Persistently low interest rates are doing "a lot of damage," particularly to the financial industries that underpin the U.S. economy, former Dallas Federal Reserve President Richard Fisher said Wednesday.
The companies Fisher said he's most worried about are insurers.
"Insurance companies, particularly life companies, are like noble oxen. They pull the cart forward steadily forever and ever and ever. They're living in a 1 percent world in this country, but they're pulling a 3-to-6 percent liability cart. It doesn't square," he told CNBC's "Squawk Box."
Low interest rates are a major risk for insurers because the income they derive from investments — mostly in safe assets like Treasurys — may be insufficient to fund payouts to customers in low-rate environments.