UK - The Life & Longevity Markets Association has unveiled a series of publications on longevity, as part of a drive to further standardise the longevity market and to bring the creation of a longevity market one step closer.
The documents - which are publicly available - offer a market standard approach to the pricing of longevity exposures and the definition of longevity risk transfer instruments.
This standardisation will boost the development of a liquid traded market in longevity risk transfer and will encourage greater consistency, as well as the adoption of best practice, across this market.
The LLMA says this will help provide comfort to first-time counterparties, while reducing time spent on due diligence for longevity transactions.
The range of publications includes a ‘Longevity Pricing Framework,' allowing for the calculation of benchmark prices for longevity exposures and hedging instruments.
The other six documents describe two specific longevity hedging instruments comprising technical descriptions, pricing spreadsheets and term-sheets.
LLMA technical committee chairman Guy Coughlan said: "Our Technical Workstream has worked hard over several months to create these documents with substantial input from our members, who represent leading active participants in the longevity market."
He said: "In addition to these new documents we have also grown our membership and published for market consultation a longevity index framework, the results of which will be announced shortly."
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