P479 Life insurance firms limited to 20% of assets to be invested in common stock (regulatory), whereas nonlife don’t have regulatory requirements, rather self imposed common stock restrictions
Yes, life insurance durations are > nonlife durations … and life insurance durations are shortening due to disintermediation
For tax-exempt issues, non-life only… nonlife invests in longer duration than life to get a decent yield
Looks like nonlife risk tolerance is probably lower… mainly due to the unpredictable cash flows and shorter overall durations…
But yeah, I think we all beat this up too much… I don’t think they’ll ask us to compare… and with all this detail, I’m sure we’ll all be fine 
!