The Future of Long-Term Care Insurance Markets
June 2, 2017
NYU Stern School of Business
Henry Kaufman Management Center
Room 2-70
Andrew Caplin, NYU Department of Economics
Ralph S.J. Koijen, NYU Stern School of Business
Objective
The conference brings together industry experts from insurance companies and actuarial consultancy companies, regulators, academics, and medical experts to explore how long-term care risk can be insured in the United States. To keep discussions focused and interactive, we target an audience of about 30 people. The ultimate goal is to identify concrete solutions for market participants and regulators, and to provide guidance to academics in terms of research priorities.
Preliminary Program
June 1st Opening Dinner
June 2nd
7:45 Registration and Continental Breakfast [Kaufman Management Center, Lobby]
8.30-10:30 Session 1: History of the Industry and Current Prospects
Main topics:
History of the long-term care insurance market in the United States: Summary of facts.
Perspectives on the future of long-term care insurance markets: Potential challenges and opportunities from the industry’s and a regulatory perspective.
A global perspective on the provision of long-term care (reimbursement model, private versus public provision and risk sharing).
Risk management challenges in offering long-term care insurance.
Session Chair: Ralph Koijen
Opening Comments:
Mohamed Baccouche, AXA Group
Andrew Dalton, Milliman [Presentation]
David Sloane, Genworth
Steve Schoonveld, Lincoln Financial Group
10:30-11:00 Coffee Break
11:00-12:30 Session 2: The Potential Demand for Long-term Care Insurance
Main topics:
What are the products that households would like to buy and how do they differ from the products offered by insurance companies?
Session Chair: Matthew Shapiro
Opening Comments:
John Ameriks, Vanguard
Lucie Taleyson, AXA Group
Elaine Tumicki, LIMRA [Presentation]
Aaron Ball, New York Life
Neal Masia, Pfizer
12:30-1:30 Lunch
1:30-3:00 Session 3: Policy, Regulation, and Research Priorities
Main topics:
Interaction between government programs and long-term care.
Research priorities in aging and health as related to LTCI markets.
Regulatory barriers to growth in LTCI markets.
The role of LTCI markets in the overall financial protection at old age.
Session Chair: Tomas Philipson
Opening Comments:
John Haaga, National Institute on Aging [Presentation]
Kenneth Langa, University of Michigan [Presentation]
John Phillips, Social Security Administration
Suzanne Schmitt, Fidelity [Presentation]
David Weir, HRS and University of Michigan
3:30-3:45 Coffee Break
3:45-5:15 Session 4: The Future of Long-term Care Insurance: Product Design and Risk Management Challenges
Main topics:
What are possible product innovations within long-term care insurance taken alone, or in combination with real estate, health insurance, …?
What are the regulatory frictions in designing effective long-term care insurance products?
Session Chair: Andrew Caplin, NYU
Opening Comments:
Shawna Meyer, New York Life
Tom Riekse, LTCI Partners, LLC [Presentation]
Stijn Van Nieuwerburgh, NYU Stern [Presentation]
Allison K. Hoffman, UCLA [Presentation]