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30 Sep - 1 Oct 2019 in Hamburg

Insurance Products Covering Longevity and Long-Term Care Risks

Life annuities constitute an appropriate tool providing the retiree with a lifelong income. Nevertheless, we can observe that, in many countries, the propensity to convert into a life annuity the resources available at the retirement time is rather poor. Of course, good reasons, strictly related to the technical features of the “standard” life annuity, underpin the non-annuitization choice. In particular, as the life annuity is an illiquid asset in the retiree’s portfolio, the preference for income drawdown strategies can easily be understood.
In the framework of health insurance products, the long-term care (LTC) stand-alone policy provides resources to afford expenses caused by senescent disability. Hence, this insurance cover can be classified as a pure protection product. Nonetheless, its price is rather high, especially because of the safety loading that the insurer needs to charge in order to face pricing (and reserving) risks originated by rather poor statistical data. A barrier on the demand side then follows.
To stimulate the purchase of insurance products, various alternative products can be conceived, some of which have actually been proposed. “Old-age” life annuities, “special-rate” life annuities and several long-term care “combo” products constitute interesting examples.
Organised by the EAA - European Actuarial Academy GmbH.


The seminar is open to all interested persons, such as actuaries operating in life and health insurance lines of business as well as in pension funds, consultants and supervisors. It is expected that the participants have an understanding of basic financial and actuarial mathematics.

During this seminar you will not need your laptop.

Purpose and Nature

The seminar aims at providing the participants with a good understanding of innovation in product design, in the area of insurance products covering the longevity risk and the long-term care risk. To this purpose, the seminar first focuses on some critical aspects of standard life annuities, then moves to more modern annuity products. Then, various long-term care products are described and compared in terms of sensitivity with respect to the technical bases. Finally, special attention is placed on “health-linked life annuities”, which can suggest interesting alternatives to traditional products.

In a practical part, we give a brief overview of current approaches to provide long-term care in different markets and take a look at product design and pricing, providing an overview of long-term care insurance products. We discuss the latest developments in the industry and will also deal with challenges regarding data, its availability and possible approaches.


The language of the seminar will be English.


Ermanno Pitacco
Ermanno Pitacco is professor of Actuarial mathematics and Life insurance technique in the University of Trieste as well as academic director of the Master in Insurance and Risk Management at the MIB Trieste School of Management. In addition, he has been visiting professor in various universities (recently: University of New South Wales, Sydney; University of Louvain-La-Neuve; University of Ljubljana, University of Zagreb). Main fields of scientific interest are life and health insurance mathematics and techniques, pension mathematics, longevity risk, mortality heterogeneity. He is author or co-author of textbooks and papers in the fields of scientific interest. His papers have been published, among the others, on: Insurance Mathematics & Economics, ASTIN Bulletin, Journal of Pension Economics and Finance, Risks, Geneva Papers on Risk and Insurance, Belgian Actuarial Bulletin, Journal of Actuarial Practice, Applied stochastic models in business and industry, AStA Advances in Statistical Analysis, European Actuarial Journal, Giornale dell’Istituto Italiano degli Attuari.

Görge Temme
Görge Temme is working in the Actuarial Services Team of PricewaterhouseCoopers GmbH in Germany, focusing on health insurance topics. As such, he manages actuarial consulting projects and audits for various clients, covering, inter alia, tariff calculation, accounting, IFRS 17 and Solvency II. His experience ranges from initial tariff calculation validations and premium adjustment calculations to IFRS 17 implementation projects for primary health insurers as well as life/health reinsurers. Prior to joining PwC he graduated as a Master of Science in Applied Mathematics (Wirtschaftsmathematik) from the University of Cologne.

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Venue & Accommodation

The seminar will take place at the

IntercityHotel Hamburg-Altona
Paul-Nevermann-Platz 17
22765 Hamburg, Germany 
hotel website

We have arranged special prices for accommodation. The special rate is € 107.14 per night in a classic single room including breakfast, VAT, city tax and the use of public transport in Hamburg. It is valid for bookings by 2 September 2019 out of our allotment “EAA Seminar”. Our allotment includes a limited number of rooms. Kindly book your accommodation directly with the hotel by sending an e-mail to, and note the hotel’s cancellation policy.