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WEB SESSION

22 Feb 2021

Revisiting Life Annuities

Considerable attention is currently being devoted in insurance work (and notably in the actuarial work) to the management of life annuity portfolios and to annuity product design, because of the growing importance of annuity benefits paid by private pension schemes and individual policies.

In particular, the progressive shift in many countries from defined benefits to defined contribution pension schemes has increased the interest in life annuity products with a guaranteed periodic benefit.

Nevertheless, various “weak" features of the (traditional) life annuity should be noted, looking at the product from both the annuity provider's and the customer's perspective.

However, many features can be improved by moving from the traditional standard products to more complex products, for example by adding appropriate riders (that is, supplementary benefits), or by adopting restrictions in the age intervals covered, or by allowing for individual risk factors hence “tailoring" the annuity rates (at least to some extent) to specific customer’s features.

In this web session, special attention will be placed on age restrictions (to define, for example, the “old-age” life annuities, also named “longevity insurance” annuities) and on special-rate (or underwritten) life annuities.
Organised by the EAA – European Actuarial Academy GmbH.

Participants

The web session is open to all interested persons. Basic knowledge of financial and actuarial mathematics is appropriate.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme GoToWebinar/GoToTraining is used for this online training). Please also make sure that you are joining the web session with a stable internet connection.

Purpose and Nature

In this web session, we first describe the basic features of the standard immediate life annuity. We then discuss possible generalizations of the life annuity structure, ranging from traditional additions of supplementary benefits, to more recent proposals aiming to make the annuity products more attractive.

Language

The language of the web session will be English.

Lecturers

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, University of Kyoto). 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, Annals of Actuarial Science, Giornale dell’Istituto Italiano degli Attuari.
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Seminar Details
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4.5 of 5 Points


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