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Tuesday, August 3 • 9:00am - 10:30am
3D2 The demand for longevity, health and long-term care insurance after COVID-19

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Cheng Wan, CEPAR, UNSW Sydney; Hazel Bateman, CEPAR, UNSW Sydney; Katja Hanewald, UNSW Sydney, School of Risk & Actuarial Studies; Hanming Fang, University of Pennsylvania and Shanghai Tech University

We conduct an online experimental survey to elicit and analyse preferences for bundled longevity, health and long-term care insurance products in China after the COVID-19 outbreak. Our sample consists of 1,000 respondents who completed an online experimental survey in Aug-Sep 2020. We designed two main experimental tasks to elicit the preferred allocation of retirement financial assets between a savings account, a life annuity, critical illness insurance and long-term care insurance. We collect several variables measuring the effects of COVID-19 including virus infection experience in an immediate social environment, mental stress due to the virus, risk taking behaviours since lockdown easing, insurance purchase behaviours, changes in income and savings, and worries about economy. We also collect a comprehensive array of covariates including preferences, financial competence and other demographic and socio-economic factors. We provide the first empirical evidence of the interaction between stated preferences for longevity, health and long-term care insurance products. We also test how the stated product demand is influenced by different product attributes. Overall, this study documents how COVID-19 has impacted retirement planning and preferences for retirement risk management. Findings inform the development of retirement products in China and other developing economies facing population ageing and incomplete insurance markets.

Discussant
avatar for Jianren Xu

Jianren Xu

University of North Texas

Presenters
avatar for Katja Hanewald

Katja Hanewald

Senior Lecturer, UNSW Sydney, School of Risk & Actuarial Studies
CW

Cheng Wan

CEPAR, UNSW Sydney



Tuesday August 3, 2021 9:00am - 10:30am EDT