Longevity Risk and Capital Markets: The 2008-2009 Update

David Blake, Anja De Waegenaere, Richard McMinn and Theo Nijman

Longevity Four: The Fourth International Longevity Risk and Capital Markets
Solutions Conference was held in Amsterdam on 25-26 September 2008.
It was hosted by Netspar and the Pensions Institute (at Cass Business School),
organised by PensionSummit and sponsored by Cardano, EIM, Nationale
Nederlanden, and Robeco; IPE and Pensions & Investments were media

Mortality improvements around the world are putting more
pressure on governments, pension funds, life insurance companies as
well as individuals to deal with the longevity risk they face. At the same time,
capital markets can, in principle, provide vehicles to hedge longevity risk
effectively. Many new investment products have been created both by the
insurance/reinsurance industry and by the capital markets. Mortality catastrophe
bonds are an example of a successful insurance-linked security. Some new
innovative capital market solutions for transferring longevity risk include survivor
bonds, reverse mortgages, longevity-linked swaps and mortality (or q-) forward
contracts. The aim of the International Longevity Risk and Capital Markets Solutions
Conferences is to bring together academics and practitioners from all over the
world to discuss and analyze these exciting new developments.

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