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Long-Term Care: Risk Description of a Spanish Portfolio and Economic Analysis of the Timing of Insurance Purchase

Author

Listed:
  • Montserrat Guillén

    (Estadística i Economia Espanyola, RFA-IREA, University of Barcelona, Diagonal, 690)

  • Jean Pinquet

    (Ecole Polytechnique, Département d'Economie)

Abstract

This paper analyses the rationale of long-term care (LTC) insurance purchasing from a statistical analysis of insurance data and a life cycle model. We make a short survey of the pros and cons of LTC insurance purchase. Then risk distributions in the occurrence and duration dimension are estimated on a Spanish portfolio. Calendar effects are estimated besides age and gender. These statistical results are integrated in a life cycle model of savings and insurance purchasing. A numerical illustration is also provided, which leads to an optimal age of 40 years for insurance purchase.

Suggested Citation

  • Montserrat Guillén & Jean Pinquet, 2008. "Long-Term Care: Risk Description of a Spanish Portfolio and Economic Analysis of the Timing of Insurance Purchase," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 33(4), pages 659-672, October.
    • Handle: RePEc:pal:gpprii:v:33:y:2008:i:4:d:10.1057_gpp.2008.33
    DOI: 10.1057/gpp.2008.33
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