Investigating the market potential for customised long term care insurance products

Karlsson, M., Mayhew, L. & Rickayzen, B. D. (2006). Investigating the market potential for customised long term care insurance products (Report No. Actuarial Research Paper No. 174). London, UK: Faculty of Actuarial Science & Insurance, City University London.

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Abstract

Previous economic research into long-term care (LTC) has mainly been focussed on one issue: the reasons why the LTC insurance market has not been successful. In this contribution, we analyse the prospects for a new type of insurance policy, which offers a top-up on the resources already available to the individual.

We abstract from most problems inherent in LTC insurance markets and derive premium rates for various types of insurance policies. Generally, we find that the top-up option reduces premium rates considerably, to the point where it might be expected that a substantial number of people would take up policies, were they available.

Item Type: Monograph (Working Paper)
Uncontrolled Keywords: premium rates, long term care, insurance
Subjects: H Social Sciences > HG Finance
Divisions: Cass Business School > Faculty of Actuarial Science & Insurance > Faculty of Actuarial Science & Insurance Actuarial Research Reports
URI: http://openaccess.city.ac.uk/id/eprint/2306

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