When it comes to discussions about ageing society, Martti Ahtisaari, former President of Finland and Nobel Peace Prize Laureate, notes that we tend to focus on the financial burden caused by an increasing number of older people. Ahtisaari recently shared his thoughts on the topic at NORIS, the Nordic Risk and Insurance Summit of Swiss Re in Reykjavik.
No doubt, these costs will be enormous but we also have to keep in mind that the younger generation has the potential to help take on the challenge.
No generation before has had the same potential to manage this challenge so productively. No generation before has had access to such good education, has (mostly) lived in such good economic conditions or is so open-minded and flexible.
However, to foster intergenerational equity, intergenerational cooperation and solidarity are required.
Both sides need to contribute: We need a new retirement model allowing active older people to work longer and we have to make sure that the younger generation is able effectively contribute to society. Against the backdrop of a difficult economic situation and an unacceptably high unemployment rate among the youth in many countries a key question will be: How can we effectively involve young people in the constructive development of our society?
It was fascinating to discuss with our clients how the insurance industry can help society meet the challenges of a changing economic and demographic framework. As an industry we need continue to work together to help society become more resilient.
Category: Funding longer lives: Social contract