Fed mener livselskaper er mindre klar for sjokk

I en nylig rapport trekker Den amerikanske sentralbanken frem hvordan livselskapers hverdag har endret seg, og hvordan dette kan påvirke deres evne til å tåle økonomiske sjokk:

Over the past decade, the liquidity of life insurers’ assets steadily declined, and the liquidity of their liabilities slowly increased, potentially making it more difficult for life insurers to meet a sudden rise in withdrawals and other claims. Life insurers increased the share of illiquid assets— including CRE loans, less liquid corporate debt, and alternative investments—on their balance sheets.

In addition, they have continued to rely on nontraditional liabilities—including funding-agreement-backed securities, Federal Home Loan Bank advances, and cash received through repos and securities lending transactions—which offer some investors the opportunity to withdraw funds on short notice.