Addressing the Challenge of Global Ageingâ€”Funding Issues

More documents

Recommendations

Info

June 2012 © The Geneva Association The Geneva Association 53 Route de Malagnou, CH-1208 Geneva, Switzerland E-mail: secretariat@genevaassociation.org Tel: +41-22-707 66 00 Fax: +41-22-736 75 36 www.genevaassociation.org PEFC/10-31-1587 Promouvoir la gestion durable de la forêt The Geneva Reports—Risk and Insurance Research No. 6 Addressing the Challenge of Global Ageing—Funding Issues and Insurance Solutions edited by Patrick M. Liedtke and Kai-Uwe Schanz The opinions expressed in The Geneva Association publications are the responsibility of the authors. We therefore disclaim all liability and responsibility arising from such materials by any third parties. Published by The Geneva Association (The International Association for the Study of Insurance Economics) ISSN 1662-3738
Contents Foreword John R. Strangfeld 1 Editorial and Executive Summary Patrick M. Liedtke and Kai-Uwe Schanz 3 Part 1—Analytics 1. How demography is reshaping the economic and social landscape of the 21st century Richard. Jackson 17 2. Global ageing: root causes and implications for key stakeholders Christophe Courbage and Patrick M. Liedtke 33 3. Insurance as a funding and risk transfer mechanism in old-age protection: positioning and track record Milka Kirova 45 4. The financial crisis: impact on the four pillars of old-age protection Krzysztof Ostaszewski 61 Part 2—Solutions and Prerequisites 5. Funding for old age: an overview and comparative analysis of the solutions David W. Parsons 77 6. Insurance as a solution to cover long-term care needs Christophe Courbage 85 7. The insurance industry’s role in addressing longevity funding issues: opportunities and limitations Greg Becker 99 8. The holistic view: why all pillars need to work in concert Krzysztof Ostaszewski 111 9. What should be done: some recommendations for key stakeholders Kai-Uwe Schanz 123 10. Retirement security in the United States—a national challenge Gordon Stewart 129
Page 1 and 2: No. 6 June 2012 The Geneva Reports
Page 3: Addressing the Challenge of Global
Page 7 and 8: Foreword John R. Strangfeld Ageing
Page 9 and 10: Editorial and executive summary Edi
Page 11 and 12: Editorial and executive summary per
Page 13 and 14: Editorial and executive summary the
Page 15 and 16: Editorial and executive summary mos
Page 17 and 18: Editorial and executive summary nex
Page 19 and 20: Editorial and executive summary thi
Page 21 and 22: Part 1 Analytics 15
Page 23 and 24: How demography is reshaping the eco
Page 39 and 40: 1. Introduction Global ageing: root
Page 41 and 42: persist such as control of chronic
Page 43 and 44: Global ageing: root causes and impl
Page 45 and 46: is provided for more money. The oth
Page 47 and 48: The main and most direct impact of
Page 49 and 50: Global ageing: root causes and impl
Page 51 and 52: Insurance as a funding and risk tra
Page 53 and 54: Insurance as a funding and risk tra
Page 55 and 56:
Insurance as a funding and risk tra
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Pension funds make pre-agreed fixed
Page 65 and 66:
Sources: Swiss Re Economic Research
Page 67 and 68:
4. The financial crisis: impact on
Page 69 and 70:
The financial crisis: impact on the
Page 71 and 72:
220 210 200 190 180 170 160 150 140
Page 73 and 74:
tors 90 Japan The financial crisis:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Part 2 Solutions and Prerequisites
Page 83 and 84:
Funding for old age: an overview an
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Through this rider, retirement inco
Page 91 and 92:
1. Introduction 6. Insurance as a s
Page 93 and 94:
Private financing also plays an imp
Page 95 and 96:
4. The markets for LTC insurance Th
Page 97 and 98:
Insurance as a solution to cover lo
Page 99 and 100:
Page 101 and 102:
7. Other insurance products to cove
Page 103 and 104:
Page 105 and 106:
1. Introduction The insurance indus
Page 107 and 108:
workers have pension benefits that
Page 109 and 110:
The insurance industry’s role in
Page 111 and 112:
The insurance industry’s role in
Page 113 and 114:
A traded longevity index does not p
Page 115 and 116:
etirement age (as is happening in m
Page 117 and 118:
1. The world of finance and the rea
Page 119 and 120:
The holistic view: why all pillars
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
What should be done: some recommend
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Retirement security in the United S
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
And as for the second question pose
Page 145 and 146:
Part 3 Effects on Key Stakeholders
Page 147 and 148:
1. Introduction The challenge of pu
Page 149 and 150:
The challenge of public pension ref
Page 151 and 152:
Page 153 and 154:
Replacement rate 2050 70 60 50 LUX
Page 155 and 156:
It is expected that the market for
Page 157 and 158:
tax pensions at a lower rate. Where
Page 159 and 160:
Page 161 and 162:
Figure 2 Funding rules under the Pe
Page 163 and 164:
Asset management strategies such as
Page 165 and 166:
Page 167 and 168:
Impact of a pension buy-in Plan spo
Page 169 and 170:
Page 171 and 172:
1. Background Although the scope an
Page 173 and 174:
Insurers are experts in managing th
Page 175 and 176:
Figure 1: Inflation-adjusted growth
Page 177 and 178:
7. Insurers as investors 6 Insurers
Page 179 and 180:
(cf. NAIC data for 2002-2009). Over
Page 181 and 182:
Insurers and their role in the econ
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
14. Individuals and their financial
Page 189 and 190:
Pension asset accumulation When con
Page 191 and 192:
who continue to take the lead in re
Page 193 and 194:
in 2009 showed that product penetra
Page 195 and 196:
Over one-third of those in their 50
Page 197 and 198:
lead to sub-optimal consumer outcom
Page 199 and 200:
References Individuals and their fi
Page 201 and 202:
About the authors About the authors
Page 203 and 204:
About the authors Margaret (Peggy)
Page 205 and 206:
About the authors Gordon Stewart se
Page 207 and 208:
Publications of The Geneva Associat
Page 209 and 210:
Publications of The Geneva Associat
Page 211 and 212:
Other publications of The Geneva As
Page 213 and 214:
The Geneva Association and Life, He
Page 216:
The Geneva Reports Risk and Insuran
show all

Addressing the Challenge of Global Ageingâ€”Funding Issues

Create successful ePaper yourself

Delete template?

Save as template?