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August 2021

25Aug

Why The Decline In Life Expectancy Shouldn’t Affect Your Retirement Plans

By Bob Carlson Average life expectancy in the U.S. declined by 1.5 years in 2020, according to a recent report from the Centers for Disease Control and Prevention. That is believed to be the largest one-year decline in life expectancy since at least World War II. Life expectancy was 77.3 years in 2020, about the same level as in 2003. Life expectancy should be a major factor in retirement planning. I often recommend that one of the first steps in developing a...

August 25, 2021
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06Aug

Death and Taxes: Why Longer Lives Cost Money

By Christopher Snowdon The British population is getting older. In 1948, life expectancy was 68. Thanks to healthier lifestyles and medical advances, it is now 81 and is expected to rise to 87 by the end of the next decade. The rapid growth of the elderly population will put a strain on healthcare, social care and welfare provision. The Office for Budget Responsibility predicts that health spending in the UK will rise from 6.2 per cent of GDP in 2019/20 to...

August 6, 2021
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July 2021

23Jul

Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets

By Erik Banks A practical approach to ART-an alternative method by which companies take on various types of risk This comprehensive book shows readers what ART is, how it can be used to mitigate risk, and how certain instruments/structures associated with ART should be implemented. Through numerous examples and case studies, readers will learn what actually works and what doesn't when using this technique. Erik Banks (CT) joined XL Capital's weather/energy risk management subsidiary, Element Re, as a Partner and Chief Risk...

July 23, 2021
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May 2021

20May

Prospective Longevity

By Warren C. Sanderson, Sergei Scherbov From two leading experts, a revolutionary new way to think about and measure aging. Aging is a complex phenomenon. We usually think of chronological age as a benchmark, but it is actually a backward way of defining lifespan. It tells us how long we’ve lived so far, but what about the rest of our lives? In this pathbreaking book, Warren C. Sanderson and Sergei Scherbov provide a new way to measure individual and population aging. Instead...

May 20, 2021
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07May

Leveraging longevity and tackling intergenerational inequality in Japan

Japan has the world’s most aged population. As the number of elderly people increases, the benefits the government funds, such as pensions, medical care and nursing care, have been swelling. Since these benefits are mainly financed by taxes and social insurance premiums paid by the working-age population, the burden will be heavier on future generations as Japan continues to age. Leveraging longevity and tackling intergenerational inequality in Japan 6 May 2021 Author: Sumio Saruyama, JCER Japan has the world’s most aged population. As...

May 7, 2021
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April 2021

23Apr

Combining Flexible Asset Allocation, Sustainable Withdrawals, and Deferred Annuities to provide an Adaptive Lifelong Investing Solution

By Anran Chen, Steven Haberman, Steve Thomas In this paper, we integrate investment decisions in the post-retirement decumulation period with that of the deferred annuity purchase to provide a lifetime decumulation solution. Based on Monte Carlo simulation and historical experience, we use the Perfect Withdrawal Rate (PWR) as a tool to make recommendations on withdrawal rates and asset allocations for different levels of risk preferences. We have a few potentially important findings. First, we illustrate how cheap it is to...

April 23, 2021
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08Apr

Longevity Risk and Capital Markets: The 2019-20 Update

By David P. Blake, Andrew J. G. Cairns This Special Issue of the Insurance: Mathematics and Economics contains 16 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 15: The Fifteenth International Longevity Risk and Capital Markets Solutions Conference that was held in Washington DC on 12-13 September 2019. It was hosted by the Pensions Institute at City, University of London. Longevity risk and related capital market solutions...

April 8, 2021
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March 2021

22Mar

US. Covid-19 Makes Racial And Class Status Longevity Gaps Worse

Everyone knows the poor die sooner than the rich. Some humans can live past 90, but many don’t have access to the health and wealth that lets humans live a normal human life span. In the last 20 years, all longevity gains for Americans have gone to those in the upper half of the income distribution. Boston University researchers Jacob Bor, Gregory Cohen and Sandro Galea found that income and education gaps in life expectancy widened during the period 1980–2014....

March 22, 2021
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19Mar

UK. Pension longevity risk transfers reach record-breaking £55.8bn in 2020

Longevity risk transfers by UK pension schemes reached a record level of £55.8bn in 2020, rising above the £51.6bn completed the year before, analysis from LCP and Mercer has shown. Total buy-in and buyout volumes were £31.7bn, the second largest ever recorded in a single year but behind the £43.8bn bumper volumes racked up in 2019, with the record-breaking year instead being driven by longevity swaps reaching £24.1bn. Legal & General (L&G) had a 24 per cent market share, followed by...

March 19, 2021
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January 2021

26Jan

US. MetLife to Provide Annuity Benefits to Nearly 5,200 Weyerhaeuser Retirees and Beneficiaries

MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has entered into an agreement with Weyerhaeuser Company (Weyerhaeuser) to provide annuity benefits to nearly 5,200 retirees and beneficiaries in Weyerhaeuser’s defined benefit (DB) pension plan, representing pension obligations of approximately $765 million. “We are pleased to have been selected to provide guaranteed lifetime income to these Weyerhaeuser retirees and beneficiaries,” says Graham Cox, executive vice president and head of Retirement & Income Solutions at MetLife. “In...

January 26, 2021
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