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Longevity Insurance: A Missing Market

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Author Info

  • ADAM CREIGHTON

    (School of Economics, University of New South Wales, Sydney 2052, Australia)

  • HENRY HONGBO JIN

    (School of Economics, University of New South Wales, Sydney 2052, Australia)

  • JOHN PIGGOTT

    ()
    (School of Economics, University of New South Wales, Sydney 2052, Australia)

  • EMILIANO A. VALDEZ

    (School of Actuarial Studies, University of New South Wales, Sydney 2052, Australia)

Abstract

More than half of the world's old live in Asia, and around 35% in India and China alone. As demographic transition proceeds regionally and globally, the development of a robust and reliable longevity insurance market will become essential. Although the need for such insurance is most pressing in Asia, longevity risk is poorly managed practically everywhere. This paper reviews theory and practice relating to longevity risk and insurance, amid a rapidly changing demographic and policy landscape. It analyzes the reasons for the failure of longevity insurance markets, and examines possible innovations in both markets and public policy that may lead to a more vibrant market and a greater variety of longevity insurance products. These include risk sharing between the buyer and seller, "deductibles", reverse mortgages, and securitization.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal The Singapore Economic Review.

Volume (Year): 50 (2005)
Issue (Month): sp ()
Pages: 417-435

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Handle: RePEc:wsi:serxxx:v:50:y:2005:i:sp:p:417-435

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Keywords: Annuity; retirement; pension; longevity risk;

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Cited by:
  1. Wills, Samuel & Sherris, Michael, 2010. "Securitization, structuring and pricing of longevity risk," Insurance: Mathematics and Economics, Elsevier, vol. 46(1), pages 173-185, February.
  2. Moshe A. Milevsky & Thomas S. Salisbury, 2013. "Optimal Retirement Tontines for the 21st Century: With Reference to Mortality Derivatives in 1693," Science & Finance (CFM) working paper archive 1307.2824, Science & Finance, Capital Fund Management.

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