![Sample our Economics, Finance,Business & Industry journals, sign in here to start your access, latest two full volumes FREE to you for 14 days]({"type":"image" , "src" : "/sda/5931/TOC-Subject-Sample-2021-Economics-Finance-Business-Industry.jpg"})
Acknowledgments
D. Blake and R. MacMinn are cofounders of the Longevity Risk and Capital Markets Solutions Conferences.
Notes
Blake et al. (Citation2013).
The conference proceedings for Longevity Two were published in the December 2006 issue of the Journal of Risk and Insurance.
The conference proceedings for Longevity Three were published in the Fall 2008 issue of the Asia-Pacific Journal of Risk and Insurance.
Asia has the world's largest and fastest growing aging population (United Nations Citation2007).
Life settlements are traded life policies. In April 2007, the Institutional Life Markets Association started in New York, as the dedicated institutional trade body for the life settlements industry.
In 2010 National Financial Partners became the sole owner of ILS/ILA.
Coughlan et al. (Citation2007).
Lucida was purchased by Legal & General in 2013 for £151 million. At the time it had 31,000 pensioners on its books and £1.4 billion in pension assets.
The conference proceedings for Longevity Four were published in the February 2010 issue of Insurance: Mathematics and Economics.
The conference proceedings for Longevity Five were published in the North American Actuarial Journal (vol. 15, no. 2, 2011).
The conference proceedings for Longevity Six were published in the October 2011 issue of Geneva Papers on Risk and Insurance—Issues and Practice.
The conference proceedings for Longevity Seven were published in the September 2013 issue of the Journal of Risk and Insurance.
In fact, the lump sum is being offered only to limited cohorts of plan members.
The mortality term structure is the two-dimensional surface showing projected mortality rates at different ages for different future years.
The market for micro-longevity risk trades assets involving a small number of lives. In the case of life settlements, for example, the products involve individual lives and hence are subject to a significant degree of idiosyncratic mortality risk. This contrasts with the market for macro-longevity risk, which deals with pension plans and annuity books and hence involves a large number of lives: Here idiosyncratic mortality risk is much less important than systematic mortality risk, which is essentially the trend risk of getting life expectancy projections wrong.
