Brattle economists have coauthored an updated report from 2016 which found that the life insurance industry has been a critical driver of economic growth and has helped provide stability for the U.S. economy while delivering financial protection to millions of American families.
In October 2016, the report “The Social Contributions of the Life Insurance Industry,” co-authored by Brattle economists, found that the life insurance industry has been a critical driver of economic growth and has helped provide stability for the U.S. economy while delivering financial protection to millions of American families, including those most vulnerable to falling below the poverty line. (Previous news coverage on this report can be found here).
The 2016 study has been updated to include new statistics through April 2018. The updated report supports previous findings. “Life insurance is an important component of the U.S. economy,” notes Dr. Bin Zhou, one of the co-authors. “It plays a unique role not only in the safety and security it provides to individuals, but in the stability and liquidity it provides to the financial markets and the overall economy. Furthermore, the life insurance industry significantly alleviates the financial burden caused by mortality, longevity, and morbidity risks for individual households and the U.S. government.”
Both the original report and the updated report are funded by MetLife, Inc. and are co-authored by Temple University Professor J. David Cummins, Brattle Principals Drs. Michael Cragg and Bin Zhou, and Senior Associate Jehan deFonseka.
The updated study can be downloaded using the link below.
Funded by MetLife, Inc.View Report