The American Risk and Insurance Association presents the Robert I. Mehr Award each year for the paper published ten years ago in The Journal of Risk and Insurance that has best stood the test of time. The evaluation of the articles is made by the editorial board of JRI.
The recipients of the 2015 Mehr Award are Yijia Lin and Samuel H. Cox for “Securitization of Mortality Risks in Life Annuities.”
The purpose of the article is to study mortality based securities, such as mortality bonds and swaps, and to price the proposed mortality securities. We focus on individual annuity data, although some of the modeling techniques could be applied too their lines of annuity or life insurance.