The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of elder people may modify the saving behaviour of French households. The level of saving, as well as its composition, may be...

This survey reviews the micro-economic foundations of the analysis of life insurance markets. The first part outlines a simple theory of insurance needs based on the life-cycle hypothesis. The second part builds on contract theory to expose the main issues in life insurance design within a...

Based on the report “Handicap-Incapacités-Dépendance” of the French “Ministère de la Santé” and on scenarios for the disability of elder persons, the rating, the reserving and the financial balance relative to such a disability porfolio are examined in a prospective approach. The...

Dans un contexte de vieillissement de la population, différents scenarii sont envisagés pour réformer l'organisation et le financement de la prise en charge des personnes âgées dépendantes. La place de la prévoyance individuelle dans le financement de la dépendance est à ce titre...

With population ageing in a changing PAYG system context, our aim is to identify whether households take into account a retirement risk in their global accumulation behaviour. We define the retirement risk as a long term revenue risk linked with changes in the generosity of the PAYG system. We...

The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of the elder people may modify the savings behaviour of households. The level of savings, as well as its composition, may be...

I examine competition in the sector of mortgage life insurance, in particular the periodic switching right (PSR), by which the borrower can change his insurer once every period (say, every year). The PSR is likely to have pro competitive effects (lower premium), but by the same move, to lead to...

The standard literature on the value of life relies on Yaari’s (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of nonadditively separable preferences. The enlargement we...