Where Does the Time Go?

 

Has it really been 10 years since I authored the epic “Variable Annuity Guaranteed Minimum Death Benefit” – The Movie, in Contingencies Magazine? [I don’t care if youdon’t remember, my mom considers it an epic, so it’s an epic.] And what prophecy – so many of us have in fact vacated the offices mentioned therein: “There are two kinds of actuaries: those whose careers will end due to the GMDB, and those who’ll move into their offices.” And to prove timing is everything with comedy, that article was listed as “Humor”, but a few years later, I guess it wasn’t so funny.

So, ten years later, what is new with GMDB?  Well, consider that only a few people have  been involved in VA guarantees over the last decade, and I’m one of them. More  important, they asked me to write this article. So, now the reader will tolerate my views on three aspects of GMDB – the retail product, the reinsurance players, and the reinsurance techniques. By reading this article, you will be revered at actuarial cocktail parties, and I shouldn’t have to tell you how important that is.

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