Managing Risk with Insurance and Superannuation as Individuals Age

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Financial stability lies at the heart of any market economy. The financial risks associated with uncertainty about longevity change comprise one of the most pressing challenges facing financial systems, nationally and globally. While insurance companies and superannuation funds hold significant reserves against future risks, the ageing of the population increases the number of people potentially exposed to loss in the event that insurers and pension funds cannot deliver on their obligations. With an increasing range of financial service products and markets developing to meet the needs of the aged, research into the issues of longevity risk and the financial impact of uncertainty in mortality and morbidity trends is vital.