Social insurance programs provide insurance against shocks but also redistribution between individuals with different risk levels. Traditional approaches to assessing optimal generosity of transfers focus on the insurance component and rely on small variation in economic conditions. In this paper, I provide a simple framework to evaluate generosity of Unemployment Insurance (UI), which focuses on the redistribution component and highlights new channels for transfers being potentially dependent on economic conditions. The empirical implementation leverages administrative and survey data in combination with a large economic shock. Preliminary results indicate that, accounting for the redistribution value of UI, transfers should be more generous in recessions than previously implied by the literature.