Rising life expectancies and lower birth rates are creating new societal challenges. Health systems are increasingly strained and people’s financial security is at risk as savings must stretch over a longer period. These challenges pave the way for innovation and fresh thinking on the protection role of insurance.
Life and health insurers play a crucial role in helping people manage financial and health risks. But traditional insurance products and services must now evolve to ensure that health spans – the number of years spent in good health – and wealth spans – the amount of time with sufficient financial resources – align better with increasing life spans.
This report explores the socioeconomic impacts and public perception of longevity, based on the findings of a global survey of over 15,000 people. Encouragingly, it finds that people have high awareness of longevity risks but that they also overestimate their preparedness to manage them. The report outlines how insurers can adapt their offerings, develop new solutions, and work with policymakers to address this mismatch and foster a resilient longevity economy.
