We study aggregate lapsation risk in the life insurance sector. Using the regulatory reporting of historical lapse … risk factors that explain a large fraction of the common variation in lapse rates of the 30 largest life insurance … and valuation of life insurance contracts. Ignoring aggregate lapsation risk results in cross-subsidization across …

We develop a new dataset to study homeowners insurance. Our data on over 47 million observations of households …' property insurance expenditures from 2014-2023 are inferred from mortgage escrow payments. First, we find a sharp 33% increase … associated with a stronger relationship between premiums and local disaster risk: A one standard-deviation increase in disaster …

We analyze the value of insurance when individuals have access to credit markets. Loans allow consumers to smooth … financial shocks over time, decreasing the value of consumption smoothing from insurance. We derive formulas for the value of … insurance that can be taken to data, and show how that value depends on individual characteristics and features of loans. We …

A rent guarantee insurance (RGI) policy makes a limited number of rent payments to the landlord on behalf of an insured … equilibrium model of housing insecurity and show it increases welfare by improving risk sharing across idiosyncratic and aggregate … society. While unrestricted access is not financially viable with either private or public insurance providers due to moral …

The failure of the Freedman's Savings Bank (FSB), one of the only Black-serving banks in the early post-bellum South … behavior? To test this, we examine the impact of FSB collapse on life insurance-holding, an accessible alternative savings … vehicle over the late 19th and early 20th centuries. We document a sharp and persistent increase in insurance demand in …

important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … addresses these questions and discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make … size. Implicit banks' costs and subsidies explain shifting bank balance sheet composition. Together, these forces explain …

banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … transformed over time rather than as having migrated from banks to NBFIs. These transformations are at least in part a response to …

accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a … equilibrium features imperfect insurance and a non-degenerate cross-sectional consumption distribution. When household labor … which limits to consumption insurance emerge endogenously due to limited commitment …