Dr J. Craig Venter, Co-Founder, Executive Chairman and Head of Scientific Strategy at Human Longevity Inc., discusses the potential of genomic information for the insurance industry. Recorded at the 44th General Assembly of The Geneva Association.
Watch all video interviews recorded at the 44th General Assembly on our YouTube channel.
The world stands on the threshold of a stunning demographic transformation. For most of history until well into the 19th century, the elderly - defined here as adults aged 60 and over - comprised only a tiny fraction of the population, never more than 4 or 5 per cent in any country. In the developed world today, they comprise roughly 20 per cent of the population. Three decades from now in 2040, the share is on track to reach 30 per cent - and that is just the average. In Japan and the fastest-aging European countries, it will be approaching or passing 40 per cent.
The ageing of the baby -boom generations and the continuous increas e in life expectancy are two combined phenomena which lead to an increase in both the number and the proportion of elderly people. According to projections for France, one person out of three will be aged 60 years and over in 2050 , and the group of 75 years and older would increase from 4. 9 millions to 10.9 millions (i.e. +120 per cent) , and the group of the oldest -old , the 85 years and more, would grow from 1. 1 to 4.2 millions (i.e. +280 per cent) .
This fourth report in The Geneva Association series on Financial Stability and Insurance provides more detailed analysis of how insurance recovery and resolution mechanisms work.
The Geneva Association has awarded the Ernst Meyer Prize, presented in recognition for a doctoral thesis which makes a significant contribution to the study of risk and insurance economics, to Dr Arnaud Goussebaïle for his dissertation on Prevention and Insurance of Natural Disasters.
In light of the implications of our changing climate, The Geneva Association is calling on delegates now meeting in Warsaw for the United Nations Climate Change Conference of the Parties to recognise the importance of countrywide disaster risk reduction measures and risk-conscious urban planning and building standards. In a report published in June, the Association provided a series of case studies to show the effective forms of collaboration between governments and insurers that create greater physical and financial resilience from disasters.
This paper is intended to be a primer on insurance regulation, including key analyses vital to the discussion around systemic risk and regulation.
The aim of this paper is to elaborate on the characteristics and management of variable annuities and to evaluate how variable annuities should be considered in the discussion on systemic risk in the insurance industry.
The 2016/2017 Annual Report of The Geneva Association.
