Monetary policy affects insurers’ balance sheets, ECB paper finds

Eurozone insurance firms increase asset holdings and risk-taking if policy loosens, researchers say

The European Central Bank
Annabel Jeffery

Eurozone monetary policy has a considerable impact on insurance firms’ balance sheets, a working paper published by the European Central Bank (ECB) finds. 

In Insurance corporations’ balance sheets, financial stability and monetary policy, Christoph Kaufmann, Jaime Leyva and Manuela Storz examine the sector’s response to ECB decisions.  

The authors use quarterly data on the 19 eurozone countries’ insurance sectors from 2008 until 2021. They say this allows them to study changes in the size and

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