Variable annuities, which package mutual funds with minimum return guarantees over long
horizons, accounted for $1.5 trillion or 35% of US life insurer liabilities in 2015. Sales …

This special issue originates from a dual submission conference with the NBER Insurance
Working Group and the Corporate Finance Program in 2020. It brings a broader perspective …

This paper shows that securities with nonlinear payoff designs can foster household risk‐
taking. We demonstrate this effect by exploiting the introduction of capital guarantee …

The traditional role of insurers is to insure idiosyncratic risk through products such as life
annuities, life insurance, and health insurance. With the decline of private defined benefit …

Life insurers sell savings contracts with surrender options, which allow policyholders to
prematurely receive guaranteed surrender values. These surrender options move toward …

Life insurers are exposed to interest rate risk as their liability side is typically more sensitive
to interest rate changes than their asset side. This paper explores why insurers assume this …

Since the mid-1980s, the share of household net worth intermediated by US financial
institutions has shifted from defined benefit plans to life insurers and defined contribution …

One indication of inclusive liquidity or vice versa is to detect investment patterns. The
research method is descriptive-quantitative. The population taken is mutual funds that are …

A variable annuity (VA) is an insurance product that couples equity market investment with
some form of guaranteed return over a long time horizon. An initial investment is paid as a …

Market risks account for an integral part of insurers' risk profiles. We explore market risk
sensitivities of insurers in the United States and Europe. Based on panel regression models …