{"title":"Changes in Demographics and Response to Longevity Risks in Japan","authors":"Shigenori Ishida","doi":"10.5609/JSIS.2012.618_209","DOIUrl":"https://doi.org/10.5609/JSIS.2012.618_209","url":null,"abstract":"■ Summary The objective of this paper is to analysis public policies on the income security of the retired in Japan and point out some problems in comparison with public policies in U.S. and U.K. We would give suggestions for the policy to induce the demand for insurance products and individual annuities. After the public pension reform 2004 in Japan, it is expected that the income replacement ratio and the percentage of the amount of benefit paid of total after-tax income of existing employees will decrease, as population aging progresses and the birthrate keeps declining. It is crucial for us to supplement the reduced benefit of public pensions to keep the income level of the retired constant. I think it is effective for promoting the retirement saving to utilize tax expenditures. In Japan, individual annuities and DC type plans are not prevailing owing to insufficient tax preferred treatments, especially comparing with the status in U.S. and U.K. We point out the tax expenditure","PeriodicalId":136164,"journal":{"name":"JOURNAL of INSURANCE SCIENCE","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115047348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Wage Schedule of a Risk Averse Manager in an Insurance Market","authors":"Okura Mahito","doi":"10.5609/JSIS.2012.617_119","DOIUrl":"https://doi.org/10.5609/JSIS.2012.617_119","url":null,"abstract":"■Abstract This research investigates the wage schedule of a manager in an insurance firm when the manager is risk averse, using a principalagent framework. The results of this research are as follows. In the case of a monopoly market, a perfectly fixed wage is submitted. In contrast, when the market includes more than one insurance firm, a perfectly fixed wage is not the equilibrium. In addition, this research derives the result that when the number of insurance firms is relatively small, if the number of insurance firms increases, the weight of a performance-based wage rises. In contrast, when the number of insurance firms is relatively large, even if the number of insurance firms increases, the weight of a performance-based wage may remain constant. ■","PeriodicalId":136164,"journal":{"name":"JOURNAL of INSURANCE SCIENCE","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134194759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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