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the traditional role of insurers is to insure idiosyncratic risk through products such as life annuities, life insurance, and health insurance. A large insurance literature has identified adverse selection and moral hazard as key frictions that affect insurance pricing, contract design, and market completeness. With the secular decline of private defined benefit plans and government pension plans around the world, insurers are increasingly taking on the role of insuring market risk through minimum return guarantees. In addition, insurers have started to use more complex capital management tools such as derivatives, off-balance-sheet reinsurance, and securities lending. Combined with the concentrated nature of the industry, the modern insurance sector calls for a new framework to understand the role of financial and regulatory frictions in imperfectly competitive markets. In this book, we develop a unified framework to study the impact of financial and regulatory frictions on all decisions of insurers, including insurance pricing, contract design, reinsurance, portfolio choice, and risk management. We also apply empirical methods from industrial organization to model market power and estimate structural models to provide quantitative answers to questions. This book represents our understanding of the subject based on a decade of our own research and exciting contributions by other researchers. The intended audience is anyone interested in doing their own research on insurance.This book is at the level of graduate students in economics, finance, and insurance, who have completed their first-year coursework. Instructors could teach thematerial as part of a course on asset pricing, corporate finance, industrial organization, or public economics. The teaching slides are available at insurance.princeton.edu. A secondary audience is researchers and policymakers at central banks and other policy institutions that regulate insurers. Chapters 1 and 2 provide a nontechnical overview of the modern insurance sector and its main sources of risk. The next four chapters provide policy-relevant descriptions of insurance pricing, variable annuities, shadow insurance, and portfolio choice. The first two sections of Chapter 3 describe the consequences of statutory reserve regulation for insurance pricing. The first section of Chapter 4 describes the consequences of risk-based capital regulation for the variable annuitymarket. The first section of Chapter 5 quantifies the potential risk of shadow insurance, which is a type of off-balance-sheet reinsurance that relaxes regulatory constraints. The first section of Chapter 6 summarizes important facts about insurers’ bond portfolios in relation to risk-based capital regulation. Chapter 7 concludeswith policy implications of the research presented in this book. Thus, large parts of this book are accessible and relevant to policymakers. The pioneering work of Gron (1990), Froot (2007), and others has firmly established the view that financial frictions and market power are important for understanding property and casualty insurers.We have a similar view but focus on life insurers, which are amuch larger part of the financial sector. The earlier literature shows that economic risk constraints are important for property and casualty insurers, which we also view as important for products such as variable annuities that insure tail risk. Our novel view of life insurers is that capital regulation and accounting rules are just as important and could interact with financial frictions to explain insurance pricing, contract design, reinsurance, portfolio choice, and risk management.