Uncertainty in mortality and disability trends, from which the longevity risk in living benefits arises, is discussed. The financial impact of longevity risk on life annuities, sickness benefits for the elderly and long-term care covers is then analysed, focussing in particular solvency requirements and reinsurance arrangements. Finally, special attention is devoted to mortality guarantees and flexibility in the structure of life annuities, looking at annuities in the context of overall post-retirement income planning.
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Publisher Info
Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number
23.
Length: 37 pages Date of creation: Jul 2002 Date of revision: Publication status: published in Fornero E. and E. Luciano (eds), "Developing an Annuity Market in Europe", Cheltenham: Edward Elgar, 2004 Handle: RePEc:crp:wpaper:23
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