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

Jean Pinquet and Guillén Montserrat ()
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Guillén Montserrat: CECO - Laboratoire d'économétrie de l'École polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper analyzes the rationale of long-term care 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 forty years for insurance purchase.

Keywords: Long-term care insurance; Lee-Carter models; life cycle approach; calendar; gender and age effects (search for similar items in EconPapers)
Date: 2008
Note: View the original document on HAL open archive server: https://hal.science/hal-00343104
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Citations: View citations in EconPapers (3)

Published in The Geneva Papers on Risk and Insurance, 2008, 33, pp.659-672

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Journal Article: Long-Term Care: Risk Description of a Spanish Portfolio and Economic Analysis of the Timing of Insurance Purchase (2008)
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