PhD Project: Managing and modeling longevity risk in the 21st century
Recent decades have witnessed extraordinary improvements in human lifespan. The fact that we are expected to live longer is welcome news, but not one without certain associated risks. From the perspective of an individual, longevity risk is the risk that one might outlive one’s financial resources. At the societal or governmental level, longevity risk is the risk that guaranteed pension benefits might become underfunded, in part due to a sudden increase in human longevity. From the perspective of insurance companies and private or corporate pension plan providers, there is a non-negligible risk that current policyholders and retirees might, on average, live longer than anticipated, making organizations contractually obligated to pay higher aggregate benefits. The grave financial implication of longevity risk can be clearly seen in the IME report [1]. Therefore, correct modeling and management of longevity risk is of extraordinary importance for the financial stability of all of the parties involved.
[1] Oppers, S., et al. “The financial impact of longevity risk.” Global Financial Stability Report. International Monetary Fund (2012).
Applications can be made by selecting the below link.
Please attach supporting documentation including a covering letter outlining why you would like to undertake the PhD project and a current CV including 2 referees. Please note that more than one application can be made if you wish to be considered for more than one PhD project.