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Faculty spotlight on Risk Management and Insurance’s Charles Nyce

Title: Assistant Professor of Risk Management and Insurance and Dean's Emerging Scholar

Education: Ph.D. and M.A., Insurance and Risk Management, The Wharton School, University of Pennsylvania; B.A., Mathematics, LaSalle University

Recent honors/special recognitions: 2017 American Risk and Insurance Association Award for excellence in teaching (one recipient per year); 2015 FSU Excellence in Online Teaching with Distinction; Patrick Brockett and Arnold Shapiro Actuarial Journal Award (co-recipient) for the article, “An Industrial Organization Theory of Risk Sharing;” 2015 Risk Management and Insurance Review Award for Best Article for “Market Implications of Public Policy Interventions: The Case of Florida’s Property Insurance Market;” 2011 Best Perspectives Article from Risk Management and Insurance Review (co-recipient) for the article, “The Use of Post-Loss Financing of Catastrophic Risk.”

Areas of expertise: Catastrophic risk financing and property casualty insurance

This area interests me because: My first year at The Wharton School in 1993 was the first year of a National Science Foundation grant for Wharton to study natural disasters. The grant was a direct response to Hurricane Andrew in 1992, and I was a graduate assistant working on that grant. Since that time, I have been interested in the research surrounding natural disasters. Natural disasters and our response to them has garnered significant academic attention, and I view this area of research as of utmost importance because of its public policy implications. My dissertation was in this area, and it is the reason I came to FSU in 2008 to work with Pat Maroney, Lori Medders, and the rest of the FSU faculty in the Florida Catastrophic Storm Risk Management Center. (Maroney and Medders are past directors of the center.)

I continue to find a great research interest in natural disasters. It offers the opportunity for cross-disciplinary work across campus, the state and the world. I have had the opportunity to work with wind engineers, structural engineers, meteorologists, oceanographers, geographers, economists and marine biologists. The more I learn, the more I realize how little we know and understand about the risks associated with natural disasters. I have found this area to be challenging and rewarding and plan on continuing to work in this area.

Most recently published: “How cell phone bans affect automobile insurance markets,” in the 2017 Journal of Risk and Insurance with FSU doctoral alumnus Brad Karl (Ph.D. ’13), an assistant professor at East Carolina University.

The practical implications of my research: Most of the research I have done with regard to natural disasters falls into the “How do we pay for it?” category. This area raises many interesting questions as to how a society views natural hazard risk and the most efficient method of financing that risk. It has led to my research in mitigation, the operation of insurance markets, capital markets and the role that government entities may ultimately play in financing catastrophic risk. I believe there is real social value in researching the economic implications of continued development in high-risk areas, the practice of government subsidization of that development and the long-term impact such practices have on future generations. I look forward to many more years of productive research in this area.

This is especially relevant today because: The long-term effects of climate change on the frequency and severity of natural disasters are not yet known. If they are going to be more frequent or more severe, we better figure out how to pay for it.

Why students should consider the field of risk management and insurance: JOBS, JOBS, JOBS. The risk and insurance industry has a demographic problem. There will be a mass exodus of employees retiring in the next decade, and the opportunities for new generations of RMI professionals are outstanding. We don’t have enough students to fill all of the jobs available, and for the RMI program, it is a good problem to have.

I appreciate alumni involvement because: It gives students a view into the world they will be entering in a few years. I hate to say that my graying temples make me old, but students respond better to young professionals who were in their seats a few years ago, and come back to talk to them about their futures.

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