The multipillar system for health care financing: Thirteen good reasons for open capitalisation funds covering both pension and health care provisions

CeRM recommendation for creating a new tool, the Open Welfare Funds: open funds based on real capitalisation of contributions, dedicated to both pension and health care provisions, and linked to collective insurance coverage against major health risks (first among them being lack of self-sufficiency).

F. Pammolli, N. C. Salerno (CeRM, Rome)

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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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