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The Modern Tontine : An Innovative Instrument for Longevity Risk Management in an Aging Society

Weinert, Jan-Hendrik - 2017

The changing social, financial and regulatory frameworks, such as an increasingly aging society, the current low interest rate environment, as well as the implementation of Solvency II, lead to the search for new product forms for private pension provision. In order to address the various...

Persistent link: https://www.econbiz.de/10012941322

Eugster, Patrick (contributor); Zweifel, Peter (contributor) - 2006

This contribution starts out by noting a conflict of interest between consumers and insurers. Consumers face positive correlation in their assets (health, wealth, wisdom, i.e. skills), causing them to demand a great deal of insurance coverage. Insurers on the other hand eschew positively...

Persistent link: https://www.econbiz.de/10003354444

Heterogeneity and risk sharing in village economies

Chiappori, Pierre-André; Krislert Samphantharak; … - In: Quantitative economics : QE ; journal of the … 5 (2014) 1, pp. 1-27

We show how to use panel data on household consumption to directly estimate households’ risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is...

Persistent link: https://www.econbiz.de/10011757115

Private Pensions and Policy Responses to the Financial and Economic Crisis

Stewart, Fiona - 2011

This paper discusses responses to current financial and economic crisis by regulators, supervisors and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private pensions

Persistent link: https://www.econbiz.de/10013127081

Individual Post-Retirement Longevity Risk Management Under Systematic Mortality Risk

Hanewald, Katja; Piggott, John; Sherris, Michael - 2011

systematic and idiosyncratic longevity risk. Portfolios include: fixed life annuities, deferred annuities, inflation …-indexed annuities, phased withdrawals and recently proposed group self-annuitization (GSA) plans. GSA plans are found to replace even … loadings, coinsurance portfolio strategies with phased withdrawals and GSA’s dominate portfolios with life annuities or …

Persistent link: https://www.econbiz.de/10014178617

Risks in Advanced Age

Guillemette, Michael - 2017

• This paper reviews both published and emerging research on different risks retirees face and possible solutions financial planners can use to help clients overcome behavioral hurdles.• Risk assessment questions that measure loss aversion, as well as reducing myopic behavior, can help keep...

Persistent link: https://www.econbiz.de/10012961137

Inter-cohort risk sharing with long-term guarantees : evidence from German participating contracts

Hombert, Johan; Möhlmann, Axel; Weiß, Matthias - 2021

Long-term minimum return guarantees sold by European life insurers increasingly become binding as interest rates decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts when guarantees are not binding, we study how binding...

Persistent link: https://www.econbiz.de/10012497374

Longevity Risk and Natural Hedge Potential in Portfolios of Life Insurance Products : The Effect of Investment Risk

Stevens, Ralph - 2011

uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities … can be substantial, and that there exists a (natural) hedge potential from combining single life annuities with death …

Persistent link: https://www.econbiz.de/10013127855

Integrating Financial and Demographic Longevity Risk Models : An Australian Model for Financial Applications

Sherris, Michael; Wills, Samuel - 2011

Since its introduction, the Lee Carter model has been widely adopted as a means of modelling the distribution of projected mortality rates. Increasingly attention is being placed on alternative models and, importantly in the financial and actuarial literature, on models suited to risk management...

Persistent link: https://www.econbiz.de/10014217756

Financial Engineering : A Flexible Longevity Bond to Manage Individual Longevity Risk

Zhou, Yuxin - 2020

There is a significant potential demand in many countries around the world for a flexible product to manage individual longevity risk arising from the prevalence of defined contribution pensions, uncertainty in improvements in life expectancy, potential reductions in public pensions and a lack...

Persistent link: https://www.econbiz.de/10012836433

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