A 2016 report coauthored by Brattle economists, “The Social and Economic Contributions of the Life Insurance Industry,” found that the life insurance industry has been a critical driver of economic growth and has helped provide stability for the US economy while delivering financial protection to millions of American families, including those who are vulnerable to falling below the poverty line. These findings were supported by an updated 2018 report that evaluated the life insurance industry using new statistics through April 2018.
The study authors have conducted another critical review of the life insurance industry statistics as of April 2020, publishing a new “The Social and Economic Contributions of the Life Insurance Industry” report in September 2020. This updated report shows that the themes found in 2016 have remained consistent. “Once again, our study confirms the unique role the life insurance industry plays in providing safety and security to individuals, and stability and liquidity to the financial markets and the overall economy,” said Dr. Bin Zhou, a Brattle Principal the lead author of the recent update.
MetLife, Inc. funded the original document and updated reports, which are coauthored by Temple University Professor J. David Cummins, Brattle Principals Michael Cragg and Bin Zhou, Brattle Associate Sarah Hamilton, and former Brattle Senior Associate Jehan deFonseka.
The updated study can be found below.
Previous news coverage on this report can be found here.