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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
Consumer Bankruptcy, Mortgage Default and Labor Supply
Li, Wenli; Meghir, Costas; Oswald, Florian (2022-08-30)
We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic institutional framework in the U.S. as implied by Chapter 7 and Chapter 13. The model is estimated using micro data on credit reports and mortgages combined with data from the American Community Survey. We use the model to understand the ...
Working Papers , Paper 22-26

Conference Paper
The competitive impact of foreign underwriters in the United States
Nachtmann, Robert; Phillips-Patrick, Frederick J. (1992)
Proceedings

Working Paper
Losing insurance and psychiatric hospitalizations
Maclean, Johanna Catherine; Tello-Trillo, D. Sebastian; Webber, Douglas A. (2022-10-20)
We study the effect of losing insurance on psychiatric – mental health disorder (MHD) and substance use disorder (SUD) – hospital-based care. Psychiatric disorders cost the U.S. over $1T each year and hospitalizations provide important and valuable care for patients with these disorders. We use variation in public insurance coverage (Medicaid) eligibility offered by a large-scale and unexpected disenrollment in the state of Tennessee in 2005 that lead to 190,000 individuals losing their insurance. Medicaid enrollees are at elevated risk for psychiatric disorders. Following the ...
Finance and Economics Discussion Series , Paper 2022-069

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

Working Paper
Insurance, Weather, and Financial Stability
Kahn, Charles M.; Panjwani, Ahyan; Santos, João A. C. (2024-08-16)
In this paper, we introduce a model to study the interaction between insurance and banking. We build on the Federal Crop Insurance Act of 1980, which significantly expanded and restructured the decades-old federal crop insurance program and adverse weather shocks—over-exposure of crops to heat and acute weather events—to investigate some insights from our model. Banks increased lending to the agricultural sector in counties with higher insurance coverage after 1980, even when affected by adverse weather shocks. Further, while they increased risky lending, they were sufficiently ...
Finance and Economics Discussion Series , Paper 2024-067

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

Journal Article
Statement to Congress, October 5, 1993 (interstate banking and insurance provisions of S. 543)
LaWare, John P. (1993-12)
Federal Reserve Bulletin , Issue Dec , Pages 1093-1097

Newsletter
Do Insurers in Catastrophe-Prone Regions Buy Enough Reinsurance?
Drexler, Alejandro; Eloundou Nekoul, Florentine M. (2016)
To protect themselves from catastrophic losses, insurance companies buy insurance, in the same way that people do. These contracts are called reinsurance agreements, and come in two main forms: proportional and nonproportional contracts. In proportional reinsurance contracts, a reinsurer agrees to repay a fixed proportion of losses incurred by the primary insurer. The simplicity of the agreement makes these types of contracts inexpensive and easy to administer. Therefore, they can be ideal risk-management tools for small insurance companies.
Chicago Fed Letter

Working Paper
New Evidence on an Old Unanswered Question : Why Some Borrowers Purchase Credit Insurance and Other Debt Protection and Some Do Not
Elliehausen, Gregory E.; Durkin, Thomas A. (2017-12-18)
Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer?s debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. High penetration rates observed in the 1950s and 1960s raised concerns about coercion in the sale of credit insurance. This study presents evidence on credit insurance purchase and debt protection decisions from a new survey. The findings provide little evidence of widespread or systematic coercion in purchases. Instead, findings suggest that risk aversion and ...
Finance and Economics Discussion Series , Paper 2017-122

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