A Post-Mortem of the Life Insurance Industry's Bid for Capital During the Financial Crisis

38 Pages Posted: 28 Jan 2016

See all articles by Michelle L. Barnes

Michelle L. Barnes

Federal Reserve Bank of Boston

James Bohn

Federal Reserve Banks - Federal Reserve Bank of Boston

Cynthia Martin

Federal Reserve Banks - Federal Reserve Bank of Boston

Date Written: 2015-12-01

Abstract

The 2008-2009 financial crisis was the most serious shock to the U.S. financial system since the Great Depression of the 1930s. A number of large financial institutions failed during the crisis. Many institutions that survived did so only because of extraordinary actions undertaken by company management to maintain solvency, or through the extension of extraordinary support by the federal government and the Federal Reserve System. The impact of the financial crisis on the banking sector has been the subject of extensive research, discussion, and debate. Academic and policy researchers, as well as several government investigations, have examined the measures undertaken by bank managers, banking industry regulators, and governments in response to the crisis (Financial Crisis Inquiry Commission 2011, Stanton 2012). By comparison, relatively few studies have examined the experience of the life insurance sector during the crisis or the response of company managers and insurance regulators during the crisis period. This paper begins to fill that gap.

JEL Classification: G22, G28

Suggested Citation

Barnes, Michelle L. and Bohn, James and Martin, Cynthia, A Post-Mortem of the Life Insurance Industry's Bid for Capital During the Financial Crisis (2015-12-01). Federal Reserve Bank of Boston Research Paper Series Current Policy Perspectives Paper No. 15-8. Available at SSRN: https://ssrn.com/abstract=2723812

Michelle L. Barnes (Contact Author)

Federal Reserve Bank of Boston ( email )

600 Atlantic Avenue
Boston, MA 02210
United States

James Bohn

Federal Reserve Banks - Federal Reserve Bank of Boston ( email )

600 Atlantic Avenue
Boston, MA 02210
United States

Cynthia Martin

Federal Reserve Banks - Federal Reserve Bank of Boston ( email )

600 Atlantic Avenue
Boston, MA 02210
United States

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