This book is essential reading for policy-makers trying to obtain an international context into which they can place their own retirement income market, and for academics who are looking for an introduction to retirement-income markets and the prominent researchers in this field.
David McCarthy, Journal of Pension Economics and Finance
Interest in longevity and longevity risk management is burgeoning, as government and regulatory agencies are increasingly conscious of the potential risks and benefits of longer lifespans. Commercial and industrial organizations, especially within the financial sector, are awakening to the opportunities presented by population aging, along with the new array of financial insurance instruments to manage longevity risk, which more sophisticated markets are making possible. This volume explores three main themes: the need for products to manage longevity risk; the structure and safety of financial products on the market that help manage longevity risk; and the role of policy in stimulating and strengthening longevity insurance products.
This edited volume brings together leading international experts to evaluate the challenge posed by trends in longevity risk and draws out the implications and constraints of this new reality for insurance companies and annuity providers. It discusses both emerging economies (India, Chile) and many of the older nations (Sweden, Canada, the US, Australia, Japan, the UK and Switzerland). It aims to instigate new thinking among retirement planners, plan sponsors, academics, and industry leaders seeking to manage retirement payouts and longevity risk.
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As it becomes increasingly important to evaluate the risks and opportunities presented by an aging population, this book discusses products that manage longevity risk, the structure and safety of these products, and how policy can stimulate and strengthen them, within both emerging and older economies.
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1. Turning Wealth into Lifetime Income: The Challenge Ahead ; ANNUITY MARKETS AROUND THE WORLD ; 2. The Swedish Annuity Market: Where It Is and Where It's Headed ; 3. Market Structure and Challenges for Annuities in India ; 4. Annuities and Their Derivatives: The Recent Canadian Experience ; 5. The United States Longevity Insurance Market ; 6. Too Much Risk to Insure? The Australian (non-)Market for Annuities ; 7. Pension Payouts in Chile: Past, Present, and Future Prospects ; 8. The Private Life Annuity Market in Germany: Products and Money's Worth Ratios ; 9. Annuity Markets in Japan ; 10. Compulsory and Voluntary Annuity Markets in the United Kingdom ; 11. Payouts in Switzerland: Explaining Developments in Annuitization
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Cutting-edge new research on a topic of current relevance
Chapters from leading experts in the field
Arguments supported by empirical data from a range of international examples
Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor and the Chair of the Department of Insurance and Risk Management; Executive Director of the Pension Research Council; and Director of the Boettner Center on Pensions and Retirement Research at the Wharton School. Her areas of research and teaching are private and public insurance, risk management, public finance and labor markets, and compensation and pensions, with a US and an
international focus. She received the Ph.D. degrees in economics from the University of Wisconsin-Madison. John Piggott is Professor of Economics in the Australian School of Business, University of New
South Wales, where he also heads up the Australian Institute for Population Ageing Research. His research examines economic and financial aspects of population aging. He received the Ph.D. in Economics from the University of London. Noriyuki Takayama is Professor at the Institute of Economic Research with the Hitotsubashi University in Tokyo. His research interests include intergenerational economic issues, public and private pensions, and household saving and wealth formation. He received
the Ph.D. from the University of Tokyo.
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Cutting-edge new research on a topic of current relevance
Chapters from leading experts in the field
Arguments supported by empirical data from a range of international examples
Produktdetaljer
ISBN
9780199594849
Publisert
2011
Utgiver
Oxford University Press
Vekt
512 gr
Høyde
238 mm
Bredde
159 mm
Dybde
19 mm
Aldersnivå
P, 06
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
256
Forfatter