Research Of Longevity Risk Securitization On The Basic Urban Employee's Pension Insurance In China

With the extension of the average life expectancy and the increase of population aging,longevity risk management has become an urgent problem to be solved in the basic urban employee's pension insurance in China.The development of longevity risk securitization is based on asset securitization,with risk as the subject of the transaction and making full use of the capital market liquidity,which is gradually concerned by enterprise annuity and commercial pension insurance institutions,but there still have less application in the pension insurance of social security system longevity risk transfer.In this paper,the quantitative and qualitative analysis methods are used to clarify the connotation of the longevity risk of the basic old-age insurance of the employees,and then analyze the current situation of the basic retirement security and longevity risk management of the urban workers in China.Then,with the Lee-Carter model is used to predict the population mortality and average life expectancy in China,analyze the available of construct survival index,and measured the impact of longevity risk on the basic old-age insurance of urban workers in China.At last,through the operation mechanism and characteristics analysis of longevity risk bonds,longevity risk swaps,longevity risk futures and forward contracts q longevity risk securitization products,put forward the feasibility of securitization of longevity risk transfer of China's basic retirement security for urban workers longevity risk.The paper puts forward several pricing models of longevity risk securitization products,and finally summarizes the existing problems and suggestions on the securitization of the basic urban employee's pension insurance in China.On the basis of the research results at home and abroad,this paper first proposed to prove the chemical method applied to the basic retirement security risk management of urban workers in China,and based on the different characteristics of securitization products,analysis of various securitized products hedge our basic Applicability of Longevity Risk in the basic urban employee's pension insurance.