Articlegreen2013

The New Life Market

David P. Blake · Andrew J. G. Cairns · Guy D. Coughlan · Kevin Dowd · Richard D. MacMinn

111 citations0/0 files storedJournal of Risk & Insurance

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Insurance and Financial Risk Management Financial Literacy, Pension, Retirement Analysis Insurance, Mortality, Demography, Risk Management

Abstract

A BSTRACT The huge economic significance of longevity risk for corporations, governments, and individuals has begun to be recognized and quantified. By virtue of its size and prevalence, longevity risk is the most significant life‐related risk exposure in financial terms and poses a potential threat to the whole system of retirement income provision. This article reviews the birth and development of the Life Market, the new market related to the transfer of longevity and mortality risks. We note that the emergence of a traded market in longevity‐linked capital market instruments could act as a catalyst to help facilitate the development of annuity markets both in the developed and the developing world and protect the long‐term viability of retirement income provision globally.

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References

2002Broken Limits to Life Expectancy 1992Modeling and Forecasting U. S. Mortality 2006A Two‐Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration 2006A cohort-based extension to the Lee–Carter model for mortality reduction factors 2002A Poisson log-bilinear regression approach to the construction of projected lifetables 2009A Quantitative Comparison of Stochastic Mortality Models Using Data From England and Wales and the United States 2005Coherent mortality forecasts for a group of populations: An extension of the lee-carter method 2002Applying Lee-Carter under conditions of variable mortality decline

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