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Author: OECD Publisher: OECD Publishing ISBN: 926422274X Category : Languages : en Pages : 194
Book Description
The publication assess how pension funds, annuity providers such as life insurance companies, and the regulatory framework incorporate future improvements in mortality and life expectancy.
Author: OECD Publisher: OECD Publishing ISBN: 926422274X Category : Languages : en Pages : 194
Book Description
The publication assess how pension funds, annuity providers such as life insurance companies, and the regulatory framework incorporate future improvements in mortality and life expectancy.
Author: National Research Council Publisher: National Academies Press ISBN: 0309217105 Category : Social Science Languages : en Pages : 200
Book Description
During the last 25 years, life expectancy at age 50 in the United States has been rising, but at a slower pace than in many other high-income countries, such as Japan and Australia. This difference is particularly notable given that the United States spends more on health care than any other nation. Concerned about this divergence, the National Institute on Aging asked the National Research Council to examine evidence on its possible causes. According to Explaining Divergent Levels of Longevity in High-Income Countries, the nation's history of heavy smoking is a major reason why lifespans in the United States fall short of those in many other high-income nations. Evidence suggests that current obesity levels play a substantial part as well. The book reports that lack of universal access to health care in the U.S. also has increased mortality and reduced life expectancy, though this is a less significant factor for those over age 65 because of Medicare access. For the main causes of death at older ages-cancer and cardiovascular disease-available indicators do not suggest that the U.S. health care system is failing to prevent deaths that would be averted elsewhere. In fact, cancer detection and survival appear to be better in the U.S. than in most other high-income nations, and survival rates following a heart attack also are favorable. Explaining Divergent Levels of Longevity in High-Income Countries identifies many gaps in research. For instance, while lung cancer deaths are a reliable marker of the damage from smoking, no clear-cut marker exists for obesity, physical inactivity, social integration, or other risks considered in this book. Moreover, evaluation of these risk factors is based on observational studies, which-unlike randomized controlled trials-are subject to many biases.
Author: Ermanno Pitacco Publisher: OUP Oxford ISBN: 0191563153 Category : Business & Economics Languages : en Pages : 417
Book Description
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.
Author: Bruce A. Carnes Publisher: W. W. Norton & Company ISBN: 0393245888 Category : Science Languages : en Pages : 259
Book Description
"This is by far the best book I've read on the science of aging."—Andrew Weil, M.D. "Life-span Truth Will Set You Free from Age-old Worries," announced the Chicago Tribune upon the first publication of this book. The New England Journal of Medicine confirmed, "For readers interested in aging and longevity, this small book clearly explains the major concepts...extremely enjoyable to read." From NBC Nightly News with Tom Brokaw to Scientific American to the New York Times, S. Jay Olshansky and Bruce A. Carnes have stirred up controversy and brought clarity to an issue often muddled by exaggeration and pseudoscience. Medical science has uncovered a host of answers to the problems of aging, but many of the most exciting discoveries are buried in scientific journals or overshadowed by popular quick-fix treatments. The Quest for Immortality explains the real science of aging and shows which treatments offered by today's multi-billion-dollar anti-aging industries offer real hope, and which are a waste of money and time.
Author: Tommy Bengtsson Publisher: Springer ISBN: 3030050750 Category : Social Science Languages : en Pages : 341
Book Description
This open access book describes methods of mortality forecasting and discusses possible improvements. It contains a selection of previously unpublished and published papers, which together provide a state-of-the-art overview of statistical approaches as well as behavioural and biological perspectives. The different parts of the book provide discussions of current practice, probabilistic forecasting, the linearity in the increase of life expectancy, causes of death, and the role of cohort factors. The key question in the book is whether it is possible to project future mortality accurately, and if so, what is the best approach. This makes the book a valuable read to demographers, pension planners, actuaries, and all those interested and/or working in modelling and forecasting mortality.
Author: Hans van Houwelingen Publisher: CRC Press ISBN: 1439835438 Category : Mathematics Languages : en Pages : 250
Book Description
There is a huge amount of literature on statistical models for the prediction of survival after diagnosis of a wide range of diseases like cancer, cardiovascular disease, and chronic kidney disease. Current practice is to use prediction models based on the Cox proportional hazards model and to present those as static models for remaining lifetime a
Author: Collectif Publisher: OECD ISBN: 9264267794 Category : Business & Economics Languages : en Pages : 153
Book Description
This publication helps policy makers to better understand annuity products and the guarantees they provide in order to optimise the role that these products can play in financing retirement. Product design is a crucial factor in the potential role of annuity products within the pension system, along with the cost and demand for these products, and the resulting risks that are borne by the annuity providers. Increasingly complex products, however, pose additional challenges concerning consumer protection. Consumers need to be aware of their options and have access to unbiased and comprehensible advice and information about these products.
Author: Moshe A. Milevsky Publisher: Cambridge University Press ISBN: 1139454862 Category : Business & Economics Languages : en Pages : 301
Book Description
This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.
Author: Andrew J. G. Cairns Publisher: Princeton University Press ISBN: 0691187428 Category : Business & Economics Languages : en Pages : 289
Book Description
The field of financial mathematics has developed tremendously over the past thirty years, and the underlying models that have taken shape in interest rate markets and bond markets, being much richer in structure than equity-derivative models, are particularly fascinating and complex. This book introduces the tools required for the arbitrage-free modelling of the dynamics of these markets. Andrew Cairns addresses not only seminal works but also modern developments. Refreshingly broad in scope, covering numerical methods, credit risk, and descriptive models, and with an approachable sequence of opening chapters, Interest Rate Models will make readers--be they graduate students, academics, or practitioners--confident enough to develop their own interest rate models or to price nonstandard derivatives using existing models. The mathematical chapters begin with the simple binomial model that introduces many core ideas. But the main chapters work their way systematically through all of the main developments in continuous-time interest rate modelling. The book describes fully the broad range of approaches to interest rate modelling: short-rate models, no-arbitrage models, the Heath-Jarrow-Morton framework, multifactor models, forward measures, positive-interest models, and market models. Later chapters cover some related topics, including numerical methods, credit risk, and model calibration. Significantly, the book develops the martingale approach to bond pricing in detail, concentrating on risk-neutral pricing, before later exploring recent advances in interest rate modelling where different pricing measures are important.
Author: OECD
Author: OECD
Author: Emma McWilliam
Author: National Research Council
Author: Ermanno Pitacco
Author: Bruce A. Carnes
Author: Tommy Bengtsson
Author: Hans van Houwelingen
Author: Collectif
Author: Moshe A. Milevsky
Author: Andrew J. G. Cairns