One Possible Life Insurance Market Response to Ageing

Gustavo Ferro

The Geneva Papers on Risk and Insurance - Issues and Practice, 2009, vol. 34, issue 1, 119-136

Abstract: This paper deals with the reaction of the life insurance industry to ageing and the next massive decumulation phase of pension funds worldwide. The industry has a well-established product, which is the annuity, a unique instrument to cope with longevity risk. But annuity markets remain thin. Demand- and supply-side elements of the market are explored and also regulatory issues. Some proposals are made for a more proactive involvement of the industry in the pension business by addressing demand side, supply side and regulatory concerns. The proposal is a Multi-tier Insurance Package, which combines different insurance products in order to cover longevity risk as well as bequest or long-term care motives. The Geneva Papers (2009) 34, 119–136. doi:10.1057/gpp.2008.46

Date: 2009
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