Regulation, Capital, and the Evolution of Organizational Form in US Life Insurance

摘要

Over the past 150 years, the US life insurance industry has changed from one dominated by mutual companies to one dominated by stock companies. Mutual market share dropped from more than 85 percent in 1850 to about 15 percent in 2000. Mutual companies comprised nearly half of those operating in 1850 but less than 10 percent of those operating today. The industry's transformation—with ownership moving from consumers to investors—stands out as an extraordinary revolution in organizational form.