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Abstract
This paper deals with the reaction of the life insurance industry to ageing and the next massive decumulation phase of pension funds worldwide. The industry has a well-established product, which is the annuity, a unique instrument to cope with longevity risk. But annuity markets remain thin. Demand- and supply-side elements of the market are explored and also regulatory issues. Some proposals are made for a more proactive involvement of the industry in the pension business by addressing demand side, supply side and regulatory concerns. The proposal is a Multi-tier Insurance Package, which combines different insurance products in order to cover longevity risk as well as bequest or long-term care motives.
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