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Working Paper
Risk taking and the quality of informal insurance: gambling and remittances in Thailand
Paulson, Anna L.; Miller, Douglas L. (2007)
More than 35% of Thai households either give or receive remittances, and remittances account for about one-third of the income of the receiving households. Remittance relationships may be an important source of protection against adverse events for the individuals involved. This paper provides evidence that remittances behave in a way that is consistent with insurance: they are sensitive to shocks to regional rainfall and they respond to household level events. The paper goes on to consider how the quality of insurance that is offered through remittances affects household risk taking ...
Working Paper Series , Paper WP-07-01

Journal Article
Estimating the funding gap of the Pension Benefit Guaranty Corporation
Hirtle, Beverly; Estrella, Arturo; Brehm, John A. (1988-10)
Quarterly Review , Volume 13 , Issue Aut , Pages 45-59

Working Paper
Informal unemployment insurance and labor market dynamics
Herkenhoff, Kyle F. (2012)
How do job losers use default -- a phenomenon 6x more prevalent than bankruptcy --as a type of "informal" unemployment insurance, and more importantly, what are the social costs and benefits of this behavior? To this end, I establish several new facts: (i) job loss is the main reason for default, not negative equity (ii) people default because they are credit constrained and cannot borrow more, and (iii) the value of debt payments is a significant fraction of a defaulter's earnings. Using these facts, I calibrate a general equilibrium model with a frictional labor market similar to Burdett ...
Working Papers , Paper 2012-057

Journal Article
Insurance and asset building
Coussens, Michelle; Newberger, Robin G. (2008-05)
This study explores the connections between insurance, wealth building/wealth preservation, and access to financial services (hereafter financial access) for low- and moderate-income consumers. It examines the needs, attitudes, and practices that these consumers have regarding insurance, and considers whether and how information or more direct access to insurance might complement the strategies and goals of organizations that help low-wealth consumers to build and protect their assets. Many of the same population groups who are less likely to use mainstream financial institutions are also ...
Profitwise , Issue May , Pages 1-12

Newsletter
How FAIR Plans Confronted Redlining in America
Nwokolo, Ramzee (2023-09)
Access to financial services, including insurance, is vital for the growth and development of communities. Without banks issuing residential mortgages and business loans, it is extremely difficult for people to purchase homes and grow their businesses. Without property insurance, banks will be reluctant to provide such loans. Thus, the inability to access property insurance makes communities more vulnerable to cycles of disinvestment and decline. In this Chicago Fed Letter, I examine the Fair Access to Insurance Requirements (FAIR) plans, how they addressed the issues of insurance ...
Chicago Fed Letter , Volume No 484 , Pages 8

Newsletter
Insurance and wealth building among lower-income households
Coussens, Michelle; Newberger, Robin G. (2008-06)
In the summer of 2007, the Federal Reserve Bank of Chicago convened four focus groups to explore the connections between insurance, the process of wealth building and preservation, and financial access for low- and moderate-income consumers. This article examines the findings from those focus groups.
Chicago Fed Letter , Issue Jun

Journal Article
Statement to Congress, May 31, 1989 (enforcement of the mandatory flood insurance purchase requirements)
Loney, Glenn E. (1989-07)
Federal Reserve Bulletin , Issue Jul , Pages 498-501

Journal Article
Before the next cataclysm
Campbell, John (1997-07)
Regional Review , Issue Sum , Pages 6-11

Working Paper
Insuring college failure risk
Ionescu, Felicia; Chatterjee, Satyajit (2010)
Participants in student loan programs must repay loans in full regardless of whether they complete college. But many students who take out a loan do not earn a degree (the dropout rate among college students is between 33 to 50 percent). The authors examine whether insurance against college-failure risk can be offered, taking into account moral hazard and adverse selection. To do so, they developed a model that accounts for college enrollment, dropout, and completion rates among new high school graduates in the US and use that model to study the feasibility and optimality of offering ...
Working Papers , Paper 10-1

Working Paper
Model Uncertainty and the Pricing of Hurricane Risk in Florida
Heitfield, Erik (2026-03-23)
This paper examines how model uncertainty affects the price of homeowners insurance in Florida. We use unique data on expected loss rate projections from seven hurricane risk models approved by regulators for use in Florida property insurance rate filings to quantify model uncertainty. By combining these data with newly published information on local property insurance markets, we are able to empirically test the relationship between model uncertainty and insurance premiums across Florida ZIP codes and over time. Controlling for confounding variables and time-invariant latent factors that may ...
Finance and Economics Discussion Series , Paper 2026-016

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