Annuities: Private Solution to Longevity Risk

1. Introduction

Demographic trends in many countries are unambiguous: while people are having fewer children, they are living longer than any generation before. The result is irreversible for the foreseeable future: the population is ageing at a rapid pace, both in the developed and developing world. This has dramatic social, cultural, and economic consequences. The insurance industry is one of the key players affected by those changes, as the ageing process directly impacts health care, long-term care, and pension provision.
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Basic factors of needed welfare policy supporting the counter-ageing society in the Czech Republic

1. Demographic trends
2. Impact of population ageing on public spending
3. Employment perspectives and problems
4. Welfare system and competitiveness
The Czech economy faces increasingly tough international competition. The economy must bounce back. Our social security systems must stay functional and economically viable in an ageing society without placing impossible burdens on the next generation. The labour market must be made more flexible and obstacles to employment must be removed. Non-wage labour costs must remain at acceptable levels for both business and employees.
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The demographic Situation now and in the Next 10 to 20 Years

by Raimondo Cagiano de Azevedo
University of Rome ‘La Sapienza’

Vincenzo Marigliano says that we have cultural barriers to the accepting of some evidences from the medical or the statistical point of view. I would like to do the same exercise with you: to read the same data with the current cultural barriers and without them.
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The Challenge of Increasing Life Spans for Employment and Pension Schemes: An Open Letter to All Those Who Are, or Will Be, 65

Dear Madam, Dear Sir,
May I draw to your attention an issue that is constantly being talked about in the press, is on the lips of almost every politician and economist, something that you have probably had occasion to discuss even with your next-door neighbour: namely, that population ageing in industrialized countries, and in the long run in all other countries as well, is one of the major problems of our time.
Not true, I am afraid. Believing this is akin to attempting to drive a car with your eyes glued to the rear-view mirror.
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