materialise in the form of a "policyholder run" if interest rates were to increase sharply. An inverse stress test based on a …Life insurers typically grant policyholders a surrender option. We demonstrate that the resulting lapse risk could … unique set of regulatory panel data suggests that German life insurers have become less resistant to an upward interest rate …

a permanent 1 percentage point upward shock in nominal interest rates, the average bank of 2013Q3 would ceteris paribus … interest rate risk exposure, the effect of the shock would differ across institutions and could be redistributive across …In this paper, we empirically analyze the transmission of realized interest rate risk - the gain or loss in bank …