“…I contribute to the existing literature in two ways. First, by investigating the European insurance 1 Becker and Ivashina (2015) 2 Dell' Ariccia et al (2017), Choi and Kronlund (2017) 3 Acharya and Steffen (2015), Swinkels et al (2018) 4 Koijen and Yogo (2022b) find that insurance products with guarantees lead to higher market risk in life insurers' portfolios.…”