In the insurance sector, life insurers must meet capital requirements to avoid insolvency risks, especially during events like the COVID-19 pandemic. Risk management and risk mitigation are crucial. This paper presents an efficient simulation method, a thin-plate regression spline, as an alternative to nested simulations, to explore hedging strategies using mortality-linked securities and stochastic mortality dynamics. The results justify the use of mortality-linked securities in risk management and risk mitigation for capital associated with mortality and longevity.
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