Designing Post-Retirement Benefits in a Demanding Scenario
A special issue of Risks (ISSN 2227-9091).
Deadline for manuscript submissions: closed (15 January 2017) | Viewed by 20338
Interests: risk management for life insurance and pension funds, in particular with reference to longevity risk; solvency for life portfolios and pension funds; actuarial perspectives of annuitization and post-retirement choices in pension products; multistate models for the insurances of the person; actuarial pricing of life and health insurance products; actuarial models for the valuation of the life insurance business
Special Issues, Collections and Topics in MDPI journals
Providing post-retirement benefits involves many challenges, due to new risks (such as the longevity risk), as well as to the new perspective that traditional risks (such as the financial or the insurance risk) may take in a long-term time horizon. Higher longevity joint to lower investment returns raise several issues; although some have already been discussed in the literature, further investigations are still recommended. For example: There is an extensive discussion about mortality projections, but it is now becoming more important to predict the lifetime at the highest ages. Reinsurance and capital market longevity risk management solutions have been addressed, but such markets are still underdeveloped. Furthermore, traditional post-retirement benefits include a longevity guarantee, which, apart from being currently expensive, makes the arrangement inflexible in respect of individual choices. Individuals are reluctant to underwrite inflexible products, but would like to obtain the guarantees commonly available in social security benefits at an affordable cost. Conversely, providers are realizing that it is convenient to weaken some of the traditional guarantees, since the implied risk if retained could be too expensive for shareholders, and if charged to annuitants would make the product unattractive.
The purpose of this Special Issue is to collect contributions on the product design of post-retirement benefits aimed at reconciling individual preferences with the need for providers to work with an appropriate risk profile. Contributions on the modelling, fair pricing and hedging of the guarantees included in post-retirement arrangements are also invited.
Prof. Dr. Annamaria Olivieri
Manuscript Submission Information
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- Longevity risk
- Longevity-linking arrangements for annuity benefits
- Alternative life annuity designs: Standard, lifestyle, life care, long-term care, tontine, event-contingent, variable annuities
- Risk classification for life annuities
- Financial and longevity guarantees in life annuity products
- Pricing and hedging of financial and longevity guarantees
- Annuitization strategies
- Optimal annuitization decisions
- High age mortality