Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can...

Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can...

Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests and illustrate their strengths and weaknesses. Using an Excel-based template with...

The debate around annuity compulsion and proposed pension reforms provides an appropriate context for exploring consumer attitudes to annuitisation. A substantial sample of those approaching or just into retirement were polled as to willingness to annuitise and preferred timing. Questions...

This paper develops a theme identified in recent insurance sector development work: that more developed insurance markets are desirable as insurers play a more effective institutional investment role, whether this objective seeks deeper and more liquid bond or capital markets, or to see more...