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Developing Annuities Markets : The Experience of Chile

Author

Listed:
  • Roberto Rocha
  • Craig Thorburn

Abstract

Demographic aging strains pension systems around the world, leading frequently to large pension expenditures and deficits. The increasing awareness of a looming pension crisis has led to a wave of pension reforms, particularly in the last decade. The purpose of the report is to examine the Chilean experience in developing the market for retirement products, including programmed or phased withdrawals (PWs) and annuities, and to draw lessons for other countries that are also making efforts to develop such markets or anticipate the need to do so. The report examines the performance of the market and the evolution of the regulatory framework since the implementation of the pension reform of 1981, but with a focus on the past 10 years.

Suggested Citation

  • Roberto Rocha & Craig Thorburn, 2007. "Developing Annuities Markets : The Experience of Chile," World Bank Publications - Books, The World Bank Group, number 7162, December.
    • Handle: RePEc:wbk:wbpubs:7162
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Cristian Escudero & José L. Ruiz, 2021. "Life insurance companies’ investment abroad and the internal rate of return on Chilean annuities," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(4), pages 688-709, October.
    2. Guillermo Larrain & Simon Ballesteros & Sebastián Garci, 2017. "Longevidad y Pensiones: una Propuesta de Seguro para la Cuarta Edad," Working Papers wp441, University of Chile, Department of Economics.
    3. Piggott John R. & Sane Renuka, 2012. "Demographic Shift and Financial Markets in APEC: New Age Solutions to Age Old Challenges," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 6(1), pages 1-28, February.
    4. Marco Morales & Guillermo Larraín, 2017. "The Chilean Electronic Market for Annuities (SCOMP): Reducing Information Asymmetries and Improving Competition," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(3), pages 389-405, July.
    5. J.S. , Adeyele, & J.O. , Olujide, & G.M. , Ogungbenle, & Y.G., Jugu, & S.L., Jim-Suleiman, & N.R., Ikeobi, & D.K, Adamu, & J.A., Angyak,, 2022. "Defined Contribution Pension And Actuarial Expectation In Later Life For Active Employees," Ilorin Journal of Business and Social Sciences, Faculty of Social Sciences, University of Ilorin, vol. 24(1), pages 147-164, February.
    6. Anna Nicińska, 2013. "Are bequests preceded by a will? Evidence from Europe, US, and Australia," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 34.
    7. Vittas, Dimitri, 2011. "The mechanics and regulation of variable payout annuities," Policy Research Working Paper Series 5762, The World Bank.
    8. Feyen, Erik & Lester, Rodney & Rocha, Roberto, 2011. "What drives the development of the insurance sector ? an empirical analysis based on a panel of developed and developing countries," Policy Research Working Paper Series 5572, The World Bank.
    9. Sutcliffe, Charles, 2015. "Trading death: The implications of annuity replication for the annuity puzzle, arbitrage, speculation and portfolios," International Review of Financial Analysis, Elsevier, vol. 38(C), pages 163-174.
    10. Norma L. Nielson, 2012. "Annuities and Your Nest Egg: Reforms to Promote Optimal Annuitization of Retirement Capital," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 358, August.
    11. Rocha, Roberto & Rudolph, Heinz P., 2010. "A summary and update of developing annuities markets : the experience of Chile," Policy Research Working Paper Series 5325, The World Bank.
    12. Roberto Rocha & Dimitri Vittas & Heinz P. Rudolph, 2011. "Annuities and Other Retirement Products : Designing the Payout Phase," World Bank Publications - Books, The World Bank Group, number 2272, December.

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