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Books > Business & Economics > Finance & accounting > Finance > Pensions
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Modelling Longevity Dynamics for Pensions and Annuity Business (Hardcover)
Loot Price: R3,521
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Modelling Longevity Dynamics for Pensions and Annuity Business (Hardcover)
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Mortality improvements, uncertainty in future mortality trends and
the relevant impact on life annuities and pension plans constitute
important topics in the field of actuarial mathematics and life
insurance techniques. In particular, actuarial calculations
concerning pensions, life annuities and other living benefits
(provided, for example, by long-term care insurance products and
whole life sickness covers) are based on survival probabilities
which necessarily extend over a long time horizon. In order to
avoid underestimation of the related liabilities, the insurance
company (or the pension plan) must adopt an appropriate forecast of
future mortality.
Great attention is currently being devoted to the management of
life annuity portfolios, both from a theoretical and a practical
point of view, because of the growing importance of annuity
benefits paid by private pension schemes. In particular, the
progressive shift from defined benefit to defined contribution
pension schemes has increased the interest in life annuities with a
guaranteed annual amount.
This book provides a comprehensive and detailed description of
methods for projecting mortality, and an extensive introduction to
some important issues concerning longevity risk in the area of life
annuities and pension benefits. It relies on research work carried
out by the authors, as well as on a wide teaching experience and in
CPD (Continuing Professional Development) initiatives. The
following topics are dealt with: life annuities in the framework of
post-retirement income strategies; the basic mortality model;
recent mortality trends that have been experienced; general
features of projection models; discussion of stochastic projection
models, with numerical illustrations; measuring and managing
longevity risk.
General
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