Déterminants de l'inassurabilité du risque de longévité et marché de la rente viagère

Christine Chevallier, Hélène Xuan and François-Xavier Albouy

Revue française d'économie, 2011, vol. volume XXVI, issue 4, 81-119

Abstract: The rise in life expectancy increases the likelihood that the proportion of the population living to an age at which their means will be exceeded and exposes the states and numerous institutions to an important longevity risk. The stakes are the optimal management of this social risk. Economic theory considers the life annuities to be an excellent method for mitigating this risk. However, the annuities market, purely private and voluntary, is poorly developed in Europe and the United States. The reasons for this under development are not clear. This article considers a number of theoretical and empirical determinants of uninsurability and provides evidence for its causes. Furthermore, it discusses the means for managing and financing the longevity risk, without proposing a unique solution. The paper concludes by suggesting a way to simplify existing insurance products, making them more flexible and less risky. In addition, the policy maker should attempt to reduce market imperfections and intervene to share risk equitably between generations.

Date: 2011
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