NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Risk of Life Insurers: Recent Trends and Transmission Mechanisms

Ralph S.J. Koijen, Motohiro Yogo

NBER Working Paper No. 23365
Issued in April 2017
NBER Program(s):Asset Pricing

We summarize recent trends in risk exposure for U.S. life insurers from variable annuities, shadow insurance, securities lending, and derivatives. We discuss how these sources of risk could be amplified and transmitted to the rest of the financial sector and the real economy. More complete and transparent financial statements are necessary to accurately assess the overall risk mismatch in the insurance industry. We suggest ways to disclose relevant information and discuss some implications for insurance regulation.

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Document Object Identifier (DOI): 10.3386/w23365

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