From intertemporal smoothing to intergenerational risk sharing : the effects of diferent return smoothing mechanisms in life insurance

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<title>From intertemporal smoothing to intergenerational risk sharing</title>
<subTitle>: the effects of diferent return smoothing mechanisms in life insurance</subTitle>
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<namePart>Kramer, Timon</namePart>
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<namePart>Ruß, Jochen</namePart>
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<abstract displayLabel="Summary">The document provides an in-depth analysis of various return-smoothing mechanisms applied in traditional life insurance products. It compares models based on historical averaging with others that employ collective accounts or buffers, assessing how each method affects annual volatility, risk-sharing, and the final wealth distribution of policyholders. The study shows that mechanisms relying solely on historical averages reduce year-to-year volatility but have little impact on overall maturity risk. In contrast, buffer-based systems can create genuine intergenerational risk-sharing and reduce uncertainty in the final outcome without affecting expected returns. The article also discusses implications for product design, regulation, and efficiency in retirement savings</abstract>
<note type="statement of responsibility">Alexander Kling, Timon Kramer and Jochen Ruß</note>
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<topic>Seguros de vida riesgo</topic>
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<topic>Ahorro a largo plazo</topic>
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<topic>Modelos actuariales</topic>
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<topic>Riesgo financiero</topic>
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<title>European Actuarial Journal</title>
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<publisher>Cham, Switzerland  : Springer Nature Switzerland AG,  2021-2022</publisher>
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<identifier type="local">MAP20220007085</identifier>
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<text>11/08/2025 Volume 15 - Number 2 - August  2025 , p. 859 - 884</text>
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