How much for a lifetime? : pricing annuities under heterogeneity and risk

Fil: Riquelme, Ana Abigail. Universidad de San Andrés. Departamento de Economía; Argentina.

Guardado en:
Detalles Bibliográficos
Autor principal: Riquelme, Ana Abigail
Otros Autores: Gabrielli, María Florencia
Formato: Tesis Tesis de maestría updatedVersion
Lenguaje:Inglés
Publicado: Universidad de San Andrés. Departamento de Economía 2025
Acceso en línea:https://repositorio.udesa.edu.ar/handle/10908/26129
Aporte de:
Repositorio Digital - Universidad de San Andrés (UdeSa) de Universidad de San Andrés
id I37-R143-10908-26129
record_format dspace
spelling I37-R143-10908-261292025-12-18T03:00:23Z How much for a lifetime? : pricing annuities under heterogeneity and risk Riquelme, Ana Abigail Gabrielli, María Florencia Willington, Carlos Manuel Fil: Riquelme, Ana Abigail. Universidad de San Andrés. Departamento de Economía; Argentina. This paper studies how life insurance companies price annuity products in the Chilean pension market. Using detailed administrative data that contains all formal offers made to retirees for various annuity contracts, I examine whether insurers adjust prices based on observable individual characteristics, such as gender, marital status, and income, and whether pricing patterns are consistent with adverse selection or prudent risk management. In particular, I assess whether back-loaded annuities systematically exhibit different money’s worth ratios (MWRs). Additionally, I examine whether pricing reflects cohort-specific mortality risk. I also investigate how insurers adjust prices in response to exogenous shifts in survival probabilities, exploiting the inclusion of diseases in Chile’s AUGE health reform as a plausibly exogenous shock to cohort life expectancy. My findings contribute to a better understanding of how regulated annuity providers incorporate both individual risk factors and systemic longevity risk into pricing decisions. 2025-12-17T17:27:07Z 2025-12-17T17:27:07Z 2025-08 Tesis info:eu-repo/semantics/masterThesis info:ar-repo/semantics/tesis de maestría info:eu-repo/semantics/updatedVersion https://repositorio.udesa.edu.ar/handle/10908/26129 eng info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf application/pdf Universidad de San Andrés. Departamento de Economía
institution Universidad de San Andrés
institution_str I-37
repository_str R-143
collection Repositorio Digital - Universidad de San Andrés (UdeSa)
language Inglés
description Fil: Riquelme, Ana Abigail. Universidad de San Andrés. Departamento de Economía; Argentina.
author2 Gabrielli, María Florencia
author_facet Gabrielli, María Florencia
Riquelme, Ana Abigail
format Tesis
Tesis de maestría
Tesis de maestría
updatedVersion
author Riquelme, Ana Abigail
spellingShingle Riquelme, Ana Abigail
How much for a lifetime? : pricing annuities under heterogeneity and risk
author_sort Riquelme, Ana Abigail
title How much for a lifetime? : pricing annuities under heterogeneity and risk
title_short How much for a lifetime? : pricing annuities under heterogeneity and risk
title_full How much for a lifetime? : pricing annuities under heterogeneity and risk
title_fullStr How much for a lifetime? : pricing annuities under heterogeneity and risk
title_full_unstemmed How much for a lifetime? : pricing annuities under heterogeneity and risk
title_sort how much for a lifetime? : pricing annuities under heterogeneity and risk
publisher Universidad de San Andrés. Departamento de Economía
publishDate 2025
url https://repositorio.udesa.edu.ar/handle/10908/26129
work_keys_str_mv AT riquelmeanaabigail howmuchforalifetimepricingannuitiesunderheterogeneityandrisk
_version_ 1854267053372866560

Ejemplares similares