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6th June 2012

Geneva Association reports on global ageing issues and the role of insurance

Governments, corporations and individuals around the world are feeling the financial strain of ageing populations according to a new report by international insurance economics think tank, The Geneva Association. With contributions from leading academics and experts on ageing, insurance professionals as well as the International Monetary Fund and Center for Strategic and International Studies, the report, “Addressing the Challenge of Global Ageing—Funding Issues and Insurance Solutions”, analyses the implications of global demographic change for governments’, employers’ and individuals’ retirement financing. The report suggests that insurance solutions will need to be a fundamental part of a global response to helping individuals achieve a secure retirement.
The report has been published on the eve of the Association’s annual General Assembly—the most important annual global meeting of insurance ceos—which begins today in Washington, D.C.
Chairman of The Geneva Association and Chairman of the Board of Management, Munich Re, Dr Nikolaus von Bomhard said “Global ageing has significant implications for the financing of retirement by governments and employers. Insurance, through its expertise in underwriting, pricing and management of longevity risks, offers comprehensive solutions to address those risks and a meaningful contribution to old-age security.”
“Today more than ever, people throughout the world need help to achieve a secure retirement," said John Strangfeld, chairman and ceo of Prudential Financial and vice chairman of The Geneva Association. "Addressing the impact of the rapidly aging world population will require a comprehensive, broad-based response from both the public and private sectors. The insurance industry, with its risk management and investment expertise, is uniquely suited to play a key role in meeting the changing needs of ageing populations."
The report suggests a broad set of options available to address the demographic challenge with governments, employers and individuals all needing to change current behaviours and norms in addressing the situation.