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Tom Baker

William Maul Measey Professor of Law

Tom Baker

Tom Baker is a highly regarded insurance expert, a leading scholar of insurance law and policy, and a devoted law teacher.  His research explores insurance law, institutions, and markets using methods from history, economics, psychology and sociology. His many books, articles, and reports address topics such as the impact of insurance on personal injury and securities litigation, health insurance reform, insurance underwriting and claims management, the historical development of insurance institutions, insurance company restructuring, and many aspects of insurance coverage. Continue reading…


[Available Here]

INSURANCE LAW AND POLICY: CASES, MATERIALS AND PROBLEMS (Aspen Publishing 2003; 2d ed. 2008; 3d ed. 2013).
[Available Here]

THE MEDICAL MALPRACTICE MYTH (University of Chicago Press 2005) (paperback 2007).
[Available Here]

EMBRACING RISK: THE CHANGING CULTURE OF INSURANCE AND RESPONSIBILITY (contributing editor, with Jonathan Simon, University of Chicago Press 2002).
[Available Here]

Articles and Book Chapters

Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market, 62 B.C. L. REV. 59 (2021).

Behavioral Finance, Decumulation and the Regulatory Strategy for Robo-Advice, in THE DISRUPTIVE IMPACT OF FINTECH ON RETIREMENT SYSTEMS (Julie Agnew & Olivia S. Mitchell eds., Oxford 2019) (with Benedict Dellaert).

How Liability Insurers Protect Patients and Improve Safety, 68 DEPAUL L. REV. 209 (2019) (with Charles Silver).

Regulating Robo Advice Across the Financial Services Industry, 103 IOWA L. REV. 713 (2018) (with Benedict G. C. Dellaert).

Mutually Assured Protection Among Large U.S. Law Firms, 24 CONN. INS. L.J. 1 (2017) (with Rick Swedloff).

In Defense of the Restatement of Liability Insurance Law. 24 GEO. MASON L. REV. 767 (2017) (with Kyle D. Logue).

Everything's Bigger in Texas: Except the Medmal Settlements, 22 CONN. INS. L. J. 1 (2016) (with Eric Helland and Jonathan Klick).

For Third Enrollment Period, Marketplaces Expand Decision Support Tools to Assist Consumers, 35 HEALTH AFF. 680 (2016) (with Charlene A. Wong, Daniel E. Polsky, Arthur T. Jones, Janet Weiner, and Robert J. Town).

Liability Insurer Data as a Window on Lawyers’ Professional Liability, 5 U.C. IRVINE L. REV. 1273 (2015) (with Rick Swedloff).

Mandatory Rules and Default Rules in Insurance Contracts, in RESEARCH HANDBOOK ON THE ECONOMICS OF INSURANCE LAW (Daniel Schwarcz & Peter Siegelman eds., Elgar 2015) (with Kyle D. Logue).

Behavioral Economics and Insurance Law: The Importance of Equilibrium Analysis, in THE OXFORD HANDBOOK OF BEHAVIORAL ECONOMICS AND THE LAW (Eyal Zamir and Doron Teichman, eds., Oxford 2014) (with Peter Siegelman).

Putting the Health Back in Health Insurance, 71 MED. CARE RES. & REV. 337 (2014) (with Pavel Atanasov).

Can Consumers Make Affordable Care Affordable? The Value of Choice Architecture, 8(12) PLOS ONE (December 18, 2013) (with Eric J. Johnson, Ran Hassin, Allison T. Bajger, & Galen Treuer) (DOI: 10.1371/journal.pone.0081521).

The Law and Economics of Liability Insurance: A Theoretical and Empirical Review, in RESEARCH HANDBOOK ON THE ECONOMICS OF TORTS 169 (Jennifer Arlen ed., Elgar 2013), reprinted in RESEARCH HANDBOOOK ON THE ECONOMICS OF INSURANCE LAW 488 (Daniel Schwarcz & Peter Siegelman eds., Elgar 2015) (with Peter Siegelman).

Regulation by Liability Insurance: From Auto to Lawyers Professional Liability, 60 UCLA L. REV. 1412 (2013) (with Rick Swedloff).

Health Insurance, Risk, and Responsibility after the Patient Protection and Affordable Care Act, 159 U. PA. L. REV. 1577 (2011).

Allowing Patients to Waive the Right to Sue for Malpractice: A Response to Thaler and Sunstein 104 Nw. U. L. REV. 233 (2010) (with Timothy Lytton).

How the Merits Matter: D&O Insurance and Securities Settlements, 157 U. PA. L. REV. 755 (2009) (with Sean Griffith).

The Missing Monitor in Corporate Governance: The Directors’ and Officers’ Liability Insurer, 95 GEO. L.J. 1795 (2007) (with Sean Griffith), reprinted in LAW AND ECONOMICS OF INSURANCE (Daniel Schwarcz ed., Elgar 2012).

Predicting Corporate Governance Risk: Evidence from the Directors’ and Officers’ Liability Insurance Market, 74 U. CHI. L. REV. 487 (2007) (with Sean Griffith).

On the Genealogy of Moral Hazard, 75 TEXAS L. REV. 237 (1996), reprinted in LAW AND ECONOMICS OF INSURANCE (Daniel Schwarcz ed., Elgar 2012).

More publications can be found here.

Working Papers

The Forfeiture of Coverage Defenses Rule: an Economic Analysis (July 25, 2017). Northwestern Law & Econ Research Paper No. 17-10; U of Penn, Inst for Law & Econ Research Paper No. 17-32 (with Ezra Friedman and Kyle D. Logue). (forthcoming)
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Insurance Against Misinformation in the Securities Market (SSRN: 2007).
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Research Areas

  • Liability and Insurance
  • Insurance Regulation
  • Reinsurance and other Secondary Insurance Markets
  • Risk Management
  • Health Insurance
  • Financial Services Regulation
  • Fintech


Penn Law - William Maul Measey Professor of Law (2009- ); Professor (2008-09); Deputy Dean (2010-12).

University of Connecticut – Connecticut Mutual Professor of Law and Director, Insurance Law Center (1997-08)

Visiting Professor – Vanderbilt, Columbia, Hebrew University of Jerusalem

University of Miami – Associate Professor (1992-97)

Covington & Burling – Associate (1987-91)

Law Clerk to the Hon. Juan Torruella, U.S. Court of Appeals for the First Circuit (1986-87)

Professional Activities

Society for Empirical Legal Studies.

American Law and Economics Association.

American Law Institute. Reporter, Principles of Liability Insurance Project (2010-14). Reporter, Restatement of the Law Liability Insurance (2014-19)

Insurance and Society Study Group. Founder and facilitator (1997-2008).

Professional Liability Underwriting Society.

Picwell, Inc. Co-founder.

Law and Society Association.

American College of Coverage Counsel


  • Torts
  • Insurance Law and Policy
  • Regulation of Health Insurance Markets
  • Risk Management
  • Insurance Insolvency
  • Liability and Insurance
  • Financial Regulation Law and Policy
  • The Fintech Challenge

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