Technical Issues in Securitization of Longevity Risk

在过去100年中，发达世界的预期寿命以每十年约2.5岁的速度增长。寿命的巨大提高是现代文明最伟大的成就之一，但在某种程度上，寿命的提高是意料之外的，这可能会给政府和养老金计划带来问题。低估寿命改善的不利影响是巨大的，特别是在目前的低利率环境下，未来的养老金和年金负债没有大幅贴现。

Over the past 100 years, life expectancies in the developed world have increased at a rate of approximately 2.5 years per decade. The enormous improvement in longevity is one of the greatest achievements of modern civilization, but, to the extent that it is unanticipated, longevity improvement can pose problems to governments and pension plans. The adverse impact of under-estimating longevity improvement is huge, especially in the current low interest rate environment where future pension and annuity liabilities are not heavily discounted.