The Life & Longevity Markets Association (LLMA) has asked Australia’s Macquarie University to research the basis risk for longevity risk transactions.Supported by the University of Waterloo in the Canadian province of Ontario, the Australian National University in Canberra and Mercer Australia, the Sydney-based university, will seek to design a “readily applicable methodology” for use in longevity risk indices.“Such mortality indices are often used in pension benefits and annuitant liabilities, as well as in providing actuaries with key data,” the LLMA said in a joint statement with the UK’s Institute and Faculty of Actuaries (IFoA), which is also supporting the research.The LLMA and UK actuarial body said the project was the second step in its research, building on phase one, which concluded in 2014 and developed the methodology to be used by the Australian and Canadian institutions. Colin Wilson, president-elect of the IFoA, said the institute was “delighted” to be announcing its partners for the next step of its research.“Managing longevity risk is a major concern for pension funds and life insurance companies,” he said.“The practical application of assessing basis risk will be useful to many in the industry.”Jackie Li, associate professor at Macquarie University, noted that longevity increases posed significant challenges to pension-fund sponsors and governments.“It is of utmost importance to find theoretically sound and also practically feasible approaches to manage longevity risk,” she said.“In particular, the use of population-based mortality indices has great potential to deal with this risk, but the problem of the existence of basis risk remains unsolved.”The development of a functioning longevity risk market has long been desired by a number of academic bodies.The OECD has repeatedly called for governments to consider intervening and growing the market by issuing longevity bonds.
Batesville, In. — The Community Anti-Drug Coalitions of America have released projected benefits of raising the smoking rate to 21-years-old. The Tobacco 21 Campaign or T21 is an effort to convince legislators to increase the legal age to purchase tobacco.The projections say there would be a 25 percent decline in smoking among 15 to 17-year-olds, a 10 percent reduction in smoking-related deaths in people born in 2000 or after and cut deaths attributed to lung cancer by 50,000. The report also says 75 percent of adults are in favor including a significant percentage of current smokers.For more information click here.
Share Submit EU research agency demands urgent action on loot box consumer safeguards July 29, 2020 StumbleUpon Share Belgian Pro League live betting streaming deal for Stats Perform August 21, 2020 Jason Ader – No Boogeyman… Activism will play a vital part in reshaping gambling August 20, 2020 Instant Win Gaming (IWG) will drive the next phase of online lottery growth in Belgium through an extension of its partnership with International Game Technology (IGT).Loterie Nationale, the country’s National Lottery, has handed IWG a three-year contract to deliver its instant win content following a competitive procurement process.The supplier will, therefore, be integrating its own Progressive Play Remote Game Server (RGS) – complete with a portfolio of over 100 titles – into the existing IGT platform in Belgium.IWG has previously partnered with IGT to provide games to Norsk Tipping – the Norwegian state gaming operator which has selected Optima as its sportsbook platform provider – and Lotto New Zealand, with two further launches planned for the US before the end of 2019.This latest deal demonstrates the global appeal of content from IWG, whose games are live with lotteries from British Columbia to Pennsylvania and the UK to New Zealand.Rhydian Fisher, IWG CEO, said: “The opportunity to work with the team at Loterie Nationale, one of the world’s leading lotteries, is hugely pleasing and very exciting for us. The lottery’s plans to innovate, entertain and grow online are amongst the most inspiring we’ve seen, so we’re very much looking forward to the partnership.“Winning an opportunity like this through an open and competitive RFP process is a source of great pride for the whole company. With our partners at IGT, we’ll work tirelessly to help Loterie Nationale attract new players, entertain existing players and ultimately generate funds for good causes in Belgium.” Kevin Van Belle, Strategy and Change Management at Loterie Nationale, added: “Partnering with IWG is an important step for us as we ramp up our efforts to further evolve our games offering.“The IWG portfolio is a proven success in other national and state lotteries. We’re confident in IWG’s expertise in delivering quality and reliable instant win games and excited about the prospect of innovating together in the coming years.” Related Articles
CHARLES CITY — The final two K-Mart stores in Iowa, located here in north-central Iowa are closing. Sears Holdings, the parent company of K-Mart, confirms that their stores in Charles City and Algona will be closing in February. Employees of both stores were informed earlier this week of the decision, with liquidation sales at those locations expected to start in a couple of weeks. A number of K-Mart stores have closed across Iowa in the last year, including those in Webster City and Cherokee. Sears Holdings last month had announced another round closings would take place, but most of the locations impacted were not revealed at the time.