Actuarial Aspects of Long Term Care

This edited volume proposes a review of the Long-Term Care insurance; this issue is addressed both from a global point of view, (through a presentation of the risk of dependence associated with the aging of the population) and an actuarial point of view,

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Etienne Dupourqué Frédéric Planchet Néfissa Sator Editors

Actuarial Aspects of Long Term Care

Springer Actuarial Editors-in-Chief Hansjoerg Albrecher, University of Lausanne, Lausanne, Switzerland Michael Sherris, UNSW, Sydney, NSW, Australia Series Editors Daniel Bauer, University of Wisconsin-Madison, Madison, WI, USA Stéphane Loisel, ISFA, Université Lyon 1, Lyon, France Alexander J. McNeil, University of York, York, UK Antoon Pelsser, Maastricht University, Maastricht, The Netherlands Ermanno Pitacco, Università di Trieste, Trieste, Italy Gordon Willmot, University of Waterloo, Waterloo, ON, Canada Hailiang Yang, The University of Hong Kong, Hong Kong, Hong Kong

This is a series on actuarial topics in a broad and interdisciplinary sense, aimed at students, academics and practitioners in the fields of insurance and finance. Springer Actuarial informs timely on theoretical and practical aspects of topics like risk management, internal models, solvency, asset-liability management, market-consistent valuation, the actuarial control cycle, insurance and financial mathematics, and other related interdisciplinary areas. The series aims to serve as a primary scientific reference for education, research, development and model validation. The type of material considered for publication includes lecture notes, monographs and textbooks. All submissions will be peer-reviewed.

More information about this series at http://www.springer.com/series/15681

Etienne Dupourqué Frédéric Planchet Néfissa Sator •



Editors

Actuarial Aspects of Long Term Care

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Editors Etienne Dupourqué FSA, MAAA Bellows Falls, VT, USA Néfissa Sator IA, CERA, MAAA ISUP New York, NY, USA

Frédéric Planchet IA, ASA ISFA Université Lyon Lyon, France

ISSN 2523-3262 ISSN 2523-3270 (electronic) Springer Actuarial ISBN 978-3-030-05659-9 ISBN 978-3-030-05660-5 (eBook) https://doi.org/10.1007/978-3-030-05660-5 Library of Congress Control Number: 2019930158 Mathematics Subject Classification (2010): 62P05, 60G25 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the