. Further, insurers are sensitive to volatility risk (the risk of losses when volatility goes up), but not to insurance …

We conduct a comprehensive asset pricing analysis for the U.S. property/liability insurance industry using monthly data … the returns of property/liability insurance stocks in a satisfactory way. We adapt the model proposed by Adrian, Friedman …, and Muir (2015) for financial institutions and define an insurance-specific five-factor asset pricing model (INS5), which …

factors. Given the life insurance industry's unique role in providing long term protection to U.S. households and the relative …

For life insurance companies and pension funds, it is always the case in practice that not all of the risks in their … current insurance-industry standard), Good Deal Bound pricing, and pricing under Model Ambiguity. Although each of these … conclude that the current cost-of-capital of 6% used by the industry and the European insurance supervisor (EIOPA) is too low …