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The New Life Market

Blake, D., Cairns, A.J.G., Coughlan, G. D. , Dowd, K. & MacMinn, R. (2013). The New Life Market. Journal of Risk and Insurance, 80(3), pp. 501-558. doi: 10.1111/j.1539-6975.2012.01514.x


The huge economic significance of longevity risk for corporations, governments and individuals has begun to be recognized and quantified. By virtue of its size and prevalence, longevity risk is the most significant life-related risk exposure in financial terms and poses a potential threat to the whole system of retirement income provision. This paper reviews the birth and development of the Life Market, the market related to the transfer of longevity and mortality risks. We note that the emergence of a traded market in longevity-linked capital market instruments would act as a catalyst to help facilitate the development of annuity markets both in the developed and the developing world and protect the long-term viability of retirement income provision globally.

Publication Type: Article
Additional Information: This is the pre-peer reviewed version of the following article:Blake, D., Cairns, A., Coughlan, G., Dowd, K. and MacMinn, R. (2013), The New Life Market. Journal Risk and Insurance, 80: 501–558. doi:10.1111/j.1539-6975.2012.01514.x, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
H Social Sciences > HG Finance
Departments: Bayes Business School > Finance
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