We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security - which is immune to adverse selection - affects...

This paper studies the effects of health shocks on the demand for health insurance and annuities, precautionary saving, and the welfare implications of public policies in a simple life-cycle model. I show that when the health shock simultaneously increases health expenses and reduces longevity,...

Longevity insurance benefits are deferred annuities that start payment at an advanced age at which a substantial proportion of the birth cohort has died. In high-income countries, that would mean that these annuities would start for people in their early 80s, but when social security programs...

This study assesses the state of microinsurance in the country, identifies the players and their performance, and the challenges facing microinsurance development. The term micro pertains to the capacity of a program to handle the small, sometime irregular cash flows of poor households, who have...