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Richard D. Phillips

Dean and C.V. Starr Professor of Risk Management and Insurance    

Ph.D., University of Pennsylvania
M.A., University of Pennsylvania
B.S., University of Minnesota


Financial risk management
Financial and insurance economics
Regulation of U.S. insurance markets


Phillips’ areas of research include the financial risk management practices of insurers, financial pricing models of insurance, and various regulatory issues as they pertain to the insurance industry. Phillips has provided advice and research to the Federal government and to major U.S. actuarial consulting firms regarding the modeling of property/liability insurer cash flows. Phillips is a member of the American Risk and Insurance Association, American Finance Association, and the Risk Theory. Phillips was chair of the RMI department from July of 2006 through October 2012. He then was named the associate dean of academic initiatives and innovation until July 2014, when he then became dean of the college.

  • “The Value of Investing in Enterprise Risk Management,” with Martin F. Grace, James Tyler Leverty, and Prakash Shimpi, forthcoming at the Journal of Risk and Insurance.
  • “Information effect of entry into credit ratings market: The case of insurers’ ratings,” with Neil. A Doherty and Anastasia Kartasheva, (2012) Journal of Financial Economics 106: 308-330.
  • “Regulator Performance, Regulatory Environment and Outcomes: An Examination of Insurance Regulator Career Incentives on State Insurance Markets,” with Martin F. Grace (2008) Journal of Banking and Finance 32: 116-133.
  • “The Allocation of Government Regulatory Supervision Within a Federal System of Government: Fiscal Federalism and the Case of Insurance Regulatory Oversight,” with Martin F. Grace, (2007), Journal of Risk and Insurance 74(1): 207-238.
  • “Estimating the Costs of Equity Capital in Property-Liability Insurance,” with J. David Cummins, (2005), Journal of Risk and Insurance 72(3): 441-478.
  • “Regulatory Solvency Prediction in Property-liability Insurance: Risk-based Capital, Audit Ratios, and Cash Flow Simulation” with J. David Cummins, Martin F. Grace, (1999), Journal of Risk and Insurance, 66(3): 417-458. Awarded the CAS/ARIA Award, 2000. Awarded the Robert I. Mehr Award, 2009.
  • “Financial Pricing of Insurance in the Multiple-Line Insurance Company,” with J. David Cummins and Franklin Allen (1998), (Phillips is lead author), Journal of Risk and Insurance, 65(4): 597-636. Awarded the Robert C. Witt Award and the CAS/ARIA Award, 1999. Awarded the Robert I. Mehr Award, 2008.