Long-Term Care Insurance Living Benefits: Risk Profiles
Announcements from the European Actuarial Academy organiser: Life annuities are aimed at providing income and, notably, post-retirement income. In the context of health insurance, long-term care insurance (LTCI) products conversely aim at protection against the risk of senescent disability. Technical and financial features of the above products might negatively impact their attractiveness, from both the customer’s and the insurer’s perspective. Nonetheless, appropriate combinations of benefits can result in more attractive policy designs. As LTCI products are rather recent, scarcity of data and data quality cause a significant exposure to the uncertainty risk inherent in the choice of the biometric bases. A sensitivity analysis then allows us to quantify, for diverse products, the degree of exposure to this risk.
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 Zoom is used for this online training).
In this web session, we first describe the basic features of long-term care insurance products which provide living benefits, that is lifelong or term annuities. We then present and discuss the numerical results of a sensitivity analysis aimed at assessing the exposure of diverse products to the risk caused by uncertainty in the biometric assumptions.
Click here to make a reservation. Your early-bird registration fee is € 100.00 plus 19% VAT for bookings by 24 September 2021. After this date, the fee will be € 140.00 plus 19% VAT.
Introduction: Between life annuities and health insurance
Basic long-term care insurance products
Actuarial model and technical basis
Risk profiles via sensitivity analysis
Concluding remarks
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.