Surrenders in the life insurance industry and their impact on liquidity

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      <subfield code="a">Surrenders in the life insurance industry and their impact on liquidity</subfield>
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      <subfield code="a">Customers generally buy life insurance policies for long-term purposes.  In contrast to other financial products, customers do not generally expect liquidity from life insurance policies at any given time but rather at predetermined times. They have disincentives to surrenderif there is an option to surrender at all. Insurance companies are nevertheless prepared to deal with the unlikely and have put comprehensive liquidity management routines in place. On a rolling basis, companies regularly check whether they have sufficient liquidity to stand panic surrender scenarios, including testing these scenarios in times of adverse capital market developments. For scenarios in which company specific risk tolerance levels are breached, contingency plans are developed. The implementation of sound liquidity management is an accepted good practice and not just a regulatory requirement. It is also enforced by rating agencies as it has become an object of scrutiny</subfield>
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