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UID:4dd7e102b8f982533a620360d3b7f540
CATEGORIES:Seminars
CREATED:20260515T083529
SUMMARY:Lunch seminar: Andrew Ellul - Kelley School of Business, Indiana University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nRisk Management, Product Offerings, and Consumer Surplus: Evidence from
  the Insurance Industry\n\n\nAbstract:\nWe study the causal impact of enter
 prise-wide risk management (ERM) — designed to move firms away from a “silo
 ed” structure — on product decisions and consumer surplus. Exploiting the s
 taggered rollout of an industry-wide ERM mandate in the insurance sector, w
 e analyze life insurers’ offerings of annuities, which now account for near
 ly 70% of their premium revenues. We find that insurers respond by reducing
  risky guarantees, raising fees on the riskiest products, and shifting from
  traditional variable annuities toward index-linked products that provide n
 atural hedges. To examine mechanisms and welfare outcomes, we develop a str
 uctural model that links consumer demand with multi-product supply. The ERM
  mandate imposes regulatory costs and corrects firms’ misperceptions about 
 guarantee risk and cross-product risk interactions. Higher marginal costs f
 or risky guarantees raise equilibrium prices and decrease their offerings, 
 leading to substantial losses in consumer surplus. Overall, ERM reshapes in
 surers’ product strategies and risk exposures, enhancing financial stabilit
 y butat a cost to consumers.\n
DTSTAMP:20260703T044834Z
DTSTART:20260707T130000Z
DTEND:20260707T140000Z
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