Financial guarantees in Brazilian life insurance and pension plans

Recently regulated Brazilian life and pension products offer a benefit structure composed of minimum guaranteed annual rate, in°ation adjustment according to a price index and participation on an investment fund performance. We present a valuation model for these products. We establish a fair condition relationship between minimum guarantees and participation rates, and explore its behavior over a space of maturities, interest rates, and also fund and price index volatilities and correlation. Besides consistency to reference models, we found that the effect of the fund volatility is conditioned to the price index volatility level and the correlation between them.

Public policy for pensions, health and sickness insurance

Includes bibliography

Inclusion of the European Nordic model in the debate concerning social protection reform: the long-term development of Nordic welfare systems (1890-2005) and their transferability to Latin America in the twenty-first century

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Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

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