Presentation is loading. Please wait.

Presentation is loading. Please wait.

1 Longevity 5: Fifth International Longevity Risk and Capital Market Solutions Conference (www.longevity-risk.org) Professor David Blake Director Pensions.

Published byAbraham Miller Modified over 9 years ago

Similar presentations

Presentation on theme: "1 Longevity 5: Fifth International Longevity Risk and Capital Market Solutions Conference (www.longevity-risk.org) Professor David Blake Director Pensions."— Presentation transcript:

1 1 Longevity 5: Fifth International Longevity Risk and Capital Market Solutions Conference (www.longevity-risk.org) Professor David Blake Director Pensions Institute Cass Business School d.blake@city.ac.uk September 2009

2 2 Previous conferences n Longevity 1: u Cass Business School, London 2005 n Longevity 2: u Chicago 2006 n Longevity 3: u Taipei 2007 n Longevity 4: u Amsterdam 2008

3 3 26 Core global risks, but longevity risk not included! Source: World Economic Forum Global Risks 2008

4 4 Longevity risk is a real, underestimated and slow-burning risk

5 5 Cost of longevity risk n Global pension liabilities = $23trn n Roger Lowenstein* in While America Aged (2008) discusses “how pension debts ruined General Motors, stopped the New York subways, bankrupted San Diego, and loom as the next financial crisis” * Author of When Genius Failed

6 6 n Longevity risk needs to be quantified and managed n Tools are now being developed to do both: u In insurance and reinsurance companies u In the capital markets n Academics are also interested in analyzing longevity risk and capital market solutions n But growth has been slowed by the Credit Crunch and the political dimension has been missing Dealing with longevity risk

7 7 Six longevity swaps in 2008-09 DateHedgerTypeSize (£m) Term (yrs) FormatIntermediary Jan 2008LucidaInsN/A10 Index-based hedge; exposure placed with capital market investors JPMorgan July 2008Canada Life Ins50040 Exposure placed with capital market investors JPMorgan Feb 2009Abbey LifeIns1500Run- off Reinsurance contract Deutsche Bank Mar 2009AvivaIns47510 Exposure placed with capital market investors & Partner RE RBS June 2009BabcockPF500-75050 Reinsurance contract with Pac Life Re Credit Suisse July 2009RSAIns1900Run- off Reinsurance contract with Rothesay Life; combined with inflation & interest rate swaps Goldman Sachs

8 8 n Continuing with our strategy of bringing together practitioners and academics from a variety of relevant disciplines n Extending our community to include policymakers and their advisers from key countries with extensive longevity risk exposure in both the public and private sectors n These are the aims of Longevity 5 n Longevity 6 will be at UNSW in September 2010 What needs to happen

9 9

Download ppt "1 Longevity 5: Fifth International Longevity Risk and Capital Market Solutions Conference (www.longevity-risk.org) Professor David Blake Director Pensions."

Similar presentations

Longevity & Mortality Risk Transfer via the Capital Markets Guy Coughlan, Managing Director PENSION ADVISORY GROUP S T R I C T L Y P R I V A T E A N D.

Longevity & Mortality Risk Transfer via the Capital Markets Guy Coughlan, Managing Director PENSION ADVISORY GROUP S T R I C T L Y P R I V A T E A N D.
Ajai Nair is a Consultant with the Agriculture and Rural Development department of the World Bank He is involved in both analytical and operational work.

Ajai Nair is a Consultant with the Agriculture and Rural Development department of the World Bank He is involved in both analytical and operational work.
European Graduate Opportunities. Agenda Who are JPMorgan?

European Graduate Opportunities. Agenda Who are JPMorgan?
June 3 rd, 2014 Athens public meeting - Presentation on Infrastructure financing Vicky D. Kefalas, MBA Head, Investments & Development Projects Consolidated.

June 3 rd, 2014 Athens public meeting - Presentation on Infrastructure financing Vicky D. Kefalas, MBA Head, Investments & Development Projects Consolidated.
The Global Financial Crisis, in Brief..  The root cause was runaway borrowing and debt based on the inflated value of “assets”  Plus the lending of.

The Global Financial Crisis, in Brief..  The root cause was runaway borrowing and debt based on the inflated value of “assets”  Plus the lending of.
October 29, 2012.  Fiscal Risks identified and quantified in Mexico: ◦ Budgetary impact of fluctuations in key assumed macro-economic variables ◦ Long-term.

October 29,  Fiscal Risks identified and quantified in Mexico: ◦ Budgetary impact of fluctuations in key assumed macro-economic variables ◦ Long-term.
Dr Maurice Mullard Lecture 10.  Financial crisis that started in America with sub prime mortgages  Savings glut thesis on global imbalances China Germany.

Dr Maurice Mullard Lecture 10.  Financial crisis that started in America with sub prime mortgages  Savings glut thesis on global imbalances China Germany.
2 Ian Manzie International Trade Adviser +44 (0) 77 0225 2880 Social media linkedin.com/ukti.

2 Ian Manzie International Trade Adviser +44 (0) Social media linkedin.com/ukti.
Update: World Financial Crisis and GDP projection 2009 Drs. A.G. Romero Presentation CBS, KvK, and BNA June 9, 2009.

Update: World Financial Crisis and GDP projection 2009 Drs. A.G. Romero Presentation CBS, KvK, and BNA June 9, 2009.
„Macroeconomic Context and New Strategy of Competitiveness“ Kemal Kozarić, Ph.D. Governor of the Central Bank of Bosnia and Herzegovina The 2012 SEE Management.

„Macroeconomic Context and New Strategy of Competitiveness“ Kemal Kozarić, Ph.D. Governor of the Central Bank of Bosnia and Herzegovina The 2012 SEE Management.
Market Update and Debt Portfolio Review Sacramento Transportation Authority April 9, 2009 Presented by: Public Financial Management Inc. 50 California.

Market Update and Debt Portfolio Review Sacramento Transportation Authority April 9, 2009 Presented by: Public Financial Management Inc. 50 California.
Wider fields for actuaries Daring to go where no actuary has been before… Chris Daykin Monday 31 st May 2010.

Wider fields for actuaries Daring to go where no actuary has been before… Chris Daykin Monday 31 st May 2010.
Agendas & Topics discussed. 1.MarketSavvy The Intention of MarketSavvy is to create a forum for participants to get a real world feel for how to follow.

Agendas & Topics discussed. 1.MarketSavvy The Intention of MarketSavvy is to create a forum for participants to get a real world feel for how to follow.
EMIS Introduction. How EMIS can help with your Emerging Markets research needs.

EMIS Introduction. How EMIS can help with your Emerging Markets research needs.
Dollarization in the Philippines: The way in; the way out Cayetano W. Paderanga Jr. Okinawa, Japan 8 April 2005.

Dollarization in the Philippines: The way in; the way out Cayetano W. Paderanga Jr. Okinawa, Japan 8 April 2005.
Crisis and Responses: The Federal Reserve and the Financial Crisis 2007-2008 Stephen G. Cecchetti - Economic Adviser and Head of the Monetary and Economic.

Crisis and Responses: The Federal Reserve and the Financial Crisis Stephen G. Cecchetti - Economic Adviser and Head of the Monetary and Economic.
Chapter The Foreign Exchange Market 9. McGraw-Hill/Irwin International Business, 5/e © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. 9-2.

Chapter The Foreign Exchange Market 9. McGraw-Hill/Irwin International Business, 5/e © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. 9-2.
Asdfasdf Global Markets Summer Associate Program Company Deutsche Bank is a global financial services leader - an undisputed presence in the major markets.

Asdfasdf Global Markets Summer Associate Program Company Deutsche Bank is a global financial services leader - an undisputed presence in the major markets.
Introduction – MBA5041 Stock Market Trading and insider trading Daily trading volatility Mutual fund scandals late trading and market timing fees IPO allocations.

Introduction – MBA5041 Stock Market Trading and insider trading Daily trading volatility Mutual fund scandals late trading and market timing fees IPO allocations.
ISDA International Swaps and Derivatives Association, Inc. Overview of ISDA Activities Sao Paulo, Brazil August 6, 2002 Ruth Ainslie Senior Policy Director.

ISDA International Swaps and Derivatives Association, Inc. Overview of ISDA Activities Sao Paulo, Brazil August 6, 2002 Ruth Ainslie Senior Policy Director.

Similar presentations

Ads by Google