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DTSTART:20251026T030000
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UID:calendar.136940.field_date.0@www.tse-fr.eu
DTSTAMP:20260309T025728Z
CREATED:20250228T091001Z
DESCRIPTION:Ciaran Rogers (HEC\, Paris)\, “Risky Insurance: Life Cycle Insu
 rance Portfolio Choice with Incomplete Markets”\, Finance Seminar\, Toulou
 se: TSE\, June 2\, 2025\, 11:00–12:30\, room Auditorium 6.\n\nWe provide s
 urvey evidence that individuals believe there is substantial nonpayment ri
 sk in annuity\, life insurance\, and long-term care insurance (LTCI) produ
 cts. Using simple statistical analysis we show that nonpayment beliefs pre
 dict insurance ownership and that the insurance ownership rate would be mu
 ch larger if people believed there was zero nonpayment risk. To better qua
 ntify how nonpayment risk affects insurance ownership and how different fe
 atures of insurance products affect consumer welfare\, we develop an incom
 plete-markets life-cycle model of the demand for life in- surance\, annuit
 ies\, LTCI\, and a risk free bond. We incorporate features of real-world i
 nsurance products such as perceived nonpayment risk\, high loads above act
 uarial fair prices\, and quantity restrictions (e.g.\, age restrictions on
  purchases\, short-selling constraints). Both high prices and nonpayment r
 isk substantially decrease insurance ownership. Compared to our rational e
 xpectations baseline\, the welfare loss from sub-optimally owning zero ins
 urance is 0.4 percent in consumption equivalent units. If the products had
  no risk and were sold at actuarially fair prices\, the welfare cost of ze
 ro insurance ownership is much larger at 7.9 percent. If subjective belief
 s are wrong and payments are always made\, correcting beliefs increases we
 lfare by 4 percent.
DTSTART;TZID=Europe/Paris:20250602T120000
DTEND;TZID=Europe/Paris:20250602T133000
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, June 2\, 2025\, 11:00–12:30\, room Auditorium 6
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-risky-insurance-life-cycle
 -insurance-portfolio-choice-incomplete-markets
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