Risk transfer...and transfer risk

(Dec 21, 2017)

The risk-transfer market for defined-benefit pensions in the UK has been  buoyant for many years.  There is considerable demand from pension schemes - to say nothing of their sponsoring employers - for solutions that transfer risks to insurers.  These risk transfers can be comprehensive, such as bulk annuities that take on investment, inflation and all demographic risks.  Or else they can be narrowly focused, such as the longevity swaps that only transfer a specific part of a scheme's overall risk.

Whatever the solution, something else needs to be transferred long before the risk can be: data.  To price a longevity swap or a bulk annuity, an insurer or reinsurer needs some very specific data on the lives covered. 

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