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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 control a significant share of industry assets. These firms include both life insurers and property and casualty insurers, with 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

Climate Change and Financial Stability
Celso Brunetti, Benjamin Dennis, Dylan Gates, Diana Hancock, David Ignell, Elizabeth K. Kiser, Gurubala Kotta, Anna Kovner, Richard J. Rosen, and Nicholas K. Tabor
FEDS Notes
2021, March

Income Responses to the Affordable Care Act: Evidence from a Premium Tax Credit Notch
Bradley T. Heim, Gillian Hunter, Adam Isen, Ithai Z. Lurie, and Shanthi P.Ramnath
Journal of Health Economics
2021, Vol. 76

How Vulnerable Are Insurance Companies to a Downturn in the Municipal Bond Market?
Andy Polacek and Shanthi Ramnath
Chicago Fed Letter
2021, No. 451

Exposure to catastrophe risk and use of reinsurance: an empirical evaluation for the U.S.
Alejandro Drexler, and Richard Rosen
The Geneva Papers on Risk and Insurance - Issues and Practice
2020

More Chicago Properties at Risk for Flooding Than Flood Maps Suggest
Andy Polacek
Chicago Fed Insights
2020, August

What Is Business Interruption Insurance and How Is It Related to the Covid-19 Pandemic?
Shanthi Ramnath
Chicago Fed Letter
2020, No. 440

Financial Life After the Death of a Spouse
Itzik Fadlon, Shanthi Ramnath, Patricia K. Tong, and Lisa Camner McKay
Chicago Fed Letter
2020, No. 438

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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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