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On annuities: an overview of the issues

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Author Info
Ferro, Gustavo

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Abstract

Longevity is increasing in the whole world, and savings for retirement are growing quickly. There is a potential demand for certainty in the income streams for pensioners since old-fashioned pay-as-you-go systems became financially stressed. A financial product, the annuity contract, offers longevity insurance but the demand is scarce for various reasons, and the supply is reluctant because the rapid improvements in longevity threaten the profitability of the business. The instrument and its market is analyzed conceptually and empirically by means of an examination of the literature, and a discussion is made in order to ameliorate the understanding of an apparent paradox: why an interesting instrument is not more spread.

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File URL: http://mpra.ub.uni-muenchen.de/15436/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15436.

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Date of creation: Jul 2008
Date of revision: May 2009
Handle: RePEc:pra:mprapa:15436

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Related research
Keywords: annuity; insurance; pension;

Find related papers by JEL classification:
G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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  1. Rocha, Roberto & Morales, Marco & Thorburn, Craig, 2006. "An empirical analysis of the annuity rate in Chile," Policy Research Working Paper Series 3929, The World Bank. [Downloadable!]
    Other versions:
  2. James M. Poterba, 2001. "Annuity markets and retirement security," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 249-270., September. [Downloadable!]
    Other versions:
  3. Fiona Stewart, 2007. "Policy Issues for Developing Annuities Markets," OECD Working Papers on Insurance and Private Pensions 2, OECD, Directorate for Financial and Enterprise Affairs. [Downloadable!]
  4. Wolfram Horneff & Raimond Maurer & Olivia Mitchell & Ivica Dus, 2006. "Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion," Working Papers wp124, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
    Other versions:
  5. Thorburn, Craig & Rocha, Roberto & Morales, Marco, 2006. "An analysis of money's worth ratios in Chile," Policy Research Working Paper Series 3926, The World Bank. [Downloadable!]
    Other versions:
  6. Thomas Davidoff & Jeffrey Brown & Peter Diamond, 2003. "Annuities And Individual Welfare," Working Papers, Center for Retirement Research at Boston College 2003-11, Center for Retirement Research. [Downloadable!]
    Other versions:
  7. Ivica Dus & Raimond Maurer & Olivia S. Mitchell, 2003. "Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans," Working Papers wp063, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  8. Edward R. Whitehouse, 2007. "Life-Expectancy Risk and Pensions: Who Bears the Burden?," OECD Social, Employment and Migration Working Papers 60, OECD, Directorate for Employment, Labour and Social Affairs. [Downloadable!]
  9. Allison Schrager & G. A. Mackenzie, 2004. "Can The Private Annuity Market Provide Secure Retirement Income?," IMF Working Papers 04/230, International Monetary Fund. [Downloadable!]
  10. Nicoletta Batini & Tim Callen & Warwick J. McKibbin, 2006. "The Global Impact of Demographic Change," IMF Working Papers 06/9, International Monetary Fund. [Downloadable!]
  11. G. A. Mackenzie, 2002. "The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan," IMF Working Papers 02/161, International Monetary Fund. [Downloadable!]
  12. Jeffrey R. Brown & James M. Poterba, 2004. "Household Demand For Variable Annuities," Working Papers, Center for Retirement Research at Boston College 2004-08, Center for Retirement Research. [Downloadable!]
  13. E. Philip Davis, 2002. "Issues in the Regulation of Annuities Markets," CeRP Working Papers 26, Center for Research on Pensions and Welfare Policies, Turin (Italy). [Downloadable!]
  14. Pablo Antolín, 2007. "Longevity Risk and Private Pensions," OECD Working Papers on Insurance and Private Pensions 3, OECD, Directorate for Financial and Enterprise Affairs. [Downloadable!]
  15. Irena Dushi & Anthony Webb, 2004. "Annuitization: Keeping Your Options Open," Working Papers, Center for Retirement Research at Boston College 2004-04, Center for Retirement Research. [Downloadable!]
  16. Olivia S. Mitchell & John Piggott & Michael Sherris & Shaun Yow, 2006. "Financial Innovation for an Aging World," NBER Working Papers 12444, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  17. Estelle James & Xue Song, 2001. "Annuities Markets Around the World: Money’s Worth and Risk Intermediation," CeRP Working Papers 16, Center for Research on Pensions and Welfare Policies, Turin (Italy). [Downloadable!]
  18. Alain Jousten, 2007. "Public Pension Reform: A Primer," IMF Working Papers 07/28, International Monetary Fund. [Downloadable!]
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