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Pricing of Joint Life Long-Term Care Insurance Based on a Multistate Markov Model

Author

Listed:
  • Qin Shang
  • Xueyang Wang
  • Xuezhi Qin
  • Xiaohui Zhao

Abstract

This study considers elderly couples as the research object and proposes a new mode of joint life long-term care insurance. Based on the data from the China Health and Retirement Longitudinal, the study is used to define six health states and to establish an ordered logistic model to derive a health-state transition probability matrix for elderly couples in China. On the basis of the estimated annual transfer probability matrix, a Markov model is selected for the calculation of premiums of joint life long-term care insurance. In addition, the study analyzes the impacts of initial health status, age, residential area, and care status on state transition probabilities and joint life long-term care insurance (LTCI) premiums.

Suggested Citation

  • Qin Shang & Xueyang Wang & Xuezhi Qin & Xiaohui Zhao, 2024. "Pricing of Joint Life Long-Term Care Insurance Based on a Multistate Markov Model," North American Actuarial Journal, Taylor & Francis Journals, vol. 28(2), pages 361-372, April.
    • Handle: RePEc:taf:uaajxx:v:28:y:2024:i:2:p:361-372
    DOI: 10.1080/10920277.2023.2208192
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