Data Science in Economics and Finance for Decision Makers

Data Science in Economics and Finance for Decision Makers

Life Annuities

This book by Ermanno Pitacco, aims to provide the reader with answers to some fundamental questions regarding life annuities and post-retirement income. Readers will understand the specificity of life annuity products with respect to other products from both the insurer’s and the annuitant’s perspective. 

£45.00
Availability: In stock
ISBN
978-1-78272-438-4
 

Life annuities continue to be important products, even more so now in a low interest rate environment.  Annuities markets have seem huge innovation, with new ideas are under development.  The global trend away from defined benefit pension plans to defined contribution pension plans has emphasised the importance of annuities, as a way of delivering pension income in a defined contribution setting.

Considerable attention is currently being devoted in insurance 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.

This book by Ermanno Pitacco, will help practitioners to benefit from these new and innovative ideas.  The book aims at providing the reader with answers to some fundamental questions regarding life annuities and post-retirement income. What is the individual longevity risk? What is an annuity and what is a life annuity? Why and when a life annuity should be purchased? How should life annuity design be improved to enhance voluntary annuitisation?

Readers will understand the specificity of life annuity products with respect to other products sold by life insurance companies, from both the insurer’s and the annuitant’s perspective. The author will highlight the mix of financial features (yield from investments, interest rate guarantee) and insurance features (protection against the individual longevity risk), which can be recognised in life annuity products.  Numerical examples will help in understanding significant features of life annuities.

The book is essential reading for all practitioners (actuaries, accountants, asset managers) in the field of life insurance and pensions.  Also, students and lecturers in actuarial sciences, economics, business economics, finance.

More Information
ISBN 978-1-78272-438-4
Navision code MPIT
Publication date 1/7/2021
Size 155mm x 235mm
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Ermanno Pitacco

Ermanno Pitacco is the academic director of the Master in Insurance and Risk Management at the MIB Trieste School of Management, and professor of Actuarial Mathematics and Insurance Techniques in the University of Trieste.

Visiting professor in various universities (recently: University of New South Wales, Sydney; University of Ljubljana; University of Zagreb; University of Kyoto).

He is an actuary, full member of the Ordine Nazionale degli Attuari (Italy), and affiliate member of the Institute and Faculty of Actuaries (UK).

He is Editor of the Springer Actuarial Series, co-editor of the “European Actuarial Journal”, and Associate Editor of the international journals "Insurance: Mathematics & Economics" and “Decisions in Economics and Finance”.

Main fields of scientific interest are life and health insurance mathematics and techniques, pension mathematics, longevity risk, portfolio valuations.

He is author or coauthor of textbooks and papers in the fields of scientific interest. His papers have been published in many international journals.

In 1996 he was awarded with the INA Prize for Actuarial Mathematics from Accademia Nazionale dei Lincei, and in 2011 with the Bob Alting von Geusau Memorial Prize, together with Annamaria Olivieri, for “Stochastic Mortality: the Impact on Target Capital” as the best paper published in the ASTIN Bulletin on an AFIR related topic.

1          Introduction - from annuities to life annuities

2          Basic products and relevant actuarial aspects

3          Multi-life annuity products

4          Towards more complex product design

5          Annuities - Time frames

6          Guarantee Structures

7          Options and Rider Benefits

8          Benefit Profiles

9          Risk Classification: Annuity rates

10        Cross subsidy in Life Annuities

11        Health-related annuities

12        Life annuities: the players