Correlation of Insurance and Retirement Product Penetration with Wealth Inequality in the U.S.
May 2023
Authors and Contributors
Steve Bochanski, FSA, MAAA
Paige DeMeter, FCAS, MAAA
Jayeeta Sen Mazumder
Sean Moore, FCAS, MAAA
Irmeya Ouedraogo, ASA, MAAA
Jesvir Harkoo, FSA, MAAA
Hong Beng Lim, PhD
Collin Nill
Sourabh Prasad
Description
This research project was sponsored by the Diversity Equity and Inclusion Research Strategic Research Program. It seeks to develop a broader understanding of the relationship between ownership of insurance and retirement products and the income and wealth gap between races and ethnicities in the United States. In particular, the core research has focused on the following questions:
- Does the ownership of insurance and retirement savings products vary by race or ethnicity in the U.S.? How significant is this?
- Can we infer reasons why these variations in ownership exist?
- How has the prevalence of these insurance and retirement savings products by race or ethnicity changed across time?
- What is the relationship between insurance and retirement products and services and income and wealth inequality?
Report
The analysis and findings are summarized in the Main Report, which is supplemented by further detail and appendices in the Supplemental Report.
Acknowledgments
The SOA Research Institute would like to thank the following members of the Project Oversight Group for their thoughtful guidance and diligent review throughout the development of this research:
Sarayyah Baksh, FCAS
Brian G. M. Bayerle, FSA, MAAA
Patrick Fillmore, FCAS
Robert M. Gomez, FSA, CERA, MAAA
Kam Harris, FSA, MAAA
Carrie L. Kelley, FSA, MAAA
Andrew Melnyk, PhD
Mitchell N. Momanyi, FSA, MAAA
Zohair Motiwalla, FSA, MAAA
Colin M. Ramsay, ASA, MAAA, PhD
Anna M. Rappaport, FSA, MAAA
John W. Robinson, FSA, MAAA, FCA
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