The Effect of Political Frictions on the Pricing and Supply of Insurance
研究发现政治摩擦显著影响长期护理保险的定价与供给：选举年后保费上调请求获批概率提高13%，获批金额多4%；监管阻力导致保险公司现金储备下降，退出市场概率增加20%。
Abstract Political frictions significantly affect both pricing and supply in the long-term care insurance (LTCI) market. Comparing the same insurer’s requests submitted for the same policy at the same time to different state regulators, we find that they are 13% more likely to be approved and receive 4% more of the requested amount after an election year. Over time, regulatory pushback on premium increase requests leads to persistently lower cash reserves and increases the probability of company dropout. An insurer who receives one-standard-deviation less of their requested increase is 20% more likely to leave the market next year.