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QUANTIFICATION OF LONGEVITY RISK FOR PENSION INSURANCE IN V4 COUNTRIES

100%
Gogola J.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 8
751 – 762
EN
Longevity risk, the risk that people will live longer than expected, weighs heavily on those who run pension schemes and on insurers that provide annuities. Hence the prediction of future mortality rates is an issue of fundamental importance for the insurance and pensions industry. Our analysis focuses on mortality at higher ages (65 – 95), given our interest in pension-related applications where the risk associated with longer-term cash flow is primarily linked to uncertainty in future rates of mortality. We use data on deaths and exposures for the Visegrad Group (V4) – the Czech Republic, Poland, Hungary and Slovakia from the Human Mortality Database (HMD). We have shown that if the today rate of increase will continue, it will at age 65 concluded (after calculation) to increase the present value of pension liabilities in defined-benefit schemes about 5% if we use cohort life table instead of period life table.
2

Sekurytyzacja ryzyka długowieczności

100%
Strupczewski G.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 877
85-97
EN
As life expectancy grows and retirement benefits are required for longer periods of time – a problem not only for the UK and USA but also the rest of developed countries – it is essential that the range of existing solutions in the field of annuities financing be examined. The article presents methods and instruments of longevity risk management used in the UK and US. The term longevity risk is defined at the beginning of the paper.
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