Heterogeneity of Australian population mortality and implications for a viable life annuity market

2012 ◽  
Vol 51 (2) ◽  
pp. 322-332 ◽  
Author(s):  
Shu Su ◽  
Michael Sherris
Keyword(s):  
Australian Population ◽  
Life Annuity ◽  
Annuity Market ◽  
Population Mortality

Bringing cost transparency to the life annuity market

2014 ◽  
Vol 56 ◽  
pp. 14-27 ◽  
Author(s):  
Catherine Donnelly ◽  
Montserrat Guillén ◽  
Jens Perch Nielsen
Keyword(s):  
Cost Transparency ◽  
Life Annuity ◽  
Annuity Market

Longevity insurance markets and Money's worth ratios in Korea

2013 ◽  
Vol 12 (4) ◽  
pp. 435-454 ◽  
Author(s):  
KYONGHEE LEE
Keyword(s):  
Mortality Rate ◽  
Insurance Market ◽  
Insurance Markets ◽  
Annuity Market ◽  
Relative Value ◽  
Longevity Insurance ◽  
Population Mortality ◽  
Mortality Table ◽  
New Evidence ◽  
Guarantee Period

AbstractThe rare annuitization, thin immediate annuity market, and date limitation have prevented the attempts to analyze the longevity insurance market in Korea. The purpose of this paper is to examine the relative value of Korean annuity rates to theoretical ones and to provide a new evidence on the function of the voluntary annuity market in terms of the money's worth ratio (MWR). Our results show that the immediate annuity market in Korea is reasonably efficient. For example, the money's worth ratio of an immediate annuity of a 10-year guarantee period for a 65-year-old male is estimated to be about 0.8 with the general population mortality rate, while it improves to 0.9 with the annuitant mortality table. Average MWR is similar to that of other countries with thin annuity market, which show that annuitants in Korea pay a comparable cost to that in other countries.

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