ORMIR Director Lynne McChristian. “We are supporting research that looks at where we are and determines where we need to be to better prepare for such events.”  

The Office of Risk Management and Insurance Research, which is housed in the University of Illinois’ Gies College of Business, was established to design research on critical issues facing the industry and engage students seeking careers in risk management and (re)insurance.

“As insurers and reinsurers, our industry’s purpose is clear: we exist to help society manage risk,” said Bob Quane, Chief Underwriting Officer for AXIS Insurance. “To do this this efficiently and effectively, ongoing investment in research is key – we’re proud to support these fellowships which address pressing needs, such as cyber and climate risk.”

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance. In 2018, AXIS contributed $1.5 million over the course of five years to launch the Academy, which provides Illinois students who are interested in pursuing a career in risk management with research and professional development resources and experiences to support their undergraduate work.

About Gies College of Business
For more than 100 years, Gies College of Business has intentionally designed its innovative programs, leading-edge curriculum, and experiential learning opportunities to empower and prepare students to turn big ideas into meaningful actions. Today, Gies faculty prepare more than 7,000 future business leaders, including 3,100 undergraduates, from around the world to put their purpose into practice and provide transformative leadership in a global economy. GiesBusiness.illinois.edu