LONGEVITY INSURANCE: A MISSING MARKET

2005 ◽  
Vol 50 (spec01) ◽  
pp. 417-435 ◽  
Author(s):  
ADAM CREIGHTON ◽  
HENRY HONGBO JIN ◽  
JOHN PIGGOTT ◽  
EMILIANO A. VALDEZ
Keyword(s):  
Public Policy ◽  
Demographic Transition ◽  
Risk Sharing ◽  
Theory And Practice ◽  
Insurance Market ◽  
Insurance Markets ◽  
Longevity Risk ◽  
Reverse Mortgages ◽  
Longevity Insurance ◽  
India And China

More than half of the world's old live in Asia, and around 35% in India and China alone. As demographic transition proceeds regionally and globally, the development of a robust and reliable longevity insurance market will become essential. Although the need for such insurance is most pressing in Asia, longevity risk is poorly managed practically everywhere. This paper reviews theory and practice relating to longevity risk and insurance, amid a rapidly changing demographic and policy landscape. It analyzes the reasons for the failure of longevity insurance markets, and examines possible innovations in both markets and public policy that may lead to a more vibrant market and a greater variety of longevity insurance products. These include risk sharing between the buyer and seller, "deductibles", reverse mortgages, and securitization.

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.

Studying the factors of regional insurance market development using the correlation and regression analysis

2020 ◽  
Vol 26 (7) ◽  
pp. 1610-1630
Author(s):  
E.L. Prokop'eva
Keyword(s):  
Regression Analysis ◽  
Federal District ◽  
Insurance Market ◽  
Market Development ◽  
Insurance Markets ◽  
Regression Equations ◽  
Factors Affecting ◽  
Correlation And Regression Analysis ◽  
Country Level ◽  
Inverse Effect

Subject. The article investigates and quantifies factors of insurance markets functioning in Russian regions, and reveals possibilities to manage them. Objectives. The purpose of the study is to substantiate regional factors that determine the specifics of regional insurance market development; to quantify them to increase the efficiency of regional insurance. Methods. The study draws on statistical methods, functional analysis, algorithm development, correlation and regression analysis. Results. I calculated coefficients of pair and multiple correlation with the indicators of insurance markets in the context of the subjects of the Russian Federation, and composed regression equations. Based on the analysis, I determined the algorithm for inverse effect of the insurance market on the economic, social, fiscal and environmental performance of the region, offered appropriate measures aimed at developing the economic potential of the region and its social sphere. Conclusions. The paper considers the case of the Republic of Khakassia, one of depressed subjects in the Siberian Federal District. The developed models can be used for other regions of Russia, given the geographical and economic features of development. The findings may help generate regional strategies for socio-economic development at the country level. The scientific contribution and the novelty of the work consist of systematizing and quantifying the factors affecting the insurance mechanisms of regional markets, and assessing the inverse effect of insurance mechanisms on integrated development of the region.

Public Policy Education: Global Trends in Theory and Practice

2012 ◽  
Vol 58 (2) ◽  
pp. 173-183
Author(s):  
Swapna S. Prabhu ◽  
Niranjan Mohapatra
Keyword(s):  
Public Policy ◽  
Theory And Practice ◽  
Global Trends

Of rhizomes and pointillism: David john farmerʼs influence, method and art in the field

2016 ◽  
Vol 19 (1) ◽  
pp. 30-44
Author(s):  
Richard Huff ◽  
Cynthia Cors ◽  
Jinzhou Song ◽  
Yali Pang
Keyword(s):  
Public Policy ◽  
Public Administration ◽  
Theory And Practice ◽  
Research Approach ◽  
Practical Application ◽  
Vast Array ◽  
The Public

The work of David John Farmer has been recognized as critical to the Public Policy and Administration canon. Its impact has been far-reaching both geographically because of its international application and theoretically because of the vast array of public administration challenges it can help resolve. This paper uses the concepts of rhizomatic thinking and reflexive interpretation to describe Farmerʼs work. And because a critical piece of Farmerʼs work is a bridging of the gap between theory and practice, it formally introduces Farmerʼs research approach as Farmerʼs Method. This article is intended to serve as a useful tool for students, practitioners, and theorists in understanding the vast contributions of David John Farmer and the practical application of his work.

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