Conferences & Symposia
Presented by the Maguire Academy of Insurance & Risk Management in the Haub School of Business at Saint Joseph’s University
Wednesday, June 22, 2022
1:30 pm - 5:30 pm
The program is located at the graciously donated office space of our friends:
Stradley Ronon Stevens & Young, LLP, 2005 Market Street, Suite 2600
Philadelphia, PA 1910
Join us for another “Thought Leadership” program focusing on the current issues within Insurance Technology made possible a generous grant from the Spencer Educational Foundation. Featured speaker will be Shannen Logue, Deputy Insurance Commissioner, Office of Insurance Product Regulation of the Pennsylvania Insurance Department and the Keynote speaker is Kelly Smith, Chief Digital Officer, Hagerty, Inc. Other key sessions include:
- Insurtech Landscape
- Thoughts from a Rating Agency
- Thoughts from the Distribution Business Broker Tech Ventures
- Broker Tech Ventures, Panel Discussion
This event has been approved for 4 CE credits. $99.00 per person.
Research & Presentations
Storm Wilkins, J.D., CPCU
In late 2019, the World Health Organization noted that "Wuhan Municipal Health Commission, China, reported a cluster of cases of pneumonia in Wuhan, Hubei Province" (World Health Organization 2020). Since that time, researchers identified a novel coronavirus. The highly contagious virus has spread around the globe. As of this writing, the over 15 million cases have resulted in over $600,000 deaths globally (John Hopkins 2020). In order to slow the transmission of the virus, national state and municipal governments have resorted to "Social Distancing." Non-essential businesses have closed in compliance with various civil orders. The impact to businesses has been billions of dollars of lost revenue. As a result, many companies have sought coverage under various insurance policies. This paper will: review some of the early COVID-19 Business Interruption Coverage and Commercial Property coverage lawsuits; discuss some common policy language in these policies; and suggest how insurance coverage for property and business pandemic risk may evolve.
Karen Hogan, Ph.D.
The growing threat of cyber breach has become one of the most feared risks corporations around the world are currently dealing with. This paper uses a methodology similar to Hogan, Olson, and Angelina (2020) to analyze global shareholder value effects of cyber breaches from 1990 to 2019 for five major non-US countries. Cumulative Average Returns (CARs) are calculated using the first notice date to periods of up to 90 days post-announcement to compare short-term and long-term effects of cyber breaches on the stock price. Results for this data set show significant negative returns for US corporations in all windows. Unlike its US counterparts, short-term results for non-US countries show no significant changes to price as a result of cyber breach announcements. Long-term results for the aggregate non-US sample show significance only at the (0,30) window. Individual country long-term analysis shows some significance depending on the event windows, but no common patterns are seen among countries. These results point to differences in how news of a cyber breach, by country, is perceived in the market. The results help explain some of the patterns insurance companies have seen in the reticent buying habits of global companies with respect to cyber insurance.
Michael E. Angelina, ACAS, MAAA, CERA
Rajneesh Sharma, Ph.D.
The Maguire Academy of Insurance and Risk Management has released the “Saint Joseph’s University Study on Insurance Industry Demographics”. This presentation highlights the results from publicly available information of 100 US insurance companies. The statistics presented include result of public information on gender, age, and tenure of directors, executives, and company insiders. Additionally, the discussions from senior executives within both the life and property casualty insurance industry are included to provide further insight on the current demographics. The key findings suggest that:
- There is a lack of gender diversity at both the executive and board of director levels of the insurance industry;
- The results vary based upon type of executive role and segment of the market; and
- Many executive leaders are interested in helping to provide a solution.
Executive of the Year
Michael Angelina, ACAS, MAAA, CERA
Executive in Residence, Maguire Academy of Insurance and Risk Management
Executive Chairman of the Board of Directors, AIG
James J. Maguire, Sr.
Founder and Chairman Emeritus of Philadelphia Consolidated Holding Corporation
CEO, Ryan Specialty Group
CEO, Zurich North America
CEO, AIG Americas
CEO, Marsh McLennan Companies
CEO, Lloyds of London
CEO, Ace Group
Deputy Insurance Commissioner, PA Dept. of Insurance