Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/112305


Title: On the Failure (Success) of the Markets for Longevity Risk Transfer
Authors: MacMinn, Richard
Brockett, Patrick
Contributors: 風險與保險研究中心
Keywords: Annuity;Financial Market;Hazard;Investment;Moral Hazard;Pension;Pension Fund
Date: 2017-04
Issue Date: 2017-08-30 15:29:26 (UTC+8)
Abstract: Longevity risk is the chance that people will live longer than expected. That potential increase in life expectancy exposes insurers and pension funds to the risk of not having sufficient funds to pay a longer stream of annuity benefits than promised. Longevity bonds and forwards provide insurers and pension funds with financial market instruments designed to hedge the longevity risk that these organization face. The European Investment Bank and World Bank have both discussed longevity bond issues, but those issues have failed due to insufficient demand. Forward contracts have also been created, but that market remains dormant. The extant literature suggests that these failures may be due to design or pricing problems. In this article the analysis shows that the market failure is instead due to a moral hazard problem.
Relation: Journal of Risk and Insurance, Special Edition, Vol. 84, 299-317
Data Type: article
DOI 連結: http://dx.doi.org/10.1111/jori.12205
Appears in Collections:[風險管理與保險學系] 期刊論文

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