Ageing Populations and Changing Demographics
Determinants of Changes in Life Expectancy
Magnitude of the Longevity Issue
Pricing Longevity Risk: Establishing the Base Mortality Level
An Introduction to Credibility Theory
Projecting Future Mortality
Modelling Longevity Risk under a One-Year VaR Framework
Risk Transfer for Pension Schemes
De-Risking Insured Annuity Portfolios
Hedging Longevity Risk through Reinsurance
Commercial Aspects of Longevity Reinsurance
Extreme Mortality Risk as a Natural Hedge?
Capital Markets and Longevity Risk Transfer
Longevity Policy Committee
Legal Considerations and Challenges in Longevity Risk Transactions
Pensions and Longevity in the US
Canadian Pensioner Longevity Risk
The Dutch Pensions and Longevity Insurance Market
Globally, we are going through an extraordinary demographic transition. It is estimated that there will be 2 billion people over the age of 60 by the middle of the 21st century, and they will outnumber children (ie, those under 15) for the first time in history. In countries such as the UK, we are seeing not just growth in the numbers of older people but also an increase in the incidence of long-term conditions and co-morbidities.
While health services have seen a greater focus on preventative health in past years, there remain marked differences in the health outcomes of different groups – and they are growing. Although life expectancy has been on the increase, inequality in mortality is now greater than at any time since comparable records began, and the higher an individual’s socio-economic group, the longer they are likely to live.
These demographic realities call for far-reaching work, lifestyle, business and governmental changes, for we are still living with public policies and social infrastructures that were designed for a different time with different demographics.
However, rather than seeing longevity as a burden, we should celebrate the unprecedented triumph of