International comparison of life insurers

Kazuaki Washimi, Hiroki Inaba and Kei Imakubo
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Kazuaki Washimi: Bank of Japan
Hiroki Inaba: Bank of Japan
Kei Imakubo: Bank of Japan

No 17-E-2, Bank of Japan Review Series from Bank of Japan

Abstract: Life insurers, unlike other financial institutions, play a unique role in investing in long-term assets in order to fulfill long-term insurance contracts. While this fundamental role is a common feature around the world, there are large differences in the insurance products they provide and in the investment assets they hold. These differences have led to a divergence in firm-level financial risks, such as duration mismatch between assets and liabilities, which could also result in variation in their systemic impact. With this motivation, this report provides an international comparison on the balance-sheet composition of life insurers in Japan, Germany, the United Kingdom, and the United States.

Date: 2017-04-18
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