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On the Failure (Success) of the Markets for Longevity Risk Transfer

机译：长寿风险转移市场的失败（成功）

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摘要

Longevity risk is the chance that people will live longer than expected. That potential increase in life expectancy exposes insurers and pension funds to the risk of not having sufficient funds to pay a longer stream of annuity benefits than promised. Longevity bonds and forwards provide insurers and pension funds with financial market instruments designed to hedge the longevity risk that these organization face. The European Investment Bank and World Bank have both discussed longevity bond issues, but those issues have failed due to insufficient demand. Forward contracts have also been created, but that market remains dormant. The extant literature suggests that these failures may be due to design or pricing problems. In this article the analysis shows that the market failure is instead due to a moral hazard problem.
机译：长寿风险是人们寿命比预期更长的机会。预期寿命的潜在增加使保险公司和养老基金面临以下风险：没有足够的资金来支付比承诺更长的年金利益。长寿债券和远期产品为保险公司和养老基金提供了旨在对冲这些组织所面临的长寿风险的金融市场工具。欧洲投资银行和世界银行都讨论了长寿债券的问题，但是由于需求不足，这些债券未能成功。还创建了远期合同，但该市场仍然处于休眠状态。现有文献表明，这些失败可能是由于设计或价格问题造成的。本文的分析表明，市场失灵是由于道德风险问题引起的。

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  • 来源
    《The journal of risk and insurance》 |2017年第s1期|299-317|共19页
  • 作者

    MacMinn Richard; Brockett Patrick;

  • 作者单位

    Natl Chengchi Univ, Taipei, Taiwan|Univ Texas Austin, Austin, TX 78712 USA;

    Univ Texas Austin, McCombs Sch Business, Dept Informat Risk & Operat Management, Austin, TX 78712 USA;

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