Managing policy lapse risk in Sweden’s life insurance market between 1915 and 1947
研究了1915-1947年间瑞典工业城市工人阶级寿险保单的失效风险，发现1930年代国有化威胁促使保险公司改进业务实践，并分析了实际工资、利率和失业对保单失效的影响。
We examine the challenges that Swedish life insurers faced in managing the lapse risk of policies written on the lives of the industrial urban working class between 1915 and 1947. We observe that with the threat of State socialisation of insurance in the 1930s, industrial life insurers modified their business practices to better control policy lapses. Using firm-level data, we also analyse the effect of socio-economic changes, such as rising real wages, interest rate fluctuations and unemployment on life insurance policy lapses. Our results support contemporary tests of the emergency fund and interest rate explanations for the voluntary premature termination of life insurance policies.