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Insurance Initiative

The Chicago Fed Insurance Initiative provides expert analysis of policy issues related to the insurance industry for the Federal Reserve System. The Insurance Initiative was established in 2011 and is motivated by the importance of the insurance industry in the overall economy as well as by the key role the industry plays for households and financial markets.

The Insurance Initiative produces regular reports on industry developments that are shared within the Federal Reserve System. In addition, Initiative staff author research and policy papers that are shared publicly

The Initiative examines insurance regulatory filings together with other financial data to conduct much of its analysis. In addition, Initiative staff gain insights through regular discussions with representatives of several insurance firms, who together represent 30 percent of life insurance assets and 6 percent of property and casualty assets. These firms are a mix of mutual and publicly traded companies. Individuals from the Chicago Fed, the New York Fed, and the Board of Governors participate in these discussions. Talking to a broad range of industry and financial sector experts provides a variety of perspectives on the issues and risks facing the industry and ensures that the Initiative’s work takes into account multiple viewpoints.

Featured Publications

The Growth and Challenges of Cyber Insurance
Andrew Granato and Andy Polacek 
Chicago Fed Letter
2019, No. 426 

Homeowners’ Financial Protection Against Natural Disasters
Alejandro H. Drexler, Andrew Granato, and Richard J. Rosen
Chicago Fed Letter
2019, No. 409

Catastrophe Bonds: A Primer and Retrospective
Andy Polacek
Chicago Fed Letter
2018, No. 405

The Risks of Pricing New Insurance Products: The Case of Long-Term Care
Zain Mohey-Deen and Richard J. Rosen
Chicago Fed Letter
2018, No. 397

What Explains the Decline in Life Insurance Ownership?
Daniel Hartley, Anna Paulson and Katerina Powers
Economic Perspectives
2017, Vol. 41, No. 8

How Much Risk Do Variable Annuity Guarantees Pose to Life Insurers?
Alejandro H. Drexler , Thanases Plestis , Richard J. Rosen
Chicago Fed Letter
2017, No. 384

Rules and Discretion in Life Insurance Regulation
Alejandro H. Drexler Zain Mohey-Deen and Richard J. Rosen
Chicago Fed Letter
2017, No. 373

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Insurance Initiative Team
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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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